First time estate planning is easier said than done. Sure, you may have a basic idea of what you want to accomplish, but you’re likely to run into challenges along the way. And if you don’t address these immediately, it could have an impact on you, your family, and your estate. Here are some frequently asked questions to address when creating an estate plan for the first time: Are you and your spouse on the same page? Do you have children? Do you plan to have children in the … [Read more...] about FAQs for First Time Estate Planning
Estate Planning
Estate Planning Reduces Stress During High Anxiety Times
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Changing “Irrevocable” Trusts Through Use of a Trust Protector
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
Adapt Your Estate Plan to Suit Individual Heirs
One of the major reasons why it is important to discuss your estate planning goals with a licensed attorney is because you have many options. The right course of action for one family may not be appropriate for the next. This is true when a single estate planning device is being used to provide for everyone, but the customization does not stop there. In some instances, the optimal course of action will be to use a different type of asset transfer vehicle for a particular person on your … [Read more...] about Adapt Your Estate Plan to Suit Individual Heirs
The Other Side of the Unauthorized Practice of Law
What happens when an individual who is not licensed to practice law provides advice to an individual – does the quality of the advice matter if the individual is unlicensed? This article explores the unauthorized practice of law and how it damages the legal profession. Read on to learn more. … [Read more...] about The Other Side of the Unauthorized Practice of Law
Three Reasons to Use a Living Trust
A lot of people harbor misconceptions about last wills and trusts. They think a will is the only logical choice if you are not extremely wealthy. In reality, this is nothing more or less than a widely embraced myth. Like a lot of misguided notions, there is a kernel of truth in it. High net worth individuals that are exposed to estate taxes do in fact use trusts to gain tax efficiency. However, a revocable living trust is a great choice for a wide range of people, and you don’t have to be … [Read more...] about Three Reasons to Use a Living Trust
Conservation Easements Can Be a Good Solution
Often, a client wants to keep land in the family. Sometimes they want to discourage further development and get tax benefits for doing so. A conservation easement can help achieve both objectives. Read on to learn more. … [Read more...] about Conservation Easements Can Be a Good Solution
Has Your Estate Plan Been Updated?
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?
Changing “Irrevocable” Trusts Through Decanting
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
Donor Advised Funds: Too Good to Be True?
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?
