If you have been fortunate enough to be in a position during your lifetime to donate to charitable causes, then you may wish to continue doing so long after your death. Just as you make plans to provide for your family members and loved ones after your death, you can include charitable giving in your estate plan as well. A thorough consultation with an experienced and qualified estate planning attorney is, of course, necessary in order to incorporate your charity into your estate plan; however, … [Read more...]
Beware of Do-It-Yourself Legal Forms
In the modern digital age, almost any form can be located easily with just a few clicks of a mouse. Legal forms and kits are among the forms that can now be accessed rapidly and easily on the Internet. While it may be tempting to save a few dollars by using a do-it-yourself legal form, the ultimate cost could be much greater than the dollars you initially saved. It seems as though there is a legal form required for almost anything you do. From getting married to starting a business to estate … [Read more...]
How Your Estate Planning Attorney is Similar to Your Eye Doctor
Bet you never thought to compare your estate planning attorney to your eye doctor. But the experience is similar. Both your estate planning attorney and your eye doctor ask you questions to determine the right prescription for you. “Do you like it this way or that way?” “Which is clearer number 3 or number 4?” This is customized analysis, necessary to determine your prescription for both estate planning and glasses. In fact, sometimes the estate planning attorney determines that you don’t … [Read more...]
CONGRESS PASSES THE SECURE ACT: HOW DOES IT AFFECT YOU?
The most significant action of Congress in 2019 relating to retirement and estate planning was the late December passage of the “Setting Every Community Up for Retirement Enhancement Act of 2019”, commonly known as the “Secure Act”. It was signed into law shortly thereafter and is effective January 1, 2020, for most purposes. In this and future newsletters, we will look into the provisions of the Secure Act and also some strategies to maximize benefits and minimize problems created by this … [Read more...]
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2020, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
How to Choose A Trustee
A trust requires a few essential components, one of which is a trustee. The trustee performs a wide variety of functions within the trust, making the choice of trustee one of the most important decisions you make when you create your trust. Ultimately, only you can decide who to appoint as trustee; however, there are some factors that are worth considering when making the decision. Location of Trust Assets: This is a factor that is easy to overlook. Because your trustee must manage all … [Read more...]
Estate Planning: Essential for Small Business Owners
If you own a small business, make sure you include your interest in the business in your estate plan. Even if you plan to leave all your interest in the business to a family member, failing to structure the transfer of your interest in the business in the right way could subject the value of the interest to estate or gift taxes. With proper planning, you may be able to minimize or eliminate estate or gift taxes by using one of the numerous business succession options. Sale of Your Business: … [Read more...]
Handy Estate Planning Tips for You and Your Family
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...]
Estate Planning is Not a “One and Done” Process
More than half of all Americans don’t have a formal estate plan, meaning no will, no trust, no powers of attorney, no trust. The other Americans have some form of an estate plan, but most of those folks don’t realize that estate planning is a life-long process. Estate planning is not a “once and done;” don’t stop now. What Would an Experienced and Qualified Estate Planning Attorney Say? What do you think an experienced and qualified estate planning attorney would say when he or she … [Read more...]
Do I Really Need a Trust?
We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?” Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust. You Need to Consider a Revocable Living Trust if you… Want to avoid probate Want to avoid court interference, through the … [Read more...]
