One classification of trusts is whether the trust is a grantor or nongrantor trust. Although every trust has at least one grantor (the trustmaker or settlor who creates the trust), the terms grantor or nongrantor are used to classify the trust’s income tax liability.
Grantor Trust Continue reading
If you own a small business, one of the many challenges you face is deciding what should happen to the business after your death.
For example, upon your death,
- Do you wish to pass on your business as an ongoing operation that will produce income for your spouse or loved ones?
- Is it Continue reading
Most of us are familiar with the federal income tax. If you earn a paycheck, you can’t help but notice the deductions each pay period. Perhaps less familiar are federal taxes such as the capital gains tax, estate tax, and gift tax. Even less familiar for most is the generation-skipping Continue reading
Are there ever times that you might not want to accept an inheritance? While it might be an honor to receive something from a loved one who has passed, there may be reasons that an inheritance may not be desired. In some cases, receiving an inheritance may create logistical or financial Continue reading
If you are a beneficiary of a trust and your trustee is unresponsive to your requests for information regarding the trust, what should you do? A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Continue reading
Creating an estate plan is a personal and often emotional undertaking, making the selection of your estate planning attorney of the utmost importance. Here are some considerations in choosing an estate planning attorney that will be right for you.Why did they pick estate planning Continue reading
Even if you are among the minority of US adults who have prepared a will, living trust, or other estate planning document, your plan may not be complete. Estate planning is an ongoing process, requiring regular review and periodic adjustments. A comprehensive plan requires that you Continue reading
Estate planning is all about protecting you and your loved ones. If you have a loved one that you want to provide a home for after you pass away, while having ultimate ownership pass to someone else after that loved one’s death, a right of occupancy trust can provide a solution.
What Continue reading
Over 40 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, the reality is that they could become your child’s ex-spouse. Without proper planning, money and assets that you leave to your child could be subject to a division Continue reading
If you are an artist, it is important to include your artwork in your estate planning. Who can control your artwork if you become incapacitated, including matters such as selling, loaning, or licensing your pieces.
What do you want to happen to your artwork after you pass away? Options Continue reading
The use of genetic material, such as frozen sperm, eggs, and embryos, in reproductive technology creates unique issues in estate planning. Is that material considered property that needs to be planned for as part of your estate? Is it like your home, your cars, your jewelry? Who owns Continue reading
Do you own any cryptocurrency? If yes, here are a few things you should know about cryptocurrency in relation to your estate plan.
Beware of the Tax Consequences
Transferring your cryptocurrency to other people, either during life or at your death, could have income, estate, and gift Continue reading
In a financial power of attorney, you designate a trusted decision maker (called an attorney-in-fact or agent) to act on your behalf if you become disabled or unable to manage your financial affairs. You may choose to give your agent, among other things, the power to buy and sell Continue reading
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt.
The obligation Continue reading
Approximately 7.5 million second homes are owned by families according to a study in 2018 by the National Association of Home Builders. For many families, these second homes are vacation homes that carry years of special family memories. Following are some important estate planning Continue reading
If you own a business, it is important to consider what happens to the business after your death. Who will own the business? How will the business be run? Who will benefit from the business? A trust can be a great way to manage these decisions. The details will vary based on the type Continue reading
Everyone needs estate planning. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, assets, and loved ones in the event of an accident, illness, or death.
For LGBTQ+ Americans, estate planning Continue reading
Elder abuse is a serious and increasingly common problem in our society. As people are routinely living into their eighties and nineties, physical and mental capacities may diminish, causing the need to rely on others for help with physical or financial matters. A relative or friend Continue reading
If your life or the law has changed since you signed your Will or Trust, you need to review your plan and perhaps update your plan documents. A trust can be updated by an amendment or restatement. The amendment updates just a specific part of the trust, while a restatement is a complete Continue reading
It’s almost time for summer camp again! After two summers of no camp or limited capacity camp, summer camps are expected to be back in full swing this year. A lot of preparation goes into making lasting summer camp memories. There are a number of contingencies that families should Continue reading
Words like “estate planning”, “inheritance”, and “bequest” can leave the impression of assets, property, or accounts with significant monetary value. However, you can leave your family a legacy regardless of the size of your bank account.
1. Make a Plan
Often, people who do not have Continue reading
Estate plans are somewhat like a snapshot in time. While they do look to the future, they are created based on your current circumstances and existing law. A working professional is likely to keep his or her resume updated regularly, to reflect their experience, skill set, and education. Continue reading
There are many things to deal with when a loved one passes away. One that should not be overlooked is dealing with prescription drugs and other controlled substances that they possessed. There are laws governing the disposal of these substances, so it is important to understand the Continue reading
Families who have accumulated a substantial amount of wealth during their lifetime are often reluctant to disclose the full extent of their wealth to their children. Many express concerns about whether the younger generations are ready for the wealth they may receive and the impact Continue reading
Domestic partnership is an alternative to marriage, the most common way for a couple to legally commit to each other. For some time, domestic partnerships and civil unions were the only option for same-sex couples wishing to commit to each other while marriage was not legally available. Continue reading