For some people, a Last Will and Testament serves as the foundation upon which their estate plan is built. Giving the importance of a Will, it should be error-free, particularly because any errors or problems with the Will are not likely to be uncovered until after the creator is gone, meaning it will be too late for you to fix errors or explain ambiguities. With that in mind, let's look at some of the most common mistakes people make when creating a Will so that you can try and avoid making … [Read more...] about Common Mistakes to Avoid When Creating Your Will
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The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. My friend and colleagueTereina Stidd, an estate planning expert, discusses some pros … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. My friend and colleagueTereina Stidd, an estate planning expert, … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
The Inflation Reduction Act
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. My friend and colleagueTereina Stidd, an estate planning expert, comments on the impact of the new law. Read on to learn more. … [Read more...] about The Inflation Reduction Act
What’s Estate Planning Got to do with Interest Rates – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. My friend and colleagueTereina Stidd, an estate planning expert, shares some more of her thoughts on the matter. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
What’s Estate Planning Got to do with Interest Rates – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. My friend and colleagueTereina Stidd, an estate planning expert, shares some of her thoughts on the matter. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part I
Why the Type of Joint Ownership You Choose Is Important
Over the course of your lifetime, you will likely co-own property at least once. You might jointly own property with a spouse, an adult child, or even a business partner. It’s important that you understand how this works. Why Does It Matter How Property Is Titled? The manner in which jointly held property is titled is not something most people think much about – but they should. The type of joint title you choose could impact your own rights to the property. Furthermore, it can also … [Read more...] about Why the Type of Joint Ownership You Choose Is Important
How Do I Trust Thee…Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article by my friend and colleague Tereina Stidd, an estate planning expert, is the third in a three-part series and provides a framework for clients considering naming an institutional trustee. Read on to learn … [Read more...] about How Do I Trust Thee…Part III
What You Need to Know About Testamentary Trusts
A good trust is one that suits your needs and desires. For many parents with young children, a testamentary trust is exactly what you are looking for if you are concerned about your children being able to manage property if you were to die suddenly. Here are a couple of quick points about testamentary trusts and why they are useful. The trust relationship. Every trust is basically a specific legal relationship between certain people. When you create a trust you select who these people are … [Read more...] about What You Need to Know About Testamentary Trusts
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
