Many people ask themselves “is estate planning for me?” and think that estate planning is just for other people. Here are some common estate planning misconceptions: Estate planning is just for older people. While the elderly need to do estate planning, so do those who are younger. Unfortunately, death and disability can strike at any age. Estate planning … Read more
You did the responsible, prudent thing to do: you consulted with an estate planning attorney and did an estate plan. You have a health care power of attorney, a financial power of attorney, a pourover will, and a revocable living trust. You even funded your assets into the trust so that they would avoid probate. But, … Read more
Learn how power of attorney documents can help you be prepared. The specter of disaster haunts each of us, in the back of our minds. Some disasters are more likely to occur in some places than others. Whether it is hurricanes on the Atlantic and Gulf coasts, earthquakes on the west coast, tornadoes in the … Read more
The Internal Revenue Code grants spouses several tax benefits both during life and at death. Portability represents one of those benefits. Portability allows the surviving spouse to use the unused portion of the Applicable Exclusion Amount from their predeceased spouse. In Revenue Procedure 2022-32, the Internal Revenue Service extended the time during which a surviving spouse may elect portability without a Private Letter Ruling from two years to five years.
Someone close to you has little time left in this world. What can you do? You want to do everything you can for them. You watch helplessly as they fight what you both know is a losing battle. The doctors have already written the final chapter in the story. There are planning strategies that can … Read more
To determine a decedent’s taxable estate, the Internal Revenue Code allows the decedent’s estate to utilize several deductions in various Code Sections, including Section 2053. The Treasury Regulations associated with Section 2053 were favorable to the taxpayer and contained broad language regarding the deductibility of claims and expenses. Recently, the Internal Revenue Service promulgated Proposed Treasury Regulations that would narrow the benefit of taking certain deductions to an estate.
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die.
We often recommend a trust as part of a comprehensive Estate Plan. This article is the second in a two-part series that examines the effect that title has on an Estate Plan. The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client.
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of an irrevocable trust could defeat the intended tax consequences. This article explores what powers a trustor should avoid serving as a trustee of an irrevocable trust.
Your parents were there when you took the first wobbly steps of being a toddler. They were there when you faced life’s challenges and the scary obstacles life put in your path. Now, you watch your parents take their own unsteady steps. You want to be there to comfort them as they face the obstacles … Read more