If you find yourself directly involved in the probate of a Will for the first time, you are probably unsure of what to expect. What happens during the probate of a Will depends, to some extent, on what your role in the probate process is. While the basic probate steps are the same for any Will, every probate process is also as unique as the decedent. To give you some idea what to expect, however, let's look at some common steps involved in the probate of a Will. What Is Probate? Before … [Read more...] about What Happens When a Will is Probated?
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Dangers of Do-It-Yourself Estate Planning
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Tax Reporting with Trusts
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Tax Reporting with Trusts
Taxation of Nongrantor Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. Read on to … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This blog by my friend and colleague Steve Hartnett, an estate planning expert, focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney as explained in this blog by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Beneficiary Designations
How to Choose the Right Fiduciaries in Your Estate Plan
Although you may not realize it, some of the decisions that impact the success, or failure, of an estate plan are frequently made without giving them much thought. Those decisions are the ones that relate to choosing fiduciary roles throughout your estate plan. To help you make the best decisions, let's explore how to choose the right fiduciaries in your estate plan. What Is a Fiduciary? A fiduciary is a person who holds a legal or ethical relationship of trust with another person or a … [Read more...] about How to Choose the Right Fiduciaries in Your Estate Plan
How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
Although it may be difficult to think about your own death, one of the most important aspects of a comprehensive estate plan for many people is funeral and burial planning. If you are one of those people, you may decide to incorporate an Irrevocable Life Insurance Trust into the funeral and burial component within your estate plan. For those who are new to estate planning, let's examine what an Irrevocable Life Insurance Trust (ILIT) is and when you might need to include one in your estate … [Read more...] about How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
