The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference, providing education and learning for and inspiring excellence in its Members. Read on to learn more about the unique experience at the conference.
Most people assume they know where their assets will go when they pass away—especially when they’ve created a Will or Trust. But what about your retirement accounts? You may not realize that your IRA, 401(k), pension, or life insurance may not follow your Will or Trust at all. Instead, these accounts typically pass according to the beneficiary designation … Read more
You may look at estate planning as a simple matter of using a document to express who gets what. This is certainly important, but hands-on tasks must be completed to bring your wishes to fruition. With this in mind, communication is part of the equation as well. Let’s look at the ways you can transmit … Read more
When it comes to estate planning, the type of property you own can significantly impact how your plan should be structured—especially if you’re married and live in a community property state. Learn how community property affects your estate plan. What Is Community Property? Community property is a form of marital ownership recognized in nine states:Arizona, … Read more
Medicaid crisis planning helps you protect your assets and secure care when you’re facing sudden long-term care needs. The financial impact of long-term care can be overwhelming, so planning later in life is better than not at all. If you are going through this, you might find yourself unprepared. You face the challenging task of … Read more
Nobody expects the unexpected. When actor Heath Ledger passed away suddenly on January 28, 2008, at the age of 28, the world was stunned. Heath’s accidental death from a combination of prescription medications left more than just a legacy of powerful performances—most notably his Oscar-nominated role in Brokeback Mountain—it also left behind an estate plan that … Read more
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
Most people don’t like surprises—especially when it comes to matters as sensitive as inheritance. One of the best ways to avoid family tension and reduce the likelihood of disputes after your passing is to promote open communication during the estate planning process. While it may not always be feasible to involve every family member in … Read more
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more.
Have you considered how downsizing could simplify your estate planning efforts? You might think estate planning revolves around legal documents, wills, and trusts. Yet, your physical belongings significantly influence how smoothly your estate passes to your loved ones. The truth is that downsizing as part of an overall estate planning strategy offers hidden benefits beyond … Read more