A living trust is a highly effective estate planning tool that can be the ideal asset transfer vehicle. When you establish a living trust, it is important to fund the trust right away, because it serves no purpose if the assets that comprise your estate have not been conveyed into the trust. All different types … [Read More]
Securing a Strong Retirement Act Clears First Hurdle
A post that we shared a number of weeks ago highlighted a piece of legislation that was introduced into the House of Representatives. It was being called SECURE Act 2.0 because it is an expansion of changes that have already been implemented via the SECURE Act. The first measure was enacted in December of 2019, … [Read More]
Three Tips to Jump-Start Your Estate Planning Efforts
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that … [Read More]
Four Tips to Help You Prevent Estate Challenges
You may look at estate planning as a one-way street. The decision-making is up to you, and you record your choices in a will or trust. This is certainly a large part of the equation, but the recipients are also part of the loop. If you leave a child out of your plan, or if … [Read More]
Do Your Children Really Want Your Stuff?
Estate planning is often thought of as an exercise in deciding who gets what, and when you make your decisions, you put them in writing. This is definitely part of the equation, but there are some additional considerations that involve the potential recipients. Cherished Collections There are many collectors out there, and if you are … [Read More]
QDOT: Estate Tax Efficiency for Noncitizen Spouses
One of the reasons why you should engage an estate planning attorney is because of the fact that there is an ideal way to address any situation, even those that are out of the ordinary. With this in mind, we will look at the legal device called the qualified domestic trust (QDOT) in this post. … [Read More]
What Are the Special Needs Trust Spending Guidelines?
We are going to explain how the trustee can use the funds in a special needs trust in this post. But before we focus on this particular detail, we will provide a broader overview so you understand why these trusts are utilized. Preservation of Government Benefit Eligibility Let’s say that you have a person with … [Read More]
An Overview of Life Estates
There are different ways to facilitate asset transfers after you are gone, and you should understand the options for two related reasons. On one side of the coin, you make informed choices when you understand the facts, and on the other side, you avoid mistakes. With this in mind, we will look at the pros … [Read More]
Can a Trust Protect Assets From Future Creditors?
Many people that own businesses and individuals that are in high risk professions are vulnerable to legal actions. You never know what the future will hold, and with this in mind, it is important to consider an asset protection strategy. There are different ways to proceed, and the optimal course of action will depend upon … [Read More]
A Shared Living Trust May Be the Right Choice
If you are married, you and your spouse can choose to create separate estate plans, or you could alternately create a joint will or living trust. The right choice will depend on the circumstances and your ultimate intentions. A separate arrangement can make more sense if both parties have children from previous marriages and they … [Read More]
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