For most people, life insurance plays an integral role in their estate plan. The type and amount of life insurance that your purchase, however, will depend on several factors. The first step in deciding which type of life insurance you need and how it fits into your estate plan is to lean more about … [Read more...]
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more. … [Read more...]
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially … [Read more...]
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your … [Read more...]
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it … [Read more...]
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they … [Read more...]
Double Your Gifting with Spousal Gift-Splitting
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more. … [Read more...]
Dealing with a Negative Review
Online reviews have become commonplace. It’s impossible to ignore the convenience of being able to post a review from your telephone or computer – but what happens when the review is negative? This article explores what, if anything, can be done in response to a negative review. Read on to learn … [Read more...]
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income … [Read more...]
How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...]
Donor Advised Funds: Too Good to Be True?
There’s a way to make a charitable gift and yet be able to influence where it goes and how it’s invested. This can be very handy if you want to time your charitable giving for income tax reasons. Read on to learn more. … [Read more...]
How to Avoid Making Mistakes While Administering a Trust
Although a Last Will and Testament remains the most common method of distributing estate assets after death, many people choose to use a trust in lieu of, or in addition to, a Will to protect and eventually distribute assets. When a trust is used, the Settlor (creator) of the trust must appoint … [Read more...]
Benefits of Including a Living Trust in Your Estate Plan
As both your estate and your family grow over the course of your lifetime, your estate plan will likely need to grow as well to accommodate the additional needs and goals that come along with that growth. One of the most popular tools used in a comprehensive estate plan is a living trust, due in … [Read more...]
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article … [Read more...]
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee … [Read more...]
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, … [Read more...]
Advance Directive: Do I Need One?
A well thought out and properly drafted estate plan can go a long way toward protecting you and your assets while you are alive along with providing for the distribution of your estate after you are gone. Furthermore, it can provide you with the peace of mind that comes with knowing your wishes … [Read more...]
Probate vs. Non-Probate Assets
At some point during your life, you may find yourself in charge of overseeing the probate of an estate. If you do find yourself in that position, at least a basic understanding of the probate process will be necessary. That same level of understanding is necessary when you sit down to create your … [Read more...]
How to Spot the Signs of Nursing Home Abuse
Caring for an older loved one who is suffering from physical and/or mental deterioration can be exhausting. Despite this, most people hang on as long as possible to avoid placing their loved one in a nursing home. Given the unsettling, and even downright terrifying, news reports that appear on … [Read more...]
What Happens If I Don’t Have an Advance Directive?
If you are like most people, you take for granted your ability to make decisions for yourself on a daily basis. Although you have likely never given it much thought, you probably make thousands of personal decisions every day. From the mundane to the life-changing, what all those decisions have in … [Read more...]
Accepting Inheritances: Do I Have To Take It?
Accepting inheritances can be a very personal thing, but most of the time, learning that you are the beneficiary of an inheritance is welcome news. Occasionally, however, a beneficiary does not want an inheritance. If you find yourself in that position, you may be wondering if you are required to … [Read more...]
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