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
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 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
We live in a litigious society. Unfortunately, sometimes even family members file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so displeased that they decide to contest or challenge the validity of a will or trust, Continue reading
If you are thinking about creating an estate plan, you may hear some new and confusing terms. Although many of us estate planning attorneys try to create planning documents that are readable and easy to understand, we are required to use terms and phrases that are unfamiliar outside Continue reading
Estate planning is an important process that addresses care of you and your assets during time that you may be incapacitated, and facilitates the transfer of ownership of your assets to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient Continue reading
Estate planning is a crucial process that allows individuals to protect their assets and ensure their wishes are carried out after their passing. Benjamin Franklin, one of the Founding Fathers of the United States, left behind a rich legacy, not only in his accomplishments but also Continue reading
When it comes to estate planning, many people tend to focus on creating a will or establishing trusts to distribute their financial assets and real estate. While these are crucial components of a comprehensive estate plan, it’s equally important to consider the distribution of personal Continue reading
In today’s increasingly digital world, our lives are intertwined with technology. We rely on smartphones, computers, social media platforms, and online accounts for various aspects of our personal and financial lives. However, many families underestimate the importance of including Continue reading
When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will act next, when you can no longer act because of illness or death, it is sometimes helpful to divide the responsibilities Continue reading
As our children grow into young adults and prepare for college, their journey towards independence becomes a priority. However, it’s crucial to consider their legal and financial well-being, especially since parents no longer have legal authority over their children once they reach Continue reading
Creating a living trust is an excellent way to protect and manage your assets, prepare for your possible incapacity, and provide for your loved ones. One crucial decision you’ll need to make as you establish your trust is selecting a trustee. While you may consider a family member Continue reading
Joint trusts are commonly used for married couples, especially in states where there is no state estate tax, where the couple is in a stable relationship, and where they do not have many creditor concerns. Compared to separate trusts, they are easier to fund and manage, allow the Continue reading