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
Estate Planning
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
Five Reasons to Schedule an Estate Planning Consultation
When you look at the statistics that are compiled when researchers dive into the subject, you see some surprising estate planning data. It is hard to fully understand the reasons behind it, but the majority of American adults do not have any estate planning documents in place. Unfortunately, their families are often left behind to deal with the negative circumstances that come about due to the inaction. In this post, we will look at five compelling reasons why you should consult with an … [Read more...] about Five Reasons to Schedule an Estate Planning Consultation
End of Life Eventualities Should Be Addressed
As estate planning and 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 phenomenon has been dubbed the “baby … [Read more...] about End of Life Eventualities Should Be Addressed
