Although many Estate Plans have a Revocable Trust as the foundation for the plan, Wills can a play an role in a comprehensive Estate Plan. Alarmingly, most Americans don’t have a Will even though they know it’s important. As National Make-a-Will month comes to a close, let’s explore the often overlooked and neglected Estate Planning document, the Will. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on the subject. Read on to learn more. … [Read more...] about National Make-a-Will Month
Legal Education
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. My friend and colleague Tereina Stidd, … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
The IRS’ Annual Warning: The 2023 Dirty Dozen
Once again the IRS has published is list of “Dirty Dozen” tax schemes. Many of these schemes involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them. My friend and colleague Tereina Stidd, an estate planning expert, reviews the latest scams. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. My friend and colleague Tereina Stidd, an estate planning … [Read more...] about The Joy in Joint Trusts
Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
Revocable Trusts offer many great benefits for the grantor and the beneficiaries both during life and after death. Grantors or creators of the trust retain the right to amend, revoke, alter, or change the trust during their lifetime. Well-written trusts contain explicit directions regarding how the change needs to occur. A recent Michigan case explores what happens when a trust lacks that clarity. My friend and colleague Tereina Stidd, an estate planning expert, reviews this key case. Read on … [Read more...] about Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts?
What It Means to Disclaim
Disclaimers are an effective Estate Planning tool for the Trust and Estate Practitioner. They allow the disclaimant to alter an Estate Plan if they follow the statutory requirements exactly. Disclaimers can be tricky but when used correctly, achieve great results for a client. My friend and colleague Tereina Stidd, an estate planning expert, has some thoughts on the topic. Read on to learn more. … [Read more...] about What It Means to Disclaim
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 597 U.S. ___ (2022), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis recently announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Medicaid (Medi-Cal) Planning
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. In California, Medicaid is known as Medi-Cal and California has a distinctly different approach to … [Read more...] about Medicaid (Medi-Cal) Planning
