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
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
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
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
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
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
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
As an unmarried individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. A married person often assumes a spouse would have authority to Continue reading
A loved one’s passing is felt by their entire surviving family. But when it comes to carrying out the decedent’s final wishes, not everyone has an equal say. Instead, in most cases, only one person—the executor, personal representative, or successor trustee—plays that key role. This Continue reading
“Basis” is a term used frequently in tax law. Black’s Law Dictionary defines basis as “the value assigned to a taxpayer’s investment in property and used primarily for computing gain or loss from a transfer of the property. When the assigned value represents the cost of acquiring Continue reading
The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. Having to deal with financial stress at such at a time can heighten the difficulty. Without proper planning, your significant other could face frozen Continue reading
After a loved one dies, their money and assets must be distributed to the right people, either according to their will or state law (found in the default distribution scheme in its “intestacy” statute). While most people want the settlement process to be done as soon as possible, Continue reading