Most beneficiaries on a trust are unfamiliar with the trust administration process, and will also be anxious about this perceived lack of control. Unfortunately, this can create a variety of communication problems between these beneficiaries and the trustee. You may be handling every aspect of a trust properly from a technical perspective, but it is… Read More »
Blog Posts Page 4
What Is The Trustee Duty To Give Notices?
Anyone who has recently been appointed in the role of trustee needs to understand the action steps they must take in order to comply with the terms of the trust as well as any relevant state laws. This can help to avoid future potential disputes and liability issues facing that trustee. A trustee who has… Read More »
Do Power Of Attorney Agents Need To Follow A Certain Code Of Conduct?
It is very important who you select to serve as a power of attorney agent because this person has a great deal of responsibility over your personal affairs. This is true whether you have given them general powers or specific powers to handle on your behalf. When they work properly, a power of attorney gives… Read More »
Are You Avoiding a Conversation About Generational Wealth?
Many people skip out on the estate planning process because they assume they don’t have any assets, but it is equally devastating to your potential heirs by failing to talk about generational wealth if you do have substantial assets. A recent study completed by Ameriprise found that only 19% of people who had investable assets… Read More »
What To Know About Receiving An Inheritance
It can be very important to discuss your estate planning intentions and strategies with a person who will receive a substantial inheritance. A recent study by the Survey of Consumer Finances found that the average inheritance for the middle class in the United States is $110,000. Yet another survey found that people in retirement hoped… Read More »
What Are Trust Funds?
If a loved one created a trust for the purposes of accomplishing estate planning or transferring assets, you could be listed as a beneficiary of assets inside that trust. If so, it is to your benefit to educate yourself about how trust works so that you can be fully prepared for what to expect. There… Read More »
Know The Numbers Behind Common Retirement Planning Strategies
There are many different numbers that you can stumble across and doing research about establishing your retirement strategy. Especially if you’ve been saving for retirement for some time and are approaching retirement age, it’s important to revisit these numbers and this strategy to decide if it’s in line with what you hope to accomplish. Knowing… Read More »
What You Need to Know About Gift Tax Returns
The ability to make gifts to people on an annual basis and throughout your life is an excellent way to reduce your taxable estate size. However, the specifics of the gift mean that you might trigger the need for a gift tax return. Gift giving is a frequent strategy used by many people to avoid… Read More »
Why High Earning Executives Need Aligned Financial And Estate Plans
Many highly compensated executives have worked years to earn the reputation and the high paycheck that comes along with it. This could cause problems however, in your own retirement and in how you choose to pass on assets to your heirs. A couple of financial changes should be considered as you enter retirement. There are… Read More »
Does Your Business Have Solid People and Plan for the Future?
A recent research study from the Family Business Institute finds that nearly 90% of business owners and entrepreneurs expect their company to pass to their family in the next five years. However, the statistics of how that happens in reality are quite different. Only 33% of businesses will survive to transfer to the next generation,… Read More »
Should You Use a Corporate Trustee?
When establishing a trust to help to preserve your wealth, you may think about a variety of different types of friends and family members who might be the right choice. However, in some cases, it may be to your benefit to use a corporate trustee. You can always consult with a dedicated attorney to discuss… Read More »
Study Shows Disconnect with Estate Planning
Plenty of grandparents and parents have firm ideas about what they’d like their loved ones to receive when they pass away. But research shows that nearly 6 in 10 people in the United States have no will in place. This is the most basic cornerstone document of estate planning, and is extremely important to have… Read More »
What To Know About Your Heir Being Recognized As Executor
When you intend to accomplish your estate planning and to name someone else as your personal representative or your executor, this is an important step in the process to ensure that your wishes are followed. Being recognized as executor by the court is the first and important step towards allowing someone to have the legal… Read More »
How To Prepare to Discuss Your Future Legacy With Your Loved Ones
Talking about estate planning can be uncomfortable, but it’s also an important conversation to have for more than just asset transfer. You may want to communicate important values about your legacy and it’s a good idea for older generations who are completing their estate planning to bring their family members together to discuss legacy plans… Read More »
What To Avoid Putting in A Living Trust
Are you thinking about creating a living trust as part of your estate plan? When used properly, a living trust is a powerful estate planning tool that helps you to add a layer of control and privacy to how you pass on assets. Many people turn to a living trust because of the flexibility afforded… Read More »
Charitable Giving Being Impacted by Cultural and Financial Changes
Many people are turning to financial professionals in higher numbers than ever to weather concerns such as inflation, uncertainty in global markets and the possibility of shifting tax laws. But giving to charity is still of interest to many as a planning tool. A recent study published in the Journal of Financial Planning highlights that… Read More »
Three Tax Buckets to Consider in Your Retirement Planning
If you’re looking ahead to retirement 5 years from now or 20 years from now, you need to have a specific strategy in place to help protect your interests. The support of an estate planning lawyer can help guide you through this process and help you make adjustments to your plan as needed over the… Read More »
What You Should Know About Helping a Loved One Choose a Nursing Home
It’s never easy to acknowledge that a loved one’s care needs might have advanced beyond what family and friends can provide. However, it is extremely important in these situations to think carefully about what is most important to their overall care and how you can find a facility that will support your loved one now… Read More »
What Founders and Entrepreneurs Should Know About Estate Planning
Running a business requires keeping track of a lot of details, but there’s noe common one that many people overlook: protecting the business with a succession plan. Starting and running a business can be an exhilarating and, at times, a very challenging venture. But unfortunately, if you fail to have an appropriate succession plan in… Read More »
Study Shows African American Communities Have Put Off Estate Planning
A potential $68 trillion wealth transfer is in the mix in the coming years for African Americans, but a significant lack of estate planning could affect heirs and beneficiaries in these families. Designating who receives your possessions after you pass away is only one part of this process, even though it is an important one…. Read More »
