Private pension plans have been used in the United States since the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. Employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) Continue reading
Category: Client
If My Will Is Filed with the Court, Will It Go Through Probate?
Death is a personal and private affair that affects the deceased’s close family and friends. However, there is at least one aspect of death that may require state oversight: probate.
Probate is the court-supervised process of either (a) carrying out the instructions laid out in the Continue reading
What Is a Certificate of Trust?
One of the documents that should be a part of your trust-based estate plan is a Certificate of Trust. This legal instrument provides basic, relevant information about your trust to third parties without sharing the full details of the trust document.
What is a Certificate of Trust?
A Continue reading
Considerations with a Special Needs Trust
Do you have a family member with special needs? If yes, your loved one may require assistance throughout their lives. To ensure that loved one is properly taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT).
A third-party Continue reading
Demystifying Probate and the Personal Representative’s Role
When creating a will, one of your most important considerations is who to choose to serve as the Personal Representative of your estate.
The role of the Personal Representative is to carry out the instructions that you provide in your will. Any deviation from their specified powers Continue reading
Some Steps to Creating or Updating Your Estate Plan
Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. Who knows when we will need to have a plan in place? Although, we all should admit that at some point we will need to have a plan. But the longer you put it off, the more potential there Continue reading
What is a Residuary Clause, and Why is it Important?
When developing your estate plan, part of your focus is on the distribution of your assets after you pass away. You may have some specific assets that you want to go to specific individuals, but it is nearly impossible to address every account or asset you own. There may be some things Continue reading
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like much of your debt, does not simply disappear when you die. If you leave a home with an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over Continue reading
Saying Goodbye is Hard – How a Comprehensive Estate Plan Can Help
When people think about estate planning, they often focus on the transfer of wealth — who will receive their assets when they pass away and how it will be received. However, estate planning should also address your end-of-life wishes—the considerations and expenses involved when it Continue reading
Snowbirds – What You Need to Know about Renting Out Your Property
Migrating to a warmer climate for the winter can be an ideal way to spend a few months. To help make this escape a reality, some individuals choose to rent out their homes while they are away. But before you list your home for rent, there are a few things you should consider.
Benefits Continue reading
Key Numbers for 2024
Some of the key numbers used in estate planning and long-term care planning are adjusted each year. Let’s look at some of the numbers that are in place for this year.
Estate Planning
(Federal Numbers)
Annual gift tax exclusion $18,000
Gift tax and estate tax applicable exclusion amount Continue reading
The Deceased Spousal Unused Exclusion Amount
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes and maximizing the amount that can be distributed to loved ones.
What Are Gift and Estate Taxes?
For individuals who pass away Continue reading
Start the New Year Right – Essential Estate Planning Considerations
As we usher in the new year, it’s a great time to reflect on priorities and set goals for the future. One crucial area to include in your resolutions and plans is estate planning. Planning for the future is a gift to your loved ones, ensuring that your wishes are known and your assets Continue reading
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified
Just by its name, it would seem that an irrevocable trust cannot be modified. However, the law does allow various ways that the terms of an irrevocable can be adjusted. Changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent in creating the trust. Continue reading
In the News – Estate Plan Lessons from DeMuth v. Commissioner
Lifetime gifts are often used to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. However, twelve states and the District of Columbia levy an additional estate or inheritance tax.
To lower the value of Continue reading
What Happens to My Leased Car if I Die Before the Lease Term Ends?
After a house, a car is often the second-most valuable piece of property a person owns.
About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the person who leases a vehicle Continue reading
Can I Unrevoke My Revoked Will?
When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.
Reviving Continue reading
Beware of Unequal Contributions When Purchasing a House
As real estate prices continue to rise, more people are teaming up with others to realize the home ownership dream. An increasing number of people are buying homes with friends, relatives, and roommates, rather than a spouse, which was the norm historically. Purchasing a property Continue reading
Four Things Your Spouse Should Know Before You Die
Married couples can share almost every aspect of their lives with each other. But even the closest couples may find it difficult to talk about matters related to death and their dying wishes. As uncomfortable as it might be to discuss subjects like burial arrangements and remarriage, Continue reading
Does a No-Contest Clause Really Mean No Contest?
We live in a litigious society. Unfortunately, sometimes even family members file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so displeased that they decide to contest or challenge the validity of a will or trust, Continue reading
Why You Want to Avoid Intestacy
Bills and Services to Cancel – and Keep – When a Loved One Dies
A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking the necessary steps to cancel them or Continue reading
Should the Trustee of My Trust Be Different During My Incapacity Than at My Death?
Estate Planning Concerns for the Self-Employed
Being self-employed is no easy endeavor. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, you carry a load of responsibilities. Working together, we can craft a comprehensive estate plan that will help you address important Continue reading
What is a Devise in My Estate Plan?
If you are thinking about creating an estate plan, you may hear some new and confusing terms. Although many of us estate planning attorneys try to create planning documents that are readable and easy to understand, we are required to use terms and phrases that are unfamiliar outside Continue reading