Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … [Read more...] about The Not-So Transparent Corporate Transparency Act
BLOG
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
What Happens When You Don’t Trust Your Trustee – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part I
The Benefits (and some downsides) of Creating a Will
Creating a will is an essential part of estate planning, even if you don't have a lot of assets. A will is a legal document that outlines how you want your assets to be distributed after your death. Here are some of the benefits of creating a will: Caution: For those who have more than a modest estate (approximately $150,000 or more or if real estate is owned), a trust-based estate plan will likely be a better option. Except for modest estates, wills typically need to be administered … [Read more...] about The Benefits (and some downsides) of Creating a Will
Estate Planning for Single Parents
As a single parent, estate planning may not be at the top of your to-do list. However, it's important to take the time to create an estate plan to ensure that your children are taken care of in the way you would prefer if something were to happen to you. Here's what you need to know about estate planning for single parents: In conclusion, estate planning is an important task for single parents. By taking the time to create an estate plan, you can ensure that your children are taken care … [Read more...] about Estate Planning for Single Parents
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers for your loved one, let’s focus on a practical way to demonstrate your love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
The Lessons from the Lisa Marie Presley Estate
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from the Lisa Marie Presley Estate
Your Parent’s Nursing Home Might Sue You
For children with elderly parents residing in a nursing home or extended care facility, you may be surprised to know that in some states and in some situations, you could potentially be required to pay for your parents nursing home expenses. About 30 states, including California, have laws that impose some kind of a duty for children to pay for their parent's nursing home expenses if the parent is indigent and if the child has funds. In about 20 of the states with these “filial … [Read more...] about Your Parent’s Nursing Home Might Sue You
Three Considerations When Deciding About Amending A Trust
Question 1: Can I change my revocable living trust? What about an irrevocable trust? Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any … [Read more...] about Three Considerations When Deciding About Amending A Trust
