A charitable lead annuity trust (CLAT) is a sophisticated estate planning tool that offers a unique combination of philanthropy and wealth transfer. It allows individuals to support charitable causes while also providing potential tax benefits and passing assets to their beneficiaries. In this post, we will explore the reasons why one might consider using a … [Read More]
Have You Addressed Incapacity Planning?
Incapacity planning is a crucial component of any comprehensive estate plan. It involves making provisions for the possibility of becoming mentally or physically incapacitated and being unable to manage one’s own affairs. While it may be uncomfortable to contemplate such scenarios, incorporating incapacity planning into an estate plan provides numerous benefits and safeguards for both … [Read More]
How Do You Choose a Trustee?
Choosing a trustee for your estate plan is an important decision that requires careful consideration. A trustee is responsible for managing and distributing your assets after you pass away, so it’s crucial to choose someone who is trustworthy, responsible, and capable of carrying out your wishes. In this post, we will discuss how to choose … [Read More]
What Is an ILIT and Why Would You Need One?
An irrevocable life insurance trust (ILIT) is a trust created to hold life insurance policies, designed to protect the policy’s death benefit from estate taxes. An ILIT is a common tool used by estate planners to help clients avoid estate taxes and pass on wealth to their heirs. Federal Estate Tax Parameters When a person … [Read More]
This Trust Is a Remarriage Estate Planning Solution for Parents
If you are getting remarried as a parent with children from a previous marriage, you may have two considerations. If you leave your spouse all or most of your resources, there would be no guarantees with regard to the inheritances that you want to leave to your children. Your surviving spouse could decide that they … [Read More]
How to Cope With the Death of a Loved One
Death is an inevitable part of life, and it is something that we all must face at some point. Coping with the death of a loved one can be one of the most difficult experiences that anyone can go through. It is a time when emotions are high, and it can be hard to know … [Read More]
These Tips Can Jumpstart Your Estate Plan
Some people drag their feet when it comes to estate planning because they don’t have enough basic information. With this in mind, we will provide a few tips in this post to give you some foundational knowledge to draw from going forward. Don’t fret about taxation unless you are a multimillionaire. You may assume that … [Read More]
2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
Caring.com conducts annual surveys to get a feel for the percentages of American adults that have estate plans in place. They release the results during the early portion of the year, and they have recently shared their 2023 findings. We will take a look at some of the important takeaways in this post. Overall Preparedness … [Read More]
These Advantages Add to the Appeal of Living Trusts
There are two significant benefits that living trusts provide that get a lot of attention. One of them is the fact that you can include spendthrift protections for a beneficiary that is not ready to handle a significant inheritance. The trust would become irrevocable after your death, and the beneficiary would not be able to … [Read More]
Generation Y Members Need Estate Plans
The millennials, or “Generation Y,” are now between 25 and 40 years of age. According to a survey that was conducted by Caring.com, less than 30 percent of Americans in this age group have estate plans in place. Obviously, people do not usually pass away when they are in their 20s, 30s, or 40s, but … [Read More]
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