Improper planning could put your intended beneficiaries in a difficult situation with your IRA. A significant tax consequence might apply if you don’t sit down with an estate planning lawyer and talk over the options available to you that help you to accomplish your goals while minimizing tax consequences for your beneficiary. If you intend… Read More »
Blog Posts
Why It’s Important to Pay Attention to The Details in Succession Planning
If you own a family business, managerial succession and the transfer of that ownership can become quite problematic when they’re not planned out appropriately. If you are a parent who owns and manages the business, there are probably other people who have a vested interest in that company of having an unchanged or uninterrupted operation… Read More »
Do I Really Need A Team of Experts If I Inherit or Win A Large Sum of Money?
If you receive a substantial jackpot through a lottery which will be part of the massive transfer of wealth from baby boomers to future generations in the coming decades, one of the most important things you can do is equip yourself with a team of experts. These situations are not as simple as cashing your… Read More »
What Happens to a Revocable Trust at the Grantor’s Death?
Each family and individual have their own concerns about the estate planning process, but many of these issues can be addressed by putting together appropriate trust provisions and funding the trusts with necessary assets. A revocable trust is but one of many tools available to craft a comprehensive estate plan, and there are many different… Read More »
Married Couples with Larger Estates Benefit from The Increased Federal Estate and Gift Tax Exemption
Married couples with substantial estates have plenty of things to be happy about with the Tax Cuts and Jobs Act. The new law clarified that the federal estate and gift tax exemption at $11.4 million for 2019; meaning that annual inflation adjustments will also apply between 2020 and 2025. For married couples that amount is… Read More »
Why Are Digital Assets Important for Estate Planning Purposes?
Digital assets can be easily overlooked as part of the traditional estate plan but this could be a big mistake to leave them out of your formal planning process. The support of an experienced estate planning attorney can help you to flag digital assets and to incorporate a necessary plan to included them inside your… Read More »
What Should A Surviving Spouse Know About an Inherited 401(k)?
A surviving spouse has three primary options upon inheriting a 401(k). The first of these is to leave the funds inside the inherited 401(k) if this is allowed. The second option is to take the funds inside the 401(k) and roll it over to the individual’s 401(k). This is only allowed in certain situations. One… Read More »
What Should a Non-Spouse Do With an Inherited 401(k)?
Have you recently come into possession of a loved one’s 401(k)? Without knowing the options, it can be difficult to figure out how you should handle this particular inherited asset. Add to that the fact that mistakes made with an inherited 401(k) could end up costing you unnecessarily and significantly. This is why it’s recommended… Read More »
11 Steps to Establishing a Living Trust
A living trust is a powerful tool when it is drafted and funded appropriately. In fact, this has become one of the most common estate planning tools available today. A living trust can give you greater peace of mind that your wishes will be followed after you pass away and ensure that your financial affairs… Read More »
Is an Estate Plan Different from a Business Succession Plan?
The succession of your estate or business is the official transmission of the assets of a deceased individual to his or her successors or a transmission of a business from someone who is departing the company. In many of these circumstances, the individual may not be departing the business willingly and may have left due… Read More »
Is a Joint Account the Same Thing as a Transfer on Death Account?
If you are looking for optimal ways to pass on small estates in a simple way, there are various tools available to you that can be discussed directly with your estate planning attorney. Many married couples today share a bank account from which either one of them can add or withdraw funds or write checks… Read More »
Do Singles Need Estate Planning?
Often single individuals without kids don’t do any estate planning because they assume they don’t need it and there’s no one to pass it on to. If you’re single with no kids and approaching retirement, there’s probably a good chance that you haven’t given much thought to the estate planning process. You might have been… Read More »
Does Divorce Have an Impact on My Estate Plan?
A divorce impacts many aspects of your life, including your present day life, living situation, and your future. That means you must be prepared for how it might impact your estate plan. There’s a good chance that you put together a will while you were married to your now former spouse. This means that any… Read More »
Half of Older People in US Don’t Have Estate Plans or Wills: Why You Need One
Have you ever thought about who will get your savings, your house or your valuable collections when you pass away? Unfortunately, a new study released by Age Wave and Merrill Lynch indicates that half of Americans over age 55 don’t have a legally binding answer to this question. Although financial planners and estate planning attorneys… Read More »
Do I Need A Co-Executor on My Will?
Most people designate one other individual to serve as a will’s executor, but you likely have the possibility of establishing two or more co-executors. Many estate planning attorneys will recommend that one executor is best since this avoids possible conflicts between two or more people, but there are unique situations in which it makes sense… Read More »
What Does it Mean to Choose a Bad Executor?
In the process of establishing your estate planning goals, you have to make key decisions about other people. For example, selecting your power of attorney means thinking about who you trust to make legal or financial decisions on your behalf if something happens to you. A will is your opportunity to establish a guardian for… Read More »
What Are Fraudulent LLC Transfers?
Establishing a limited liability company for asset protection planning is a common goal for a person who is meeting with an attorney for the first time to accomplish this, however, you must be aware of the fraudulent transfers exception. Any asset protection plan developed must consider the potential application of fraudulent transfer laws. These laws… Read More »
How Do Assets Go Into a Living Trust?
A living trust only becomes legally valid when the assets are placed inside a living trust. This is a common error made by many people new to the estate planning process who might create a living trust but then forget to transfer assets inside, meaning that the assets do not receive the protection or ownership… Read More »
Is a Pet Trust Right For Me & How Do I Choose a Custodian?
Recently, Karl Lagerfeld passed away. Although the details of his estate planning have not been yet revealed and might never be if he engaged in the comprehensive process, his beloved cat is likely to have been featured in his estate planning in some way. In the past, the most traditional thing to do to support… Read More »
Is There Any Property That I Shouldn’t Include in My Last Will?
Creating a will is the cornerstone of estate planning, but this is not a document in which you can add everything in terms of property to pass onto future generations. Some types of property should not be included in a will at all. Property that should not be listed in your will is any asset… Read More »