In estate planning, appointing a guardian for your minor children or dependents is a decision of paramount importance. A guardian’s role extends beyond managing the financial assets left for minors; it involves the personal care and upbringing of the children should something happen to you. Understanding the multifaceted role of a guardian can help you … Read more
The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly useful option at their disposal.
Real estate often represents a significant portion of an individual’s wealth, making its integration into estate planning a key consideration. Whether it’s a primary residence, vacation home, rental properties, or commercial real estate, each type of property presents unique challenges and opportunities within an estate plan. This exploration into the intersection of real estate and … Read more
A Power of Attorney (POA) is a fundamental component in estate planning, often overshadowed by wills and trusts, yet it plays a pivotal role in managing your affairs should you become unable to do so yourself. This legal document grants another person, known as the agent or attorney-in-fact, the authority to make decisions on your … Read more
As we become increasingly aware of the importance of meticulous estate planning, we dedicate time and thought to crafting wills and trusts and making critical decisions about guardianship and asset distribution. Yet, despite the thoroughness, a common oversight lurks in the shadows of estate planning – incorrect or outdated beneficiary designations. Beneficiary designations are crucial, … Read more
Passing on a family farm involves unique estate planning challenges. Farms are often more than just assets; they represent a family’s heritage and way of life. Effective estate planning for farmers must balance financial, emotional, and practical considerations to ensure the farm’s successful transition to the next generation. Here are some important aspects to consider. … Read more
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur.
As seniors live longer and technology makes it easier for everyone to stay connected, elder abuse continues to rise. Estate planning attorneys may find themselves on the front-line of these matters. Because elder abuse takes on many forms, it’s important for practitioners and consumers alike to have the skills necessary to recognize the signs of elder abuse.
The intersection of estate planning and bankruptcy is a complex area that requires careful navigation. When dealing with bankruptcy, whether personally or as a potential beneficiary, it’s important to understand how it can impact estate planning decisions. Here are some key considerations at this intersection. Asset Protection One of the primary concerns in the overlap … Read more
Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary.