Do you have a family member with special needs? If yes, your loved one may require assistance throughout their lives. To ensure that loved one is properly taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT).
A third-party Continue reading
When creating a will, one of your most important considerations is who to choose to serve as the Personal Representative of your estate.
The role of the Personal Representative is to carry out the instructions that you provide in your will. Any deviation from their specified powers Continue reading
Do you remember any scenes from a movie or television show involving a will, a trust, or the aftermath of a person passing away? While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators Continue reading
Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. Who knows when we will need to have a plan in place? Although, we all should admit that at some point we will need to have a plan. But the longer you put it off, the more potential there Continue reading
When developing your estate plan, part of your focus is on the distribution of your assets after you pass away. You may have some specific assets that you want to go to specific individuals, but it is nearly impossible to address every account or asset you own. There may be some things Continue reading
Your mortgage, like much of your debt, does not simply disappear when you die. If you leave a home with an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over Continue reading
When people think about estate planning, they often focus on the transfer of wealth — who will receive their assets when they pass away and how it will be received. However, estate planning should also address your end-of-life wishes—the considerations and expenses involved when it Continue reading
Migrating to a warmer climate for the winter can be an ideal way to spend a few months. To help make this escape a reality, some individuals choose to rent out their homes while they are away. But before you list your home for rent, there are a few things you should consider.
Benefits Continue reading
Some of the key numbers used in estate planning and long-term care planning are adjusted each year. Let’s look at some of the numbers that are in place for this year.
Estate Planning
(Federal Numbers)
Annual gift tax exclusion $18,000
Gift tax and estate tax applicable exclusion amount Continue reading
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes and maximizing the amount that can be distributed to loved ones.
What Are Gift and Estate Taxes?
For individuals who pass away Continue reading
As we usher in the new year, it’s a great time to reflect on priorities and set goals for the future. One crucial area to include in your resolutions and plans is estate planning. Planning for the future is a gift to your loved ones, ensuring that your wishes are known and your assets Continue reading
Today, many estate plans contain an irrevocable trust. Such trusts may continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust Continue reading
Just by its name, it would seem that an irrevocable trust cannot be modified. However, the law does allow various ways that the terms of an irrevocable can be adjusted. Changes in laws, family, trustees, and finances can frustrate the trustmaker’s original intent in creating the trust. Continue reading
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least Continue reading
Lifetime gifts are often used to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. However, twelve states and the District of Columbia levy an additional estate or inheritance tax.
To lower the value of Continue reading
Family members can have issues that lead to estrangement. Even though the family relationship may end, estrangement does not mean that the relationship has come to an end legally, however.
A spouse may move out of the shared family home. A parent may choose not to associate with a Continue reading
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government providing details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, Continue reading
If you have highly appreciated assets, you may wish to consider a community property trust as part of your comprehensive estate plan. The community property trust is a special type of trust that treats a couple’s jointly acquired accounts and property as community property and can Continue reading
After a house, a car is often the second-most valuable piece of property a person owns.
About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the person who leases a vehicle Continue reading
When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.
Reviving Continue reading
When thinking about estate planning, most people usually think about who will receive their house, retirement and bank accounts, life insurance proceeds, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value Continue reading
As real estate prices continue to rise, more people are teaming up with others to realize the home ownership dream. An increasing number of people are buying homes with friends, relatives, and roommates, rather than a spouse, which was the norm historically. Purchasing a property Continue reading
Married couples can share almost every aspect of their lives with each other. But even the closest couples may find it difficult to talk about matters related to death and their dying wishes. As uncomfortable as it might be to discuss subjects like burial arrangements and remarriage, Continue reading
A comprehensive estate plan may include a Trust, Will, Durable Power of Attorney, HIPAA Authorization, Healthcare Power of Attorney, and Funeral Representative Designation, among other legal planning tools. The person or entity you authorize to act in each of these various parts of Continue reading
What happens if someone passes away before they receive money owed to them from a loan to a friend or business partner, or from renting a house to a tenant? Can someone else collect these debts? If your loved one has died and you think they were owed money at the time of their death, Continue reading