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?
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?
Irrevocable Trusts have long been an effective, albeit static, estate planning tool. These trusts didn’t always change with circumstance, but now they can. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...] about Tax Reporting with Trusts
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad
You may think that you can draw up a simple will when you are old and gray you will be all set from an estate planning standpoint. In fact, this is a shortsighted point of view, and we will look at some reasons why you may want to use a different asset transfer vehicle in this post. Special Needs Planning Everyone should have health insurance, but it is absolutely essential for individuals with disabilities. Unfortunately, many of these folks cannot work, so they do not get coverage through … [Read more...] about When Is a Will the Wrong Choice?
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics