The hardest part in creating your estate plan is seeing the attorney to make sure it is done right. I want to give the proper kudos to all those I’ve met, those who’ve been diligent in creating a plan and memorializing their final wishes. Yet many have not listened to my recommended “follow-up” … [Read more...]
Considerations in Planning for a Special Needs Beneficiary: Part I
I met with a prospect the other day, a married couple with 3 adult children. It was a pretty typical meeting until I reviewed their existing distributions: when the second of them passed, there estate was to be left 50-50 to only two of their three kids. I asked why they are disinheriting their … [Read more...]
Making Things Easier for Those Left Behind: Leaving a “Map”
I’ve met with people who’ve been diligent in creating a plan and memorializing their final wishes, yet have not communicated where these documents might be found. This oversight can be especially worrisome because loved ones don’t often search for documents until after a funeral. Without documents … [Read more...]
Thanksgiving
On October 3, 1789, President George Washington named Thursday, November 26, 1789 an official holiday of “sincere and humble thanks.” In the midst of the Civil War in 1863, President Abraham Lincoln issued a proclamation in which he declared the fourth Thursday of every November to be a day of … [Read more...]
Death & Taxes: Plan for Both
Most folks don’t look forward to planning for two of life’s guarantees: death and taxes. However mundane or morbid you view this task, there is planning to be done no matter what your station in life. When properly planned the harshness of both death and taxes can be mitigated. Through my … [Read more...]
What Happens if I Die Without an Estate Plan?
When a person dies, their assets must be distributed. If a person fails to create a will or trust, their property will pass via the state laws of intestate succession. Every state has a specific set of laws providing a sort of default will. For example, if a person dies without an estate plan in … [Read more...]
Same-Sex Couples May Find Estate Plan Update Useful
The Supreme Court’s recent decision in Obergefell v. Hodges, means that state bans on same-sex marriage are unconstitutional. It also means that same-sex couples might want to update their estate, financial, tax, and retirement plans. The recent decision will make it easier for same-sex couples to … [Read more...]
What Happens if I Die Without an Estate Plan?
When a person dies, their assets must be distributed. If a person fails to create a will or trust, their property will pass via the state laws of intestate succession. Every state has a specific set of laws providing a sort of default will. For example, if a person dies without an estate plan in … [Read more...]
Estate Planning Tool: the Grantor Retained Annuity Trust
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust into which the grantor (creator of the trust) transfers assets and retains the right to receive payment of a fixed dollar amount through an annuity for a specified term of years (GRAT term). At the end of the GRAT term, the GRAT’s … [Read more...]
Planning for Incapacity
The thought of incapacity is unpleasant, thus many people fail to plan for the consequences of incapacitation. Incapacity can be the result of Alzheimer’s disease or dementia, but it can also happen suddenly due to a stroke or an accident. The issues that surround incapacity are not limited to … [Read more...]
