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.
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.
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.
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
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether.
As our lives become increasingly intertwined with the digital world, digital assets and social media accounts play a significant role in our personal and financial lives. Despite their importance, many people overlook these assets when creating an estate plan. Ensuring that your digital legacy is preserved and managed according to your wishes requires proactive planning … Read more
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly.