As you navigate the path of estate planning, you might find yourself drawn to the idea of charitable giving. Leaving a lasting legacy through philanthropy is not only an altruistic act but also a strategic way to manage your assets and tax implications. Consider your passions first. Are there causes, organizations, or institutions that resonate … Read more
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s estate. The inclusion of the property in the surviving spouse’s estate could be an unwelcome surprise for the beneficiaries of the survivor’s estate. Good thing Internal Revenue Code Section 2207A exists.
Special Needs Planning is a multidisciplinary facet of estate planning that often goes unnoticed until it’s critically needed. For families with special needs individuals, this strategic planning can make all the difference in the world. Here’s why. 1. Safeguarding Quality of Life: The paramount goal of special needs planning is to ensure the individual maintains a high … Read more
You’re faced with an important decision, the appointment of a trustee for your trust. This is no small task; after all, your trustee will be responsible for ensuring your wishes are carried out accurately and ethically after you’re gone. Therefore, you want to choose wisely. Begin by considering the role’s responsibilities. Understand that a trustee is … Read more
Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity.
At the McGee Law Firm, we understand the complexities of life. As an estate planning attorney, I aim to help you navigate the intricate labyrinth of legal and personal decisions that create your legacy. One crucial aspect of this journey that often gets overlooked is the importance of keeping your powers of attorney (POA) current. … Read more
As you delve into the realm of estate planning, you might find that it extends beyond merely distributing your assets. It is also about creating harmony, preserving family relationships, and ensuring your wishes are respected. Herein lies the importance of family meetings in estate planning. They offer an opportunity to enhance communication, prevent misunderstandings, and … Read more
Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client.
I want to shed light on three myths about estate planning for young adults. Many of us may not be aware of how much changes legally once our child turns eighteen. It’s crucial to be informed and prepared for the legal realities our children face as they enter adulthood. Myth #1: PARENTS RETAIN ACCESS TO THEIR … Read more
In life’s journey, there may come a time when you find yourself helping your aging parents with estate planning. This role reversal can be challenging, laden with emotional complexities and intricate decisions. However, approaching this task with care, patience, and sensitivity can ease the process and ensure that your parent’s wishes are respected and their … Read more