Many people think that estate planning is simple: You just press a button on a word processor and out comes a Will or other document that does just what you want. However, it’s just not that simple. There are many reasons that it takes someone with years of education and practical experience to advise you … Read more
It’s not the ideal situation, but it’s reality. There will come a time when you need to update your will. This can result from many circumstances, including but not limited to marriage, divorce, bringing a child into your family, receiving an inheritance, or the simple passage of time. Just the same as creating a will, … Read more
An estate plan is one of the most important parts of your life. This may not be something you think about every day of the week, but it’s imperative that you are confident in all its details. Many people create an estate plan, just to assume that they don’t have to revisit it again in … Read more
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application.
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?
A power of attorney is utilized to select someone who would have the legal ability to make binding decisions on your behalf. However, these instruments become invalid upon the incapacitation of the grantor. So how do you empower people to act for you in the event of your incapacitation? In the field of estate planning, … Read more
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued.
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more.
Facing difficulties in life sharpens our focus. When tragedy strikes, we recognize what’s important in our lives: Our family, our friends, and our values. Henry Wadsworth Longfellow, the famous 19th century American poet, said “Into each life some rain must fall.” We have all had “rain” in our lives. Our tragedies typically are quite personal: the … Read more
As you plan your strategy for 2022, it’s important to consider gifting, including spousal gifts. Your spouse could double your ability to make gifts of “annual exclusions” without being considered to have made a gift for estate tax purposes. Read on to learn more.