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
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
If you want to protect your assets and ensure that they are distributed according to your wishes, estate planning is essential. Here are some key steps you can take to protect your assets through estate planning. First, you should create a comprehensive inventory of your assets. This can include real estate, investments, bank accounts, and … Read more
As a business owner, you have worked hard to build your business and create a secure financial future for yourself and your loved ones. But have you considered what would happen to your business and your assets if something were to happen to you? Estate planning is an important process that can help protect your … Read more
Do you like your nosy neighbors keeping tabs of your business? Do you want them knowing how much money you left to your kids? Do you want Aunt Fern knowing that you left money to your favorite uncle but not to her? If you leave only a Will, it will all be a matter of public record. … Read more
You’ve worked hard all your life. You may not have started with much, but now you have a comfortable life. You have a family you love and you no longer have to clip coupons, though you may still out of habit. When your children were growing up, you had work and responsibilities and were not … Read more
He was a high school dropout who started by selling encyclopedias door to door. Through determination and good fortune, Super Bowl Champ, Jack Kent Cooke amassed an estate of $1.3 billion by the time of his death at age 84 in 1997. He lived his dreams, owning a successful NFL franchise, the Washington Redskins, and … Read more
As inflation continues to rise, more and more individuals seek ways to stretch their dollar further. One of the many factors to consider is their overall tax burden. Sometimes, simply moving to another state, if otherwise feasible, can make a significant impact on an individual’s bottom line. Wonder how your state measures up?
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount.
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning Attorneys held its semi-annual conference providing education on selected topics designed to inspire excellence in its Members. Read on to learn more about the unique experience at the Fall Summit 2022 Conference.