Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate...more
Maybe you thought that a member of your immediate family — perhaps your spouse or oldest child — would serve as the executor of your estate. Or you may have planned for a close friend to handle these duties. But the person...more
Are you part of the sandwich generation? This is the name given to people caught in the middle between caring for elderly parents or in-laws and raising young, and sometimes not-so-young, children. And, of course, you still...more
11/24/2020
/ Beneficiaries ,
Durable Power of Attorney ,
Elder Care ,
Elder Issues ,
Estate Planning ,
Investment Funds ,
Irrevocable Trusts ,
Living Trust ,
Long-Term Care ,
Medicaid ,
Retirement Plan
Building flexibility into your estate plan using various strategies is generally advised. The reason is that life circumstances change over time, specifically changing tax laws and family circumstances. ...more
In addition to serving as a viable option to reduce health care costs, a Health Savings Account (HSA) can positively affect your estate plan because its funds grow on a tax-deferred basis. An HSA is similar to a traditional...more
Typically, you arrange to leave most of your assets to various family members, including your spouse and children. These dispositions are spelled out in your will. But you don’t have to do what’s “expected” of you....more
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional...more
The digital revolution has touched virtually every aspect of our lives. The result is that one likely has at least a handful of “digital assets.” These assets may include personal assets, such as online bank and brokerage...more
Pet trusts have been around for decades, but they’ve been gaining in popularity the last few years. In fact, they’re now available anywhere in the country. This brief article explains how a pet trust works....more
Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article...more
Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of...more
To avoid family disputes over a will after one’s death, it’s worth taking the time now to institute steps to protect the will from legal challenges. This article details four specific steps for bulletproofing a will. A...more
8/2/2019
/ Adult Children ,
Beneficiaries ,
Best Practices ,
Estate Planning ,
Medical Reports ,
Minor Children ,
No-Challenge Clauses ,
Revocable Trusts ,
Spouses ,
Testamentary Capacity ,
Video Recordings ,
Wills ,
Witnesses
Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a...more
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, one may implement strategies in the wake of the TCJA that are designed to...more
Probate. The word itself is enough to strike fear into the hearts of elderly individuals and their loved ones. It conjures images of lengthy delays waiting for wealth to be transferred and bitter disputes among family...more
12/4/2018
/ 401k ,
Beneficiaries ,
Change of Ownership ,
Creditors ,
Estate Planning ,
Executors ,
Individual Retirement Account (IRA) ,
Intestate Succession ,
Joint Ownership ,
Joint Tenancy with Right of Survivorship ,
Living Trust ,
Payable on Death Clauses ,
Probate ,
Testamentary Trust ,
Transfer of Assets ,
Transfer of Title ,
Wills
A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They’re also generally protected...more
Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more
As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more
12/6/2017
/ Beneficiaries ,
End-of-Life-Care ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Living Will ,
Power of Attorney ,
Tax Reform ,
Trump Administration ,
Trusts ,
Wills ,
Year-End Planning
If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more
A person doesn’t have to hold onto assets until the day he or she dies with the hope that heirs will change their ways by that time. Instead, consider using a spendthrift trust that can provide protection, regardless of how...more
Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more
IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more
Protect multiple generations with a dynasty trust -
Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often...more
A traditional trust can sometimes create a conflict among the lifetime and remainder beneficiaries. This makes it more difficult for an estate plan to achieve its objectives and places the trustee in a difficult position. The...more