When Prince died over nine (9) years ago, he shocked his fans one last time. Turns out, his unexpected death wasn’t the last surprise. Prince died without an Estate Plan causing his siblings to spend the next six years fighting over his Estate.
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results.
Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills play an important role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. As National Make a Will month comes to a close, let’s explore the often overlooked and neglected Estate Planning document, the Will.
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more.
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more.
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers
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?
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more.