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
Have you considered transferring ownership of your home to a trust? By using a qualified personal residence trust (QPRT), you can avoid potential estate tax pitfalls without drastic changes during your lifetime. Essentially,...more
Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption...more
It’s been said repeatedly: Don’t put all your eggs in one basket. Yet many individuals often disregard this adage. And it comes back to haunt them or their heirs at a future date...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide tax relief to individuals and businesses struggling to make ends meet due to the COVID-19 pandemic. But this law may also have a...more
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
Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more
You’ve probably spent a lot of time creating documents for your estate plan, including a will, trusts and a power of attorney. While these documents are essential for your plan, your family could also use a “road map” to...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
7/29/2020
/ Beneficiary Designations ,
CARES Act ,
Charitable Remainder Trust ,
Coronavirus/COVID-19 ,
Employee Contributions ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Qualified Charitable Distributions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Waivers
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
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
If you’re making sizeable donations to charity as part of your estate plan, your good intentions are clear. But how do you know the funds will be used to further the charity’s mission? There are no absolute guarantees...more
Generally, every estate plan requires a will, but this main attraction may be complemented by other documents, like a letter of instructions. The letter, unlike a valid will, isn’t legally binding, but can be valuable to...more
Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is...more
Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...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
No one likes to think about being incapacitated, but the threat is real. This raises some troubling thoughts about how one’s personal and financial affairs will be handled in the event they’re incapacitated. This article...more
It’s important to name executors and trustees who can provide the necessary expertise in handling assets and duties. This article details the duties of an executor and a trustee. A sidebar explains the need to name successors...more
Inside this Issue:
- Executors and trustees: The name game
- What are the benefits of a durable power of attorney?
- Digital assets and your estate plan: This asset type requires special planning
- ESTATE PLANNING...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