Category Archives: Estate Planning
Should Your Pet Have a Trust?
In recent years, an increasing number of people are leaving some (or even all) of their estates to their pets upon their deaths. When asked if pet owners value their pets as much as their children in a recent survey, 81% of pet owners said yes. In 2010, a millionaire named Gail Posner set… Read More »
Does your estate plan include a formula funding clause?
The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate plans properly). This year, the exemption amount is $11.4 million ($22.8 million for married couples). If you’re married… Read More »
Estate planning for single parents requires special considerations
Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is… Read More »
College financing may be an integral part of your estate plan
The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan. Make direct payments A simple, but effective,… Read More »
4 Little Known Powers of a Durable Power of Attorney
You undoubtedly have heard of durable powers of attorney while planning your estate. You may understand them as trusted individuals who will maintain your health care directives or help manage your finances after you have passed. Durable Powers of Attorney are just that: powerful. They should be selected with careful deliberation and they should… Read More »
Add spendthrift language to a trust to safeguard assets
Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just your own creditors: You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help safeguard assets. Spendthrift language explained Despite its name, the purpose of a… Read More »
Avoid These Top 5 Estate Planning Disasters
Every estate plan is unique, but many of the problems are all the same. The following estate planning mistakes can be disastrous for your future but are all easily avoidable with the proper help and planning. All you need is a little extra knowledge to make your estate plan go a long way. Designating… Read More »
Properly funding your revocable trust is the key to unlocking its benefits
If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available if you don’t fund the trust…. Read More »
Life insurance can be a powerful estate planning tool for nontaxable estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates,… Read More »
Protecting Your Estate in a Disaster
Often we think of the assets of our estate only in terms of what will happen after we die. But, a sudden tragedy or disaster could throw a wrench in your plans. Just like you would store first aid, batteries, and flashlights away for a potential storm, you should also be putting certain documents,… Read More »