Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Estate Planning
When Is Probate Necessary?
Many people are not aware of the fact that the executor cannot act in a vacuum when you use a last will, because a legal process called probate will enter the picture. The executor would admit the will to probate, and the court would provide supervision during the process. This being stated, there are certain types of asset transfers that are not subject to probate. We will take a look at them in this blog post, and we will also explain the value of a proactive probate avoidance … [Read more...] about When Is Probate Necessary?
Removing Life Insurance Without Triggering the Transfer for Value Rule
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
Intestacy Can Yield Negative Consequences
Estate planning unpreparedness is widespread among Americans, and it is getting worse as the years pass. Caring.com has conducted surveys to keep a finger on the pulse of this matter over the last few years, and the numbers are not encouraging. In 2020, just 32 percent of adults have estate plans in place. The figure was 40 percent in 2019, and in 2018, it was 42 percent. According to the study, 16.4 percent of people between 18 and 34 had estate plans. Just over 27 percent of people in … [Read more...] about Intestacy Can Yield Negative Consequences
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Powers of Attorney for Healthcare
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. This article concerns the Healthcare Powers of Attorney and Advance Directives. Read on to learn more … [Read more...] about The Basics: Powers of Attorney for Healthcare
Trustee Selection Considerations
Before we address the question that serves as the title of this blog post, we should explain why you may want to use a living trust. If you have a will, or think you should use a will, you may be surprised when you learn more. Living Trust vs. Last Will A revocable living trust is a very useful alternative to a last will, and the avoidance of probate is a major benefit. Why is this something that you may want to avoid? The answer is that it comes with a number of drawbacks that negatively impact … [Read more...] about Trustee Selection Considerations
Avoiding Family Chaos in the Coronavirus Age
In this era of coronavirus, planning is more important than ever. This article includes a brief story about a couple who didn’t plan and the family discord it enabled. Read on to learn more. Avoiding Family Chaos in the Coronavirus Age … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
LGBT Estate Planning: Attend to the Details
Our firm is very friendly to members of the of the LGBT community. There was once a time when estate planning for same-sex couples was particularly important, because there were impediments to marriage. Even in states that legalized same-sex marriages, there were federal laws on the books that could have a major impact. Things changed because of the efforts of a woman from the state of New York named Edith Windsor. She and her partner, Thea Spyer, got legally married in Canada in 2007. The … [Read more...] about LGBT Estate Planning: Attend to the Details
Low-Interest Loans: An Estate Planning Technique
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more. Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique
