Although a Last Will and Testament remains the most common way to distribute an estate, a significant number of people choose to use a trust in lieu of, or in addition to, a Will to distribute their estate. If you are named as a beneficiary of a trust, it usually means you are entitled to distributions from the trust according to the terms created by the Settlor. What does it mean though if you receive a “Crummy notice?” Below we'll explain the role of a Crummy notice and what to do if you … [Read more...]
Estate Planning for the Single Parent
Every adult should have at least a basic estate plan in place; however, if you are a single parent the need to have a plan in place is significantly increased. To help you better understand why that is, we will explore estate planning concerns for the single parent. What Can an Estate Plan Do for Me as a Single Parent? If you are a single parent, you already know what a difficult job it is. Raising a child by yourself presents challenges that only someone who has done it can understand. Even … [Read more...]
Is Cryptocurrency an Asset for Purposes of Estate Planning?
Deciding how your assets will be distributed after you are gone is likely a primary function of your estate plan. For your plan to work as intended you must include all of your assets in the plan. That sounds simple enough; however, in the new digital age it might be more complicated than you realize. For example, if you own cryptocurrency, is it considered an asset for purposes of estate planning? To help answer that question, let's discuss how cryptocurrency fits into your estate plan. What … [Read more...]
4 Benefits to Hiring an Estate Planning Attorney
If you want the best estate planning possible, you will need to take extra care when handling your affairs. It can be extremely beneficial to get the help of an experienced and qualified estate planning attorney. He or she will be there to advise you throughout the entire process and help you develop the best plan that meets your needs. Take a look at the following information, to learn more about the 4 benefits of hiring a experienced and qualifiied estate planning lawyer. If you have any … [Read more...]
Estate Planning in the Divorce Context
Most couples enter into marriage with the hope that the union will last forever. As such, couples typically blend assets, name each other as beneficiaries in estate planning documents, and assume the other one will take care of the children in the event of death. Sadly, more than 50 percent of all marriages end in divorce. If you are in the middle of a divorce, or who has recently concluded the divorce process, you may not have considered the impact the divorce has on your estate plan. While … [Read more...]
How to Choose A Trustee
A trust requires a few essential components, one of which is a trustee. The trustee performs a wide variety of functions within the trust, making the choice of trustee one of the most important decisions you make when you create your trust. Ultimately, only you can decide who to appoint as trustee; however, there are some factors that are worth considering when making the decision. Location of Trust Assets: This is a factor that is easy to overlook. Because your trustee must manage all … [Read more...]
Estate Planning: Essential for Small Business Owners
If you own a small business, make sure you include your interest in the business in your estate plan. Even if you plan to leave all your interest in the business to a family member, failing to structure the transfer of your interest in the business in the right way could subject the value of the interest to estate or gift taxes. With proper planning, you may be able to minimize or eliminate estate or gift taxes by using one of the numerous business succession options. Sale of Your Business: … [Read more...]
How Do I Protect My Minor Child in My Estate Plan?
Every adult can benefit from having at least a rudimentary estate plan in place. If you are the parent of a minor child, however, your need for a comprehensive estate plan increases dramatically. We will explain how your estate plan can be used to protect your minor child. How Becoming a Parent Changes Everything Before you became a parent, your primary estate planning goals likely focused on the distribution of your assets in the event of your death. Becoming a parent, however, tends to … [Read more...]
How Can I Limit My Estate’s Exposure to Estate Taxes?
If you have a moderate to large estate, one of your estate planning goals should be to limit the amount of gift and estate taxes your estate owes after you are gone. Failing to plan for the impact estate taxes could have can result in the loss of a significant portion of your estate. To help you better understand, we will discuss how to limit your estate’s exposure to estate taxes. Federal Gift and Estate Tax Basics Every estate is potentially subject to federal gift and estate taxes. The … [Read more...]
The Questions of Estate Planning, Part 4: Where
People often have questions about Estate Planning. This is the fourth in a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, addressing those questions. This fourth article addresses the “where” of Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 4: Where … [Read more...]
