Posted On: December 9th 2016
Abstract: Unless an estate plan — and the principles behind it — is communicated to one’s family and to executors, trustees, guardians and agents, the plan is at risk. Holding family meetings can help ensure that representatives understand and accept their responsibilities and that loved ones understand the reasons that the donor is distributing the…
Learn MorePosted On: December 8th 2016
Losing a loved one is a difficult matter. If you are named as a beneficiary in their will, you might feel honored, yet overwhelmed. There are probably many questions you will have about what to do. Make sure you keep the below points in mind. How Can You Get Your Copy? The attorney of the estate…
Learn MorePosted On: December 7th 2016
Abstract: No matter how clearly an estate plan communicates the deceased person’s wishes, there’s a chance that one or more family members will become disgruntled over the outcome and challenge the estate plan. One strategy for protecting a plan is to include a “no-contest” clause in the will or revocable trust (or both). This article…
Learn MorePosted On: October 31st 2016
The idea of of beginning the process of estate planning may be unsettling. This may deter you from starting to plan it at all. However, if you consider the alternatives, you may want to start the process sooner rather than later. Why Plan An Estate In The First Place? Everyone has an estate. Every asset…
Learn MorePosted On: September 28th 2016
Abstract: Now that the federal estate tax exemption has been set permanently at an inflation-adjusted $5 million (currently, $5.45 million), fewer people are subject to federal estate tax. But that doesn’t mean estate planning is any less important. Out-of-date formula clauses, in particular, can create unwelcome surprises. This article shows how an outdated plan can…
Learn MorePosted On: September 27th 2016
Abstract: This article discusses “John,” who is the trustee of his deceased brother’s irrevocable trust. In light of the estate tax laws, as well as changing circumstances surrounding his brother’s family, John would like additional flexibility in adapting the trust to the new laws and evolving family situation. One of his options is to decant…
Learn MorePosted On: September 12th 2016
Abstract: While it’s natural to set up trusts in the state where one lives, this may result in losing out on significant benefits available in more “trust-friendly” states. This brief article explores the benefits of moving a trust to another state. Estate Planning Red Flag You’re setting up trusts in your home state While it’s…
Learn MorePosted On: September 11th 2016
Abstract: If gift and estate taxes aren’t a concern for many affluent families, it pays for them to focus planning efforts on income taxes — in particular, basis planning. This article details the benefits of a stepped-up basis. A sidebar explains how a recent IRS rule may affect basis reporting. Covering your basis Tax basis…
Learn MorePosted On: September 10th 2016
Abstract: If an estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management and probate avoidance. But these benefits aren’t available if the trust isn’t funded. This brief article explains how to fund…
Learn MorePosted On: September 9th 2016
Abstract: If one expects his or her estate to have a significant estate tax liability at death, he or she should pay attention to the tax apportionment clause in a will or revocable trust. An apportionment clause specifies how the estate tax burden will be allocated among beneficiaries. Omission of this clause, or failure to…
Learn MorePosted On: August 26th 2016
Abstract: A health care directive allows one to communicate their preferences, in advance, for medical care in the event they’re incapacitated. Directives go by different names, including living wills, advance medical directives and directives to physicians. This article shows what such directives can accomplish and why generic forms may not accommodate one’s preferences and values….
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