Creating an estate plan is an important step in securing the future of your loved ones and protecting your assets. Before we discuss the benefits, remember that we're available to help you. Ensuring your assets are distributed according to your wishes: With an estate plan, you can outline how you want your assets to be distributed after your death. This can prevent legal disputes and ensure that your loved ones are taken care of. Protecting your beneficiaries: Estate planning can protect … [Read more...] about The Benefits of Creating an Estate Plan
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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
Planning Ahead for Funerals and Burial Arrangements
Planning for funerals and burial arrangements may seem like a grim task, but it's an important aspect of personal and estate planning. By addressing these details in advance, you can alleviate some of the emotional and financial burdens on your loved ones during an already difficult time. Here's a comprehensive guide on how to plan ahead. Identify Your Preferences: The first step is to outline your wishes for your funeral or memorial service. Would you prefer a traditional funeral, a … [Read more...] about Planning Ahead for Funerals and Burial Arrangements
Key Mistakes During the Probate Process
Probate is the legal process of distributing a deceased person's estate. It can be a complicated and time-consuming process, and there are many common mistakes that people make during probate that can lead to costly delays and disputes. Fortunately, help is available through our firm to provide you with the guidance you need. Here are some key mistakes you should avoid during the probate process: Failing to create a valid will: Without a valid will, your estate will be distributed … [Read more...] about Key Mistakes During the Probate Process
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
Charitable Trusts: How to Give Back and Reduce Taxes
Charitable trusts present a unique opportunity to contribute to causes you care about while also providing significant tax benefits. They are specially designed legal entities that hold and manage assets for charitable purposes, all while offering a way to reduce, delay, or even eliminate tax liabilities. There are two primary types of charitable trusts: Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs). Each serves a different purpose and provides different … [Read more...] about Charitable Trusts: How to Give Back and Reduce Taxes
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?
Understanding the Role of Life Insurance in Estate Planning
Life insurance, while commonly associated with providing financial security for loved ones in the event of untimely death, also plays a crucial role in estate planning. It can help preserve your wealth, ensure smooth wealth transfer, and address potential tax liabilities. Firstly, life insurance provides liquidity when it's most needed. In the event of your death, your estate might comprise largely illiquid assets like real estate or business interests. Life insurance can offer immediate cash … [Read more...] about Understanding the Role of Life Insurance in Estate Planning
