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
Category: Estate Planning
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
Estate Administration – Where TV and Movies Get It Wrong
Do you remember any scenes from a movie or television show involving a will, a trust, or the aftermath of a person passing away? While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators 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
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
Estate Planning for Expatriates
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least 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
The Impact of Estrangement on Estate Planning
Family members can have issues that lead to estrangement. Even though the family relationship may end, estrangement does not mean that the relationship has come to an end legally, however.
A spouse may move out of the shared family home. A parent may choose not to associate with a Continue reading
How the Corporate Transparency Act May Impact Your Estate Plan
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government providing details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, Continue reading
Integrating a Community Property Trust Into Your Estate Plan
If you have highly appreciated assets, you may wish to consider a community property trust as part of your comprehensive estate plan. The community property trust is a special type of trust that treats a couple’s jointly acquired accounts and property as community property and can 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
Sometimes Your Stuff is the Most Important Part of Your Estate Plan
When thinking about estate planning, most people usually think about who will receive their house, retirement and bank accounts, life insurance proceeds, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value 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
The Helpers You Name in Your Estate Plan
A comprehensive estate plan may include a Trust, Will, Durable Power of Attorney, HIPAA Authorization, Healthcare Power of Attorney, and Funeral Representative Designation, among other legal planning tools. The person or entity you authorize to act in each of these various parts of 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