No matter how a small business owner would like to transfer or dispose of his or her business, it is important that he or she create a succession plan for that business. A recent article details five steps necessary to create a succession plan. Establish Goals and Objectives: Even if you already have a succession… Read More »
Blog Posts Page 72
Trusts and Small Estates
While estate planning is important for everyone, some people necessarily require more complicated estate plans than others. A recent article discusses whether a trust is necessary for those with smaller estates. If a person has a small estate, the purpose of a trust is typically to avoid the necessity of probate. Probate is the court-supervised… Read More »
Planning to Protect Your Pets
More and more, medical professionals are advising elderly Americans to adopt or purchase a pet. Pets are a wonderful cure to the loneliness and depression faced by many elderly Americans. Pets for elderly people can become problematic, however, when the pet outlives its human parent. A recent article discusses how to plan for a pet… Read More »
Three Vital Parts of Any Estate Plan
Take a moment to consider whether you have an estate plan in place. Whether you are young and healthy or only have a few months to live, if you answered no you have some work to do. A recent article explains three important parts of an estate plan that you should begin with if you… Read More »
Reasons for a Bypass Trust After Portability
After the American Taxpayer Relief Act of 2012 made portability permanent, many Americans with bypass trusts began to wonder whether the trusts were still necessary. As a recent article explains, there are several reasons why it may still be a good idea to incorporate a bypass trust into your estate plan. Essentially, portability allows the… Read More »
What if Your Trustee Becomes Incapacitated?
Estate planners often discuss how trustees can help when a person becomes incapacitated. However, few conversations discuss what to do when a trustee becomes incapacitated. A recent article discusses how to deal with trustee incapacity. From the start, those creating trust accounts should consider the possibility that a trustee may, at some point, become incapacitated…. Read More »
The Henson Trust for Disabled Dependents
Estate planning is especially important for those who have disabled dependents. Planning for a disabled dependent is a very daunting task, especially when your disabled dependent will require constant care for the duration of his or her life. A recent article discusses one type of trust, the Henson Trust, which can assist parents in planning… Read More »
Planning for the Summer Home
When estate planning, some assets are more complicated to plan for than others. One of the more complicated assets to plan for is a vacation home. A recent article discusses two ways in which a person can plan for his or her vacation home, (1) through a limited liability company, and (2) through a qualified… Read More »
How to Edit Your Estate Plan
A person’s estate plan must account for the fact that his or her life is constantly changing. Major life changes, such as marriages and divorces, typically have an impact on the way that a person would like his or her assets to be distributed upon his or her death. Moreover, between the time a person… Read More »
Planning Long-Term Care For Your Cat
Countless pets are surrendered to shelters daily, because their owners either die or become incapacitated and therefore unable to care for the cat. A recent article discusses how you can create a long-term care plan to ensure that your cat is safe and cared for when you can no longer provide the care yourself. If… Read More »
Doubling Your Estate Tax Exemption
Now that the portability provision of the new federal estate-tax law has been implemented, married couples can potentially double their estate tax exemption. A recent article discusses how to do just that. Portability is a provision that allows one spouse to transfer his or her unused estate tax exemption to his or her surviving spouse…. Read More »
Estate Planning: What Not to Do
For all individuals, estate planning is a must. Careful planning allows a person to direct the distribution of his or her assets to any individual or entity in accordance with his or her wishes. Even when your estate is simple, there are several mistakes that may plague your planning. A recent article discusses what not… Read More »
Egg Freezing and Financial Planning
More and more, women are postponing having children to focus on their careers. In order to facilitate this postponement, many choose to harvest and freeze their eggs. By 2013, more than 2,000 babies were been born from harvested and frozen eggs. A recent article discusses some estate planning implications for those who plan to harvest… Read More »
When Planning, Don’t Forget About Retirement Accounts
When crafting an estate plan, many people fail to pay adequate attention to how to best handle what is often their largest asset, their retirement accounts. This lack of attention can often lead to problems such as heirs needing to pay higher estate and income taxes. A recent article discusses steps to take in order… Read More »
Planning to Protect Your Family
For many people, the most important part of estate planning is protecting the future of loved ones. A recent article offers four estate planning tips to do just that. The first tip is to create a living trust. The creator of a living trust can put his or her assets in the trust to benefit… Read More »
Everyone Needs an Incapacity Plan
Globally, the single largest cause of disability is dementia. The second largest cause, stroke, can also have a devastating impact on a person’s judgment and decision-making capabilities. Therefore, as a recent article discusses, it is imperative for everyone to include an incapacity plan as part of his or her estate plan. When it comes to… Read More »
Considering Cory Monteith’s Estate
After the untimely death of Glee star Cory Monteith, speculation has grown concerning the status of his estate. As a recent article explains, even young and healthy actors often have some sort of estate plan in place. Typical young and healthy Americans do not consider estate planning because they believe that it can be put… Read More »
Transferring S-Corporation Shares Requires Caution
If you hold shares in an S Corporation, it is important that you carefully plan for the transfer of your shares. Without careful transfer, it is possible for shareholders to inadvertently terminate the Corporation’s S election during the process of estate planning. A recent article discusses how to avoid this fate. Subject to certain exceptions,… Read More »
Enforcing a Power of Attorney
Often, individuals find that it may be difficult to act under their power of attorney. This is because some third parties are reluctant to honor power of attorney documents. Even of your document appears unquestionably valid, third parties may still choose not to honor it. A recent article discusses why this occurs, and how to… Read More »
Tax-Oriented Estate Planning
Transfer tax laws have historically been unpredictable. This can leave a lot of people confused when it comes to tax-oriented estate planning. A recent article discusses several important aspects of the current state of tax-oriented estate planning. Tax-oriented estate planning often begins with use of the estate tax marital deduction. Through this deduction, all of… Read More »
