Category Archives: Estate Planning
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 »
Companion piece: Create a “road map” for your estate plan
No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a “road map” — an informal letter or other document that guides your family in understanding and executing your plan and ensuring that your wishes are carried out. Navigating… Read More »
How To Minimize Family Conflict In Your Estate Plan
There is a lot to worry about when it comes to estate planning: taxes, distribution, charitable giving, documentation, etc. But, a survey conducted last year by TD Wealth shows those issues aren’t really at the forefront of everyone’s mind. The biggest issue for many, believe it or not, is family conflict. The survey found… Read More »
Moving a trust over state lines can offer tax savings and other benefits
People who live in states with high income taxes sometimes relocate to a state with a more favorable tax climate. A similar strategy can be available for trusts. If a trust is subject to high state income taxes, you may be able to change its residence — or “situs” — to a state with… Read More »
The Top 5 Things Your Estate Planning Attorney Should Do For You
It may seem like there is a never-ending list of documents and accounts needed to create a comprehensive and fulfilling estate for your loved ones. Many people choose to go the route of “DIY” or do-it-yourself estate planning, which is more cost-efficient but may lead you to leave out important aspects of your estate… Read More »
No, it’s not unusual to include your pet in your estate plan
An unexpected outcome of the recent death of designer Karl Lagerfeld is that the topic of estate planning for pets has been highlighted. Lagerfeld’s beloved cat, Choupette, played a major role in his brand. The feline was the subject of a coffee table book and has a large Instagram following. Before his death, Lagerfeld… Read More »