This is part of a series of articles on updating your plan now that we are emerging from the Covid pandemic. This article examines why it is important to make sure beneficiary designations are up-to-date. A beneficiary designation instructs where the asset goes upon your death. Some important assets which transfer by beneficiary designation are IRAs, 401(k)s, and life insurance. These assets could be a large part of your overall assets, so it’s important to make sure those beneficiary … [Read more...] about Post-Pandemic Updating: Beneficiary Designations
Legal Education
Post-Pandemic Updating: Your Trust or Will
This is part of a series of articles on updating your plan now that we are emerging from the Covid pandemic. This article examines the importance of updating your primary estate planning document, such as your trust or will. Together, these documents form the core of even the most basic estate plan and it’s important to keep them up-to-date. Every state has laws controlling what happens to your assets if you die owning them in your name and don’t leave instructions indicating what you want to … [Read more...] about Post-Pandemic Updating: Your Trust or Will
Post-Pandemic Updating: Powers of Attorney
This is part of a series of articles on updating your plan now that we are emerging from the Covid pandemic. This article examines the importance of updating Powers of Attorney, both Financial and Medical. The second part of the series looks at the importance of updating your primary estate planning documents, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. First, what’s a Power of Attorney? … [Read more...] about Post-Pandemic Updating: Powers of Attorney
Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred recently. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. My friend and colleague Steve Hartnett, an estate planning expert, attended the conference and has provided his thoughts. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
Using Disclaimers to Achieve Your Planning Goals
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Your Planning Goals
How to Dispose of “Stuff”
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
Use It Before It’s Gone
The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s pending legislation which could lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Attached is commentary by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Use It Before It’s Gone
CRT: Best Tool for Proposed Tax Changes?
Pending tax proposals could increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
Tax Proposals Could Alter Estate Planning Landscape
Senators Sanders and Whitehouse have introduced legislation in the Senate which could significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
The Role of the Estate Planning Attorney
Clients often come to an Estate Planning attorney with specific ideas in their minds. The attorney’s role is to counsel them regarding their plan, not just to draw up documents to accomplish it. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about The Role of the Estate Planning Attorney
