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
While thinking about your own funeral may not be pleasant, making arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. When you include funeral planning as part of your estate plan, you can spare your grieving loved ones from having Continue reading
Avoiding probate is a common goal expressed in estate planning. Avoiding the costs, delays, and loss of privacy caused by the probate process is often desirable. However, in some cases, there may be some value found in using the probate court process.
Probate is the court-supervised Continue reading
For many, a comprehensive estate plan begins with a living trust agreement. Working with an attorney to create a trust is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of aligning your Continue reading
The acronym HEMS is commonly used in estate planning. HEMS, which stands for “health, education, maintenance, or support”, is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to Continue reading
Many people have mistaken ideas about estate planning. The uncomfortable thoughts of incapacity or death accompanied by inaccurate information that is shared have caused many to accept common myths.
Myth #1: Only the Rich Need an Estate Plan
We often hear in the news about a celebrity Continue reading
Life insurance is an important financial and estate planning tool, but without certain protections in place, there is no guarantee that your beneficiary will receive, or keep, the benefit from your insurance. Some people assume that they only need to designate their spouse, child, Continue reading
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, designating the third week of October as National Estate Planning Awareness Week. Current surveys still reveal that the vast majority Continue reading
A comprehensive estate plan is necessary to protect your loved ones when you pass away. Another key component of your plan is making sure that the right amount of money is available to carry out your goals for their futures. Life insurance helps many people provide for their loved Continue reading
For many people, their retirement accounts, such as an IRA, are the largest assets in their estate. Although spouses receive special treatment when inheriting a retirement account, including the ability to roll over the account into a personal retirement account and to stretch the Continue reading
Property obtained during a marriage is called marital property. This property can include anything from real property like homes and rental properties, to stock options, investment accounts, heirlooms, and employment income.
Some spouses want to share their property with each other. Continue reading