Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more. … [Read more...] about The Importance of Insuring Real Estate
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
There has been a huge real estate boom in this country for a number of years at this point. In some areas, housing prices have soared at accelerated rates, and this is exciting for homeowners and investors. However, from an estate planning perspective, a significant increase in real estate values can create estate tax exposure. Federal Estate and Gift Tax The federal estate tax is poised to extract a sizable portion of your legacy if you have been very successful from a financial … [Read more...] about Real Estate Boom Could Create Estate Tax Headaches
Senators Sanders and Whitehouse have introduced legislation in the Senate which would significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Time is of the essence. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
The Academy takes learning seriously. The Academy’s Spring Summit included numerous substantive legal education sessions, as well as sessions on marketing and law office management. The virtual conference also included opportunities for networking and fun. Read on to learn more. … [Read more...] about Learning and Camaraderie at the Academy Summit
There can be some confusion when it comes to the taxes that can be levied on inheritances. You may have heard the terms “estate tax” and “inheritance tax” utilized, and they can leave you scratching your head. Are these two different taxes, or are the terms used interchangeably? Do they refer to income taxes on inheritances? These are good questions, and we will provide clarifications in this post. Income Taxes Life insurance policy proceeds and an inheritance that you receive through the … [Read more...] about Is There an Inheritance Tax and an Estate Tax?
Livings trusts and testamentary trusts are two of the tools in the estate planning toolkit. In this post, we will take a look at the reasons why these trusts are used and explain the major difference between them. Living Trusts A living trust is a trust that goes into effect as soon as you sign it, so it becomes active while you are still alive. The revocable living trust is the most common type of living trust, and this type of trust is a very good alternative to a simple will for a number of … [Read more...] about Living Trust vs. Testamentary Trust: What’s the Difference?
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney