In recent years, the amount that can be left to loved ones without having to pay the so-called "death tax" has risen to levels most Americans will never reach. For example, in 2018, the estate tax, which is often referred to as the "death tax" does not apply to persons who die this year with less than $11.18 million dollars. For married couples, effective planning can double that amount. This rise in the estate tax exemption has led many to wrongly conclude that estate planning is no longer … [Read more...]
Newlyweds and Estate Planning
Did you just tie the knot? Congratulations to you both. Once you and your spouse are finally married, you probably want to relax and enjoy each other’s company. This is especially true after dealing with months of wedding planning. This is an exciting time in your life, but there are important issues that you should handle. As newlyweds, you need to begin to put an estate plan into place. It can be stressful and upsetting having to think about disability or death, but it is important … [Read more...]
Asset Protection Planning for Your Family Members
If you’re like most people, you would love to wrap your lifetime gifts or inheritance for your children in the protective cloth of asset protection. Just like the Kennedys and Rockefellers, you can protect the assets you worked so hard for from your child’s divorcing spouse, bankruptcy, business failure, medical crisis, auto accident lawsuit, a slip and fall on his or her property, and other liability exposures. This is asset protection you can’t get for yourself without technical and … [Read more...]
Why Do I Need a Trust? Some Basic Answers
When most people wonder, “Why do I need a trust?” they are typically referring to a revocable living trust. Revocable Living Trusts are used as centerpieces in estate plans and are appropriate for most people. Should I have a trust now? Yes, consult with a qualified, experienced estate planning attorney to set up a trust now. Your revocable living trust covers three possible time periods: While you are alive and well While you are alive, but disabled After your death What … [Read more...]
Providing For Your Pet After You Die
Do you treat your pet like family? You may be wondering if there is a way for you to care for your pet, even when you die. The good news is you can incorporate your furry friends into your estate planning. If you want to learn more about estate planning for your pet, read on. 1. Choose a new pet owner. Make sure that you choose someone who is able to care for you pet. Discuss this with him or her ahead of time. Include provisions for new pet ownership in your will or trust. … [Read more...]
5 Things Your Trustee Needs to Know
If you’re like most people, you assume that your trustee will call an attorney when you are disabled or die and all will proceed smoothly. If you want your estate plan to be carried in the manner you intend, there are 5 things your trustee needs to know. Here is the estate planning information that your trustee needs readily available: 1. Documents: Your trustee needs access to your current estate planning documents with a schedule of all assets with up to date balances (keep the most … [Read more...]
Planning to Avoid Too Much SALT
The new tax law brought a cap of $10,000 on federal deduction for state and local taxes. People are trying different ways to get around the cap. Some of the ways work and others could land you in hot water. Read the following article by my friend and colleague Steve Hartnett, an estate planning expert, to find out more. Planning to Avoid Too Much SALT … [Read more...]
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. See the following article by my friend and colleague Steve Hartnett, an estate planning expert. Trusts for Privacy … [Read more...]
Planning for Lottery Winners, Part 2 of 2
Lottery winners often end up in bankruptcy. Learn how an estate planning attorney can help you avoid mistakes and plan for your newfound wealth. The article by my friend and colleague Steve Hartnett, an estate planning expert, looks at ways to protect the wealth and ways to benefit charity and others. Planning for Lottery Winners, Part 2 of 2 … [Read more...]
Planning for Lottery Winners, Part 1 of 2
A lucky winner recently won $320 million in the lottery. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at an example of a prior winner’s mistakes. The next article in the series will examine strategies for lottery winners. Planning for Lottery Winners, Part 1 of 2 … [Read more...]
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