Asset protection is about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous lawsuits or financial predators. It’s not about evading legitimate debts, hiding assets or defrauding...more
Estate planning has a language of its own. While you may be familiar with common terms such as a will, a trust or an executor, you may not be as certain about others. For quick reference, here’s a glossary of terms you’re...more
Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more
5/3/2023
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The original Setting Every Community Up for Retirement Enhancement Act (SECURE Act), enacted in 2019, was a significant law related to retirement savings. In the spring of 2022, with an eye toward building on the reforms in...more
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to nonrelatives more than 37½ years younger than you?...more
No one likes to contemplate his or her own death but making funeral arrangements is a necessary evil of estate planning. Family members usually are distressed in the immediate aftermath of a loved one’s death....more
Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at a minimum or zero tax cost. Of course, a will is a good starting...more
A buy-sell agreement should be a critical part of your estate plan if you have an interest in a business that’s closely held or family owned. The agreement provides for the disposition of each owner’s interest after a...more
At the very least, your estate plan should include a legally valid will governing the disposition of assets upon your death. But comprehensive estate planning often goes much further....more
Your will is designed to provide for the disposition of your possessions and tie up any loose ends in your estate. To accomplish these goals, you may include specific bequests to named beneficiaries. For example, you might...more
If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that apply regardless of the terms of your estate plan. These...more
The average length of retirement is 18 years, according to the U.S. Census Bureau. And with today’s medical technology, it could last significantly longer. Thus, a major challenge is balancing the need to maintain your...more
Someone may have told you a story along these lines: Years ago, my grandfather bought land along the shore in (fill in a desirable resort area) for $1,000. He built a vacation home on the property for $50,000 and his family...more
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will, above everything else. Check. Next, you may have been advised to create an estate plan that incorporates your...more
It’s true that because of the current record-high gift and estate tax exemption amount, most families don’t have to worry about transfer taxes. However, there are high net worth individuals who must continue to work to reduce...more
You’ve likely spent most of your adult life accumulating wealth that you intend to eventually pass on to your loved ones. But are you concerned that the beneficiaries of your estate might squander their inheritance?...more
Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the...more
Estate planning can be complicated enough when you don’t have a spouse. But things can get even trickier for married couples. Although you and your spouse may have agreed on most major issues in the past — such as child...more
Lifetime giving is a smart strategy to reduce your taxable estate. However, if you’ve exhausted your $12.06 million federal gift and estate tax exemption, your gifts may be fully taxable at the 40% rate. In this case,...more
Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more
If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is...more
Executing a codicil may be the answer -
For most people, the first step in estate planning is to create a legally enforceable will. If you already have a will in place, consider yourself ahead of the game, but you’re far...more
The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more
Traditionally, an estate plan addresses the tangible assets you own, such as cash and securities, investment real estate, vehicles, and your house. But this is 2022. Increasingly, people are living in a digital world, where...more
A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more