The importance of adjusting your estate plan periodically cannot be overstated. Even the best-laid plans can go awry due to changes in circumstances, both personal and external. Here are some examples of changes that may require adjustments to your estate planning documents: Family Circumstances: Financial Circumstances: Tax Laws: Non-Tax Laws: Change in Residence: Change in … Read more
If you or a loved one has a disability, estate planning is a crucial aspect of ensuring that your needs are met and your wishes are followed. Estate planning for people with disabilities involves additional considerations and can be more complex than estate planning for individuals without disabilities. Here are some factors to keep in … Read more
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding preventing excessive accumulations by high-income taxpayers in such accounts.
Estate planning is crucial to life planning, and everyone needs to understand its significance and avoid common mistakes. Many people have misconceptions about estate planning and believe it is only for the wealthy or elderly. However, this is far from the truth. Estate planning is necessary for everyone, regardless of age or health status. Even … Read more
When planning your estate, one important consideration is protecting your assets from creditors. Creditors may include anyone you owe money to, such as banks, credit card companies, and individuals who have won a lawsuit against you. Here are some strategies you can use to protect your estate from creditors: Create an irrevocable trust: An irrevocable … 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
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
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