Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 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, has some thoughts. Read on to learn more. … [Read more...] about Tax Planning for 2021
No way! Married people need estate plans. Some folks think that because they own assets jointly with a spouse, they don’t need an estate plan. In fact, joint ownership is called a “poor man’s estate plan.” In reality, it should just be called a “poor estate plan.” Joint tenancy ownership is riddled with perils. Likely, the most serious peril is the unintentional disinheritance of your children. Sadly, it happens too often because of joint ownership. This is what can happen when you … [Read more...] about Married People Don’t Need Estate Plans, Right?
Contrary to popular belief, you should not include your burial instructions or other final arrangements in your Will. Instead, leave your burial instructions or other instructions regarding your final arrangements in a separate instrument. The reason for this is timing. Most likely, your heirs or executor may not find your will immediately, and by the time someone locates it, it may be too late. You need to make sure you give your funeral instructions to someone who can locate it … [Read more...] about Where You Should Leave Your Burial Instructions or Final Arrangements
If you don’t make formal changes to your estate planning documents after divorce, you may be overlooking many important things. Most estate planning lawyers strongly recommend reviewing your estate planning documents before and after important life changing events, including divorce. In most states, spouses who fail to remove their former spouses as beneficiaries in their Wills may be able to rely on their state’s default probate laws, but in some situations, this may be insufficient. You may … [Read more...] about What Happens if You Don’t Make Changes to Your Estate Planning Documents After Divorce
When you’re deciding how your assets should be divided at death, sometimes dividing them equally is the appropriate choice. But, sometimes it’s not. Fair isn’t always equal or vice versa according to my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more, including how to avoid a challenge if you choose an unequal division among your children. … [Read more...] about Fair Isn’t Always Equal and Vice Versa
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. My friend and colleague Steve Hartnett, an estate planning expert knows this area. Read on to learn more about this often-confusing concept. … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. My friend and colleague Steve Hartnett, an estate planning expert shares his thoughts. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Currently, each person can give $11.58 million during life or at death. However, that amount will be cut in half by January 1, 2026. It may go down even sooner according to my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn why and how you should use it before you lose it. … [Read more...] about Use the Exclusion or Lose It
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read the blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
There is more to estate planning than disposing of your assets after your death. Planning for your incapacity is just as important. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about how incapacity planning can save you and your loved ones' anxiety. Read on to learn more. … [Read more...] about Planning for Incapacity