Any time a new administration takes the Oval Office, clients call upon Estate Planning attorneys to provide assurances and guidance regarding what’s going to happen. As one administration leaves and another enters, many clients become nervous about the potential changes the incoming administration wants to make. With this new administration, the more things change, the more they stay the same. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on this … [Read more...] about What the Trump Administration Could Mean for Your Estate Plan
Estate Planning
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
Tread Carefully with Specific Bequests
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article by my friend and colleague Tereina Stidd, an estate planning expert, explores how specific bequests may provide unintended results. Read on to learn more. … [Read more...] about Tread Carefully with Specific Bequests
Who Can You Turn to When Your Brother Doesn’t Do His Job?
Most Estate Planning attorneys will tell you that creating an Estate Plan helps prevent litigation after death. That statement needs a caveat. Most of the time, a properly created Estate Plan will prevent litigation. As this article by my friend and colleague Tereina Stidd, an estate planning expert, demonstrates, sometimes, even with an Estate Plan, the family ends up in litigation. Read on to learn more. … [Read more...] about Who Can You Turn to When Your Brother Doesn’t Do His Job?
Avoiding an Audit
The Internal Revenue Service recently released its Strategic Operating Plan. In that plan, the Service indicated that it planned to conduct more audits, especially on the wealthiest taxpayers. Hearing that you are facing an audit is enough to strike fear into even the most stoic of individuals. No one is immune from audit. however, as my friend and colleague Tereina Stidd, an estate planning expert explains, taxpayers following certain steps are less likely to be audited than those who don’t. … [Read more...] about Avoiding an Audit
What Taylor Swift Can Teach Us About Estate Planning
Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the … [Read more...] about What Taylor Swift Can Teach Us About Estate Planning
Do You Want to Discuss Dynasty Trusts?
Dynasty Trusts can be an opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount at the end of 2025, practitioners and clients with significant assets, may want to explore whether a Dynasty Trust makes sense for them. My friend and colleague Tereina Stidd, an estate planning … [Read more...] about Do You Want to Discuss Dynasty Trusts?
The Role of Disability Insurance in Estate Planning
Estate planning is not only about addressing matters after one's demise but also about ensuring financial stability during life's unexpected challenges. Disability insurance, often overshadowed by life insurance, can play a vital role in this aspect. It provides a financial safety net during periods when an individual is unable to work due to illness or injury. In estate planning, disability insurance can add an additional proactive layer. It fortifies an individual's financial landscape … [Read more...] about The Role of Disability Insurance in Estate Planning
Estate Planning Lessons from the Movies – Part I
It’s rare that a movie centers on an archaic estate planning issue, but that’s exactly what Martin Scorsese’s latest film does. Recently Killers of the Flower Moon was released in theaters to critical acclaim. That’s no surprise. The surprise is that the central conflict of the movie focuses on several Estate Planning issues and provides real-life lessons for all of us. My friend and colleague Tereina Stidd, an estate planning expert and film buff, takes us to the movies. Read on to learn more. … [Read more...] about Estate Planning Lessons from the Movies – Part I
Lessons from Matthew Perry’s Passing: There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
Matthew Perry died at the end of 2023. While it seems unlikely that Matthew’s estate will end up embroiled in a court battle as we see with other celebrity estates, that doesn’t mean that we can’t learn anything from his death and Estate Plan. My friend and colleague Tereina Stidd, an estate planning expert, explains why. Read on to learn more. … [Read more...] about Lessons from Matthew Perry’s Passing: There’s No Better Way to Say “I’ll Be There for You” than with an Estate Plan
