One of the major reasons why it is important to discuss your estate planning goals with a licensed attorney is because you have many options. The right course of action for one family may not be appropriate for the next. This is true when a single estate planning device is being used to provide for everyone, but the customization does not stop there. In some instances, the optimal course of action will be to use a different type of asset transfer vehicle for a particular person on your … [Read more...] about Adapt Your Estate Plan to Suit Individual Heirs
When you are starting a small business, you have some decisions to make. One of the most important ones will be the business structure that you choose to utilize. Asset protection should be a priority, and we will explain two possible solutions in this post. Family Limited Partnership A family limited partnership (FLP) can be a good choice for some people. If you establish a family limited partnership, you would be the general partner. You would add members of your family as limited partners, … [Read more...] about Asset Protection for Small Business Owners
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
As elder law attorneys, we have a finger on the pulse of matters that are going to be of interest to senior citizens. One of the most pressing factors that we see day after day is the impact of Alzheimer’s disease. Everyone should have a thorough understanding of its reach along with the legal and financial implications. Aging of the Population During the period between 1943 and 1964, unprecedented numbers of infants were born. This has been dubbed the “baby boom,” and if you take a moment to … [Read more...] about Alzheimer’s Disease: The Inconvenient Truth
A lot of people harbor misconceptions about last wills and trusts. They think a will is the only logical choice if you are not extremely wealthy. In reality, this is nothing more or less than a widely embraced myth. Like a lot of misguided notions, there is a kernel of truth in it. High net worth individuals that are exposed to estate taxes do in fact use trusts to gain tax efficiency. However, a revocable living trust is a great choice for a wide range of people, and you don’t have to be … [Read more...] about Three Reasons to Use a Living Trust
Often, a client wants to keep land in the family. Sometimes they want to discourage further development and get tax benefits for doing so. A conservation easement can help achieve both objectives. Read on to learn more. … [Read more...] about Conservation Easements Can Be a Good Solution
Studies are conducted on an ongoing basis to measure the estate planning preparedness of American adults. They consistently find that a surprising number of individuals are going through life without any of the appropriate documents. In fact, the 2020 survey that was conducted by Caring.com has found that the preparedness is actually decreasing rather significantly. Since so many people are prone to putting this basic responsibility on the back burner, once they do take action, they … [Read more...] about Has Your Estate Plan Been Updated?
If you recently lost a loved one, you are undoubtedly going through the grieving process that follows. While you may not wish to think about the practical steps that need to be taken as a result of your loved one’s death, you may have to do so if you were named as the Executor of the estate in the decedent’s Last Will and Testament. If you have never before served as an Executor, however, you probably do not know where or how to begin the probate process. Although it is always wise to consult … [Read more...] about What Are the Steps in the Probate Process?
Irrevocable Trusts are often included as part of a comprehensive estate plan and are usually established many years before they pay out or terminate. These trusts didn’t change with changes in beneficiary circumstances or with evolving legislation, but now they can. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Decanting
There’s a way to make a charitable gift and yet be able to influence where it goes and how it’s invested. This can be very handy if you want to time your charitable giving for income tax reasons. Read on to learn more. … [Read more...] about Donor Advised Funds: Too Good to Be True?