As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified and experienced estate planning attorney can provide guidance to address the issues unique to the solo senior. My friend and colleague Tereina Stidd, an estate planning expert, explains … [Read more...] about Planning for the “Silver Tsunami”
Estate Planning
Confusion About How to Avoid Probate and Estate Taxes
Some consumers mistakenly believe that avoiding probate also avoids the federal estate tax. Both probate and the federal estate tax deal with your estate, but avoiding one doesn’t avoid the other. What is Probate? What’s the Federal Estate Tax? Probate is the legal proceeding of validating a will, if there is one, and settling an estate. Probate assets are all those assets that the decedent owned in his or her individual name, but didn’t have a beneficiary designation, a joint owner or … [Read more...] about Confusion About How to Avoid Probate and Estate Taxes
Estate Planning for Unmarried Persons
While much of the advice and popular material available on estate planning is aimed at married couples or those who have reached retirement age and beyond, that doesn't mean that unmarried persons of every age don't need estate plans of their own. In fact, there are some situations in which a single person has a greater need for a good estate plan. If you are single and haven't begun the estate planning process, here are a couple of tips to help you get started on the path. Step 1: Develop a … [Read more...] about Estate Planning for Unmarried Persons
Estate Size and Living Trusts
A question that often comes up in estate planning is “How much money do you need to get a Living Trust?” The question is a fundamental misunderstanding, but a common one. Although there would not be much point in doing so, you can put as little as a single penny into a Living Trust. The question is based on the premise that Living Trusts are designed for rich people. It’s a false premise. Living Trusts are designed for anyone who either wants to give something for one person to manage for the … [Read more...] about Estate Size and Living Trusts
The Inflation Reduction Act
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. My friend and colleagueTereina Stidd, an estate planning expert, comments on the impact of the new law. Read on to learn more. … [Read more...] about The Inflation Reduction Act
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. My friend and colleagueTereina Stidd, an estate planning expert, shares some more of her thoughts on the matter. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
What’s Estate Planning Got to do with Interest Rates – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. My friend and colleagueTereina Stidd, an estate planning expert, shares some of her thoughts on the matter. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part I
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the third in a three-part series and provides a framework for clients considering naming an institutional trustee. Read on to learn … [Read more...] about How Do I Trust Thee…Part III
How Do I Trust Thee…Part I
When clients undertake Estate Planning, they face the difficult decision of naming a trustee after their death. While Estate Planning documents are effective once signed, they often contain provisions regarding what will happen upon the trustor’s death. Because of the application years in advance, the choice of who will serve as trustee often vexes clients. They need to make this decision years in advance of the time that the individual will serve and as we know, circumstances change. This … [Read more...] about How Do I Trust Thee…Part I
What the Heck are Digital Assets?
If you think the terms “digital estate” and "digital assets" sound foreign, you are not alone. Until recently, most people did not even worry about how to include their digital assets in their estate plan because they did not have one. Today, however, even the average American owns digital property. As the world moves to computing in the clouds, we will all have more digital property in the years to come–all of which needs to be included in your estate plan. In case you think you don’t have … [Read more...] about What the Heck are Digital Assets?
