Talk to Your Children about Your Estate Planning
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.
March 15, 2021
The Generation-Skipping Tax Can Make A Big Impact
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
March 2, 2021
The Difference between Power of Attorney and Guardianship
The difference between power of attorney and guardianship is a common question asked by adult children. Both roles share a duty to provide care and oversight of medical care and health.
February 10, 2021
A Trust Must Be Funded to Work
If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.
February 9, 2021
Some Fundamental Responsibilities of an Executor
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
February 2, 2021
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