If you are working on an incapacity plan, you may wish to consider the use of a revocable living trust. Like its counterpart, the irrevocable living trust, a revocable living trust takes effect during your lifetime. Although a revocable living trust does not offer the same asset protection or estate tax benefits as certain irrevocable trusts, it does allow you the benefit of being able to make changes to the trust. A revocable living trust can also be an extremely attractive incapacity planning … [Read more...]
Estate Planning and Charitable Giving — Key Points
If you have been fortunate enough to be in a position during your lifetime to donate to charitable causes, then you may wish to continue doing so long after your death. Just as you make plans to provide for your family members and loved ones after your death, you can include charitable giving in your estate plan as well. A thorough consultation with an experienced and qualified estate planning attorney is, of course, necessary in order to incorporate your charity into your estate plan; however, … [Read more...]
Over-Funding Your Retirement Plan: A Potential Estate Planning Problem
If you are like most Americans, you started saving for your retirement about the same time you started your career. The idea of saving for our golden years is firmly ingrained in the American psyche. While putting away money for retirement is certainly wise, putting away too much can result in over-funding of a retirement account. Unless one plans ahead, the excess funds in a retirement account could be taxed as both income and for estate tax purposes at the time of death. The end result of this … [Read more...]
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Best Places to Retire: State Taxation … [Read more...]
Whom Do You Want to Get Your Assets?
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...]
Joint Tenancy Pros and Cons
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Joint Tenancy Pros and Cons … [Read more...]
Important Notice Regarding COVID-19
To our valued clients and friends, We sincerely hope everyone is taking care and following all of the recommended precautions during these unprecedented times. WE WANT YOU TO KNOW THAT DURING THIS TRYING PERIOD, WE ARE HERE FOR YOU. In light of recent governmental directives for most persons to "shelter in place", effective immediately, for the most part, our firm will operate remotely. Fortunately, we are experienced with remote workplace operations and have the appropriate technology to … [Read more...]
Planning for the Sandwich Generation
The Sandwich Generation is torn between caretaking responsibilities for their minor children and their elderly parents. But first, they need to make sure they take care of themselves. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Planning for the Sandwich Generation … [Read more...]
Are All of these Estate Planning Documents Necessary?
Occasionally, a client will ask, “Do I really need all of these estate planning documents?” Usually, it’s rhetorical questions and a joke about trees, but we answer the question anyway. After all, estate planning attorneys like trees. The estate planning documents that your attorney will recommend will be based upon your concerns, finances, goals, and the law. The consequences of not having these documents are often harsh. While you may need advanced estate planning, the typical basic … [Read more...]
Recognizing the Difference Between Grief and Depression
The loss of a loved one can have a huge impact on one’s emotional state. Grief takes many forms and is handled is an endless number of ways. There simply is no rule book for how to deal with grief, but what about the rule book for deciding when grief becomes depression? The American Psychiatric Association, or APA, and its diagnostic manual has long warned doctors away from diagnosing major depression in people who've just lost a loved one. It's known as the bereavement exclusion in the DSM, … [Read more...]
