“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney as explained in this blog by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Beneficiary Designations
How to Choose the Right Fiduciaries in Your Estate Plan
Although you may not realize it, some of the decisions that impact the success, or failure, of an estate plan are frequently made without giving them much thought. Those decisions are the ones that relate to choosing fiduciary roles throughout your estate plan. To help you make the best decisions, let's explore how to choose the right fiduciaries in your estate plan. What Is a Fiduciary? A fiduciary is a person who holds a legal or ethical relationship of trust with another person or a … [Read more...] about How to Choose the Right Fiduciaries in Your Estate Plan
How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
Although it may be difficult to think about your own death, one of the most important aspects of a comprehensive estate plan for many people is funeral and burial planning. If you are one of those people, you may decide to incorporate an Irrevocable Life Insurance Trust into the funeral and burial component within your estate plan. For those who are new to estate planning, let's examine what an Irrevocable Life Insurance Trust (ILIT) is and when you might need to include one in your estate … [Read more...] about How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
What Is Medi-Cal Spend-Down?
While you may prefer not to think about it, the reality is that you, or a spouse, may need long-term care at some point in the future. If you do end up needing long-term care (LTC) you may find yourself turning to Medicaid (known as Medi-Cal in California) for help covering the cost of that care. Because you may need to qualify for Medi-Cal, and the eligibility guidelines are complex, LTC expenses are something that should be addressed within your comprehensive estate plan to ensure that you … [Read more...] about What Is Medi-Cal Spend-Down?
4 Ways to Avoid Gift and Estate Taxes
Protecting assets up to the point when they are passed down to loved ones, should be a primary estate planning objective in every estate plan. That requires you to consider – and ultimately reduce -- the impact gift and estate taxes will have on your estate at the time of your death. Toward that end, let's look at four ways to avoid gift and estate taxes. What Is the Federal Gift and Estate Tax? The federal gift and estate tax is essentially a tax on the transfer of wealth. Both transfers … [Read more...] about 4 Ways to Avoid Gift and Estate Taxes
2020 Study Shows Decline in Estate Planning
The prospect of creating an estate plan can be an intimidating and often frightening one for many people. Nevertheless, having at least a basic plan in place provides you with peace of mind and protects your loved ones. Despite the benefits of estate planning, it appears that less people are creating an estate plan, according to a recent study. Let's explore the findings of a recent Caring.com study on estate planning. The Caring.Com Study Caring.com partnered with YouGov to conduct a … [Read more...] about 2020 Study Shows Decline in Estate Planning
