To our valued clients and friends, We sincerely hope everyone is taking care and following all of the recommended precautions during these unprecedented times. WE WANT YOU TO KNOW THAT DURING THIS TRYING PERIOD, WE ARE HERE FOR YOU. In light of recent governmental directives for most persons to "shelter in place", effective immediately, for the most part, our firm will operate remotely. Fortunately, we are experienced with remote workplace operations and have the appropriate technology to … [Read more...]
Interaction between Education Savings (“529”) Accounts and ABLE Accounts
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...]
What Happens When Someone Dies Without a Will or Trust?
Dying without a will or trust is called dying “intestate;” and, the intestacy laws of your state of residence, at your death, will determine who inherits from you and in what percentages. If you die with a well constructed and comprehensive will or trust plan, you get to decide who benefits from your estate. Typically, state intestacy laws don’t match decedents’ wishes. Furthermore, if you die with assets in more than one state, especially real estate, your assets would be subject to two … [Read more...]
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2020, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
New Year Resolution: Review Your Estate Plan (part 1 of 2)
As the New Year looms, many folks include among their resolutions creating or updating their estate plans. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better … [Read more...]
Warning! A Will Alone May Not Control All Your Assets
Warning! A will may not control the fate of some of your property. If you’re like most people, this is surprising to you. Your will only controls those assets in your individual name. Here’s what we mean: 1. Joint Tenancy Property: Many married couples own their house as well as their bank and investment accounts as joint tenants. Some single parents put a child’s name on a joint account or the house (not recommended) and some siblings jointly own a vacation home or hunting cabin (not … [Read more...]
Important Estate Planning Tools for the LGBTQ Community
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...]
What Should I Do If I Receive a Crummey Notice?
Although a Last Will and Testament remains the most common way to distribute an estate, a significant number of people choose to use a trust in lieu of, or in addition to, a Will to distribute their estate. If you are named as a beneficiary of a trust, it usually means you are entitled to distributions from the trust according to the terms created by the Settlor. What does it mean though if you receive a “Crummy notice?” Below we'll explain the role of a Crummy notice and what to do if you … [Read more...]
Estate Planning in the Divorce Context
Most couples enter into marriage with the hope that the union will last forever. As such, couples typically blend assets, name each other as beneficiaries in estate planning documents, and assume the other one will take care of the children in the event of death. Sadly, more than 50 percent of all marriages end in divorce. If you are in the middle of a divorce, or who has recently concluded the divorce process, you may not have considered the impact the divorce has on your estate plan. While … [Read more...]
How to Choose A Trustee
A trust requires a few essential components, one of which is a trustee. The trustee performs a wide variety of functions within the trust, making the choice of trustee one of the most important decisions you make when you create your trust. Ultimately, only you can decide who to appoint as trustee; however, there are some factors that are worth considering when making the decision. Location of Trust Assets: This is a factor that is easy to overlook. Because your trustee must manage all … [Read more...]
