As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
The Risks of Handing Over Your Assets Prematurely
Adding your children's names to your property titles and other assets may seem straightforward and hassle-free. But the truth often lies beneath the surface, and unintended repercussions can emerge. Consider the case of Helen Carter. Helen transferred her CDs and house title to her sons while reserving the right to occupy the home for the remainder of her life. She believed this would sidestep probate and possibly aid in qualifying for Medicaid, should the need arise. While her … [Read more...] about The Risks of Handing Over Your Assets Prematurely
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
Unleashing the Power of Teamwork in Estate Planning
Consider Estate Planning as a team game. In this fluctuating financial climate, it might often feel like you're navigating the uncertainties solo. However, assembling a crew of competent professionals can provide you peace of mind as you stride towards your objectives. The primary step involves choosing your team members who will aid you in accomplishing your targets. Depending on your specific goals, your team should comprise these professionals: • Estate Planning Attorney: An estate … [Read more...] about Unleashing the Power of Teamwork in Estate Planning
What We Can All Learn from Diller v. Richardson – Part II
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
Blended Families: Navigating Complex Estate Planning
Blended families, which often include spouses, ex-spouses, biological children, and stepchildren, can face complex dynamics when it comes to estate planning. This complexity arises from the need to balance the competing interests of various family members. However, with a carefully thought-out plan, it's possible to mitigate potential conflicts and ensure the fair distribution of assets. One of the most significant challenges in estate planning for blended families is ensuring that both the … [Read more...] about Blended Families: Navigating Complex Estate Planning
What We Can All Learn from Diller v. Richardson
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson
Eight Reasons Why You Should Prioritize Your Estate Plan
It's tempting to keep pushing essential tasks to the future, and your estate plan is no exception. However, there are numerous reasons why estate planning should be on top of your to-do list. Here are eight reasons why estate planning is an indispensable task: 1. Mitigating Estate and Income Tax One of the top advantages of effective estate planning is that it can significantly minimize estate and income taxes for you and your heirs. With careful planning and considering the size of your … [Read more...] about Eight Reasons Why You Should Prioritize Your Estate Plan
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...] about The Wonder of Wills
Exploring Charitable Giving in Estate Planning: Leaving a Lasting Legacy
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 deeply with you? Perhaps you care about education, environmental conservation, healthcare, arts, or social justice. These passions give you a … [Read more...] about Exploring Charitable Giving in Estate Planning: Leaving a Lasting Legacy
