Don’t Fail to Fund Your Trust
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
January 29, 2021
Creating a Letter of Last Instruction
A letter of last instruction is a document that outlines funeral planning processes and arrangements. A letter of last instruction should not be confused with a will or testament, which is a legal document that expresses an individual’s wishes on how and to whom their estate should be transferred after their death.
January 26, 2021
Strategies to Keep Inheritance Money Separate
Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.
January 20, 2021
Estate Planning Can Address a Troubled Child
Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.
January 6, 2021
Ethical Will Should Be Part of Your Planning
My colleague’s father recently got infected with the coronavirus and had to be rushed to the hospital. The move was abrupt and hectic, and left no time for any deep conversation with his wife and family as he was being taken out to the ambulance.
December 22, 2020
Deciding Between Separate or Joint Trusts
In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
December 14, 2020
How Do You Handle A Large Inheritance?
Let’s start with the numbers: 10 and 1,000,000,000,000. Over this decade, $1 trillion is expected to change hands through inheritance. The majority of that will end up in the hands of baby boomers. While one study found that the average inheritance was only $50,000, there will be a lot of inheritances in the $1 million-plus range.
December 9, 2020
Estate Planning Presents Emotional Challenges
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
December 8, 2020
Implementing Succession Plans Before Year Ends
We currently have the highest estate tax exemption and the lowest intra-family interest rates in history. That combination alone is significant, but when mixed with the potential for lower estate and gift tax exemptions and depressed business valuations, you have a potent catalyst for transitioning ownership.
December 3, 2020
Understanding What Legacy Planning Means
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
December 1, 2020