The process of estate planning is often looked upon as a purely financial endeavor. You create a will or trust to facilitate asset distributions, and the job is done. This is one way to look at it, and a basic estate plan is far better than no estate plan at all.However, if you would like to take a more comprehensive approach, you can engage in the process of legacy planning. When you carefully craft a legacy plan, you pass along things to your loved ones that can transcend mere dollars and … [Read more...]
The Questions of Estate Planning, Part I: Who
People often have questions on Estate Planning. This is the first in a series of articles addressing those questions. This first article addresses “who” should do Estate Planning. Read on to learn more.The Questions of Estate Planning, Part I: Who … [Read more...]
Your Estate May Be In Jeopardy
As estate planning lawyers, we advise clients about the legacy threats that exist so that they can take steps to keep their resources safe and sound. In this blog post, we will look at three of the sources of asset erosion that are out there. We will also explain some of the steps that you can take to preserve your resources for the benefit of your loved ones if any of these threats apply to you.Federal and State Estate TaxesThe federal estate tax can take a very significant bite out of the … [Read more...]
Income Tax Basis
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.Income Tax Basis … [Read more...]
Inheritance Planning: Consider the Recipients
On the surface, inheritance planning can seem like an exercise in deciding how to split up a pie into slices that will be distributed among your heirs in the same manner. In fact, there is another facet to consider. There is a give, and there is a take, so you should think about the life situation of each person your inheritance list.You do not necessarily have to utilize the same asset transfer method to get bequests into the hands of each respective person. The right course of action for … [Read more...]
