Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Estate Planning
Estate Planning for Single Parents
As a single parent, estate planning may not be at the top of your to-do list. However, it's important to take the time to create an estate plan to ensure that your children are taken care of in the way you would prefer if something were to happen to you. Here's what you need to know about estate planning for single parents: In conclusion, estate planning is an important task for single parents. By taking the time to create an estate plan, you can ensure that your children are taken care … [Read more...] about Estate Planning for Single Parents
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers for your loved one, let’s focus on a practical way to demonstrate your love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
How Do You Balance Inheritances?
Most people are aware of the fact that life insurance is often utilized in the field of estate planning as a way to replace your income in the event of your unexpected passing. However, life insurance is used in other ways as well, and this underscores why it is important to work with an estate planning attorney when you're planning for the future. There are a lot of strategies that exist that the typical layperson would have no reason to be aware of, and this is one of the reasons why it is … [Read more...] about How Do You Balance Inheritances?
Is Estate Planning Only for Seniors?
People are aware of the fact that they should have an estate plan in place, but many seem to feel as though "it is not time yet." Most would agree that there is never a very good time to die, and we all want to live long, fruitful, and robust lives. Indeed, lifespans are expanding all the time, and right now the average lifespan in the United States is 78.4 years. But the fact is that this does not mean that you can wait until you are about 75 years old before you start to take estate … [Read more...] about Is Estate Planning Only for Seniors?
An Estate Planning Attorney Can Do A Lot For You
There’s no shortage of things that an estate planning attorney can do for you. With the right legal team on your side, you’ll feel much better about the plan you have in place and the decisions that you’ll make in the future. Here are just a few of the many things that an estate planning attorney can do for you: If you’re unsure of what an estate planning attorney can do for you, take the time to consult with a local professional. This will give you a better understanding … [Read more...] about An Estate Planning Attorney Can Do A Lot For You
Tis the Season for Giving
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. Creating a charitable giving strategy can be a great way for taxpayers to save on taxes while benefiting their community. Certain techniques can be used in conjunction with others to maximize the benefit of charitable giving. My friend and colleague Tereina Stidd, an estate planning expert, explains more about these strategies. Read on to learn more. … [Read more...] about Tis the Season for Giving
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. My friend and colleague Steve Hartnett, an estate planning expert, provides an update on the tax laws. Read on to learn more. … [Read more...] about Tax Planning for 2023
