Category Archives: Estate Planning
If you’re driven to transfer a vehicle’s ownership to a trust, know the risks
A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer ownership of your assets to the trust. But what about… Read More »
How Being Transgender Affects Your Estate Planning
Transitioning is a personal, oftentimes private, process that may seem inconsequential to your financial future. However, there are important legal implications that could be detrimental to you if not all of your legal documents match correctly. While planning your estate, it is critical that you are open and honest with your attorney so they… Read More »
How incomplete nongrantor trusts can help avoid state income taxes
With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers — particularly those who live in high-income-tax states — may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes… Read More »
Consider an intrafamily loan to cover estate taxes
Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other estate expenses, a benefit of using an intrafamily… Read More »
Unleash the power of a nonspringing power of attorney
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a… Read More »
Should you name a trust as IRA beneficiary?
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »
Intellectual property requires careful estate planning
If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises… Read More »
Take caution when including employees in your estate plan
If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift… Read More »
Creating A Legacy: The Art of Planning
Presented by the Community Foundation of Tampa Bay and the Museum of Fine Arts, St. Petersburg, Bill McQueen joined Emily Benham, Stephen Peters, Beth Knowles, and Beverley McLain on the Expert Panel for “Creating A Legacy: The Art of Planning”.
Turn down an inheritance using a qualified disclaimer
If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the… Read More »