Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. If the property meets certain requirements, the Internal Revenue Code allows the unlimited deduction but includes the property in the surviving spouse’s … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 2
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Addressing Funeral and Burial Wishes in Estate Planning
Estate planning encompasses more than just the distribution of assets; it's also an opportunity to articulate personal preferences about end-of-life ceremonies. By addressing funeral and burial wishes within estate planning, individuals can provide a clear roadmap for loved ones during an emotionally charged time, ensuring that their preferences are honored and reducing potential disagreements or uncertainties. Addressing funeral and burial preferences within estate planning brings a … [Read more...] about Addressing Funeral and Burial Wishes in Estate Planning
Understanding and Manipulating Estate and Gift Taxes – Part 1
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. My friend and colleague Tereina Stidd, an estate planning expert, discusses those requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes – Part 1
The Wonder of Wills
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. My friend and colleague Tereina Stidd, an estate planning expert, shares her thoughts on the subject. Read on to … [Read more...] about The Wonder of Wills
How to Choose the Right Long-Term Care Facility
Choosing the right long-term care facility for yourself or a loved one is a critical decision. It involves considering various factors to ensure comfort, quality of care, and overall well-being. Here are some steps to guide you through this process: 1. Evaluate Needs: Start by understanding the level of care needed. Does your loved one need assistance with daily living activities, skilled nursing care, memory care for dementia, or rehabilitation services? Different facilities cater to … [Read more...] about How to Choose the Right Long-Term Care Facility
Ensuring Your Funeral Wishes are Honored Through Estate Planning
Including your funeral and final disposition wishes in your estate plan can provide peace of mind and relieve your loved ones of making these decisions during a stressful time. Here are a few ways to ensure your desires are respected: 1. Last Will and Testament: You can outline your funeral wishes in your will, although it's important to note that a will may not be read until days or weeks after your death. If your will contains the only record of your funeral wishes, they might be … [Read more...] about Ensuring Your Funeral Wishes are Honored Through Estate Planning
529 Plans – The “Holy Grail” of Estate Planning
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
Strategies to Avoid the Emotional Stress of Estate Planning
Estate planning can indeed be an emotionally charged process, as it brings to the fore topics many prefer to avoid, like death, illness, and family dynamics. However, there are strategies you can employ to mitigate the emotional stress associated with this essential task: 1. Frame it Positively: Consider estate planning as a proactive, positive step towards ensuring the well-being of your loved ones. By setting up a solid plan, you're securing their future and reducing potential disputes or … [Read more...] about Strategies to Avoid the Emotional Stress of Estate Planning
How Life Events Should Trigger an Estate Plan Review
Life is a journey full of transitions, and as circumstances evolve, so too should your estate plan. It's essential to review and update your estate plan in response to significant life events to ensure it accurately reflects your current situation and wishes. Here are some key triggers that should prompt a review of your estate plan: 1. Marriage or Divorce: Marriage and divorce significantly affect your estate plan. Following these events, you should review and potentially update … [Read more...] about How Life Events Should Trigger an Estate Plan Review
How to Make Your Estate Plan Dispute-Proof
While it's not possible to guarantee that your estate plan will be completely free from disputes, you can take steps to significantly reduce the likelihood of contention among your heirs and beneficiaries. Here are some strategies to consider: 1. Regularly Update Your Estate Plan: Life changes such as marriages, divorces, births, deaths, and changes in financial circumstances can all affect your estate plan. Regularly review and update your estate plan to reflect these changes. Outdated … [Read more...] about How to Make Your Estate Plan Dispute-Proof
