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
One common approach to estate planning is to leave a home to children in one’s will. Does this give your child any current rights to your home while you are alive? Can your child then possibly take your home from you? The short answer to this question is no. A child named as beneficiary Continue reading
Are you one of the many Americans who uses social media? Have you ever considered what will happen to your social media accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to be aware of how your accounts are treated after your death Continue reading
With couples of similar ages, planning for the future is quite naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your spouse Continue reading
What Is Self-Dealing in Trust Administration?
A trustee is usually given quite a bit of discretion in how they manage a trust’s assets. Because a trustee is acting as a fiduciary, a trustee also owes all the beneficiaries of the trust a duty of loyalty. The trustee is to act in the Continue reading
What Is an Electronic Will?
Only a few years ago it would have been hard to imagine how much we now accomplish online. We can form and run businesses, sign commercial contracts, and purchase agreements online. We can even buy our groceries or purchase or sell an automobile online. Continue reading
When is a gift not a gift? The answer will change in light of IRS considerations. In the eyes of the IRS, some gifts trigger what might seem like a penalty – taxes; and some gifts are defined as not a gift at all.
The federal tax code has very specific rules about how much you can Continue reading
Minimizing or avoiding estate taxes is an important estate planning goal for many married couples. The laws concerning estate taxes are frequently discussed in Congress, and there is much uncertainty as to where future laws will land. The exemptions, estate rates, and acceptable planning Continue reading
February 21 is the day on which we celebrate several US presidents who made noteworthy contributions to our country. Let’s look at a few of the important lessons we can learn from the estate planning of some of our country’s most famous political leaders.
George Washington
Washington Continue reading
Each person creating a trust has their own special goals for what they wish the trust to accomplish. A clear expression of these goals can have significant legal ramifications. There are two main ways a trustmaker can document their intents and purposes for their trust. Each approach Continue reading
Estate planning involves both preparing for the inevitable and planning for the unexpected. Your plan should have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are alive?
If you can no longer manage your affairs, you Continue reading
When transferring real estate, there are different types of deeds that can be used. Following is a brief discussion of three types of deeds that are commonly used and why they might be considered.
Quitclaim Deeds
When someone wants to transfer whatever property rights they have in a Continue reading
What is a QTIP trust?
A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, Continue reading
Wills and trusts are two basic legal instruments used to direct the transfer of assets after someone passes away. A revocable living trust is often referred to as a will substitute, but wills and trusts are not mutually exclusive. You can have both a will and a trust, and in fact, Continue reading
One of the reasons to engage in comprehensive estate planning is to address the uncertainties of life. If an accident or illness caused an unexpected early death, a well-drafted trust can provide for children during their younger years. While parents often attempt to treat their children Continue reading
A revocable living trust (RLT) is a commonly used estate planning tool. But what exactly are they, who is affected by them, how can they be changed, and what do they accomplish?
What Are They?
Trusts are legal mechanisms for the ownership of property for the benefit of a person or entity. Continue reading
Social media is all about putting yourself out there to connect with people, wherever they may be. If you are active on social media, not only are you being social, you may also be gaining a following that could result in an inflow of cash. If you are using social media to earn income, Continue reading
Trusts can be designed for any number of reasons and can be created to last a short time or to stretch across generations. Properly designed, a trust can keep valuable money and property within a family for an extended time, but no trust has unlimited funds or can last forever. Every Continue reading
For those who have estates large enough to be subject to estate taxes, either currently or when the estate tax exemption falls as scheduled in 2026, various planning options are available to reduce or eliminate the estate tax liability. One strategy is the qualified personal residence Continue reading
An obituary can be much more than just a dry announcement of your death and the time and location of your funeral or memorial service. It can be a way to share your life story, provide information about significant events and people, and remind others of important values. Writing Continue reading