Divorce has a devastating effect on everyone involved. If you are currently in the middle of a divorce, or recently finalized a divorce, you may be going through a very rough emotional time. As such, thinking about the impact the divorce has had, or will have, on your estate plan may not be at the top of your list of concerns at the moment. While this is certainly understandable, the consequences of not addressing your estate plan in the wake of a divorce can be serious. Your ex-spouse … [Read more...] about Divorce and Estate Planning
Estate Planning
Discharge of Indebtedness Income and Student Loan Forgiveness
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. My friend and colleagueTereina Stidd, an estate planning expert, discusses some pros … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. My friend and colleagueTereina Stidd, an estate planning expert, … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Why the Type of Joint Ownership You Choose Is Important
Over the course of your lifetime, you will likely co-own property at least once. You might jointly own property with a spouse, an adult child, or even a business partner. It’s important that you understand how this works. Why Does It Matter How Property Is Titled? The manner in which jointly held property is titled is not something most people think much about – but they should. The type of joint title you choose could impact your own rights to the property. Furthermore, it can also … [Read more...] about Why the Type of Joint Ownership You Choose Is Important
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
How Do I Title Thee…Part II
We often recommend a trust as part of a comprehensive Estate Plan. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the second in a two-part series.The first step is understanding what forms of ownership your state recognizes and the potential benefits and detriments of each. The second is determining which form of ownership best accomplishes the goals of the client. Read on to learn more. … [Read more...] about How Do I Title Thee…Part II
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the first in a two-part series. The first part examines the various ways to hold title to … [Read more...] about How Do I Title Thee…Part 1
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. My friend and colleague Tereina Stidd, an estate planning expert, explains why. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
