As a parent, you’ve watched your child grow from a wobbly toddler taking their first steps to a confident young adult about to turn 18. You’ve been there through every milestone, from their first day of school to their first little league game. You’ve helped them learn how to ride a bike and have cheered … Read more
Reducing estate taxes can be a complex process, but with proper planning, you can minimize the amount of taxes your estate will owe upon your passing. Estate taxes are levied on the transfer of property upon death, and they can be a significant expense for your beneficiaries if not handled correctly. Here are some ways … Read more
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. Tragically, Lisa Marie Presley died on January 12, 2023 and her death marks yet another celebrity Estate Plan gone wrong.
None of us wants to think about the possibility of becoming ill or incapacitated, but it can happen unexpectedly. Illnesses, injuries, and tragedies can strike anyone at any time, reminding us of our mortality. Although these events are often unavoidable, we can take steps to plan and minimize their impact. One way to plan is … Read more
When we consider our mortality, we often think about the legacy we will leave behind for future generations. We may wonder whether our descendants will remember our accomplishments or shortcomings. William Shakespeare wrote, “The evil that men do lives after them; The good is oft interred with their bones.” Julius Caesar, Act III, Scene 2. How can … Read more
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.
As the elderly population grows and healthcare costs rise, seniors and their caregivers face the challenge of financing long-term care without losing their life savings. Although Medicare covers physician and hospital visits for those over 65, it does not cover long-term care.Medicaid is a government program that provides healthcare coverage for individuals who lack sufficient assets or … Read more
Preparing your estate plan is an important step in securing your financial future and ensuring that your assets are distributed according to your wishes. Here are five steps you should keep in mind when preparing your estate plan: Step 1: Know the basic components of an estate plan. An estate plan typically includes a will … Read more
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
If you’re a beginner when it comes to estate planning, it’s important to know that reviewing your estate plan is just as important as creating it. Here are five steps on how to conduct an estate plan review: Step 1: Gather all relevant documents. This includes your will, trust documents, powers of attorney, and any … Read more