A Trust is an Option when Children are Minors
Do I need a trust in case something happens to me?
July 8, 2021
Charitable options to Reduce Estate Taxes
Increasing tax changes for the wealthy are coming, and motivation to find ways to protect the wealth is getting increased attention, according to a recent article from CNBC entitled “Here’s how to reduce exposure to tax increases with charitable contributions.” Charitable remainder trusts (CRTs) and Donor Advised Funds (DAFs) are options for people who are…
July 7, 2021
How to Manage a Special Needs Trust
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
June 28, 2021
Unrecorded Deeds hurt Estate Planning
While discussing estate planning with my parents, they told me that an attorney prepared a deed for them but told them not to record it yet.
June 24, 2021
QTIP Trusts Help avoid Estate Taxes
Right now, gifts to trusts can take advantage of high tax exemptions and remove future appreciation of assets from taxable estates. One example available to spouses is making a gift to a trust that allows for a qualified terminable interest property (QTIP) election.
June 22, 2021
Protect Assets and maintain Medicaid Eligibility
The bill for long-term care adds up fast. The annual median cost for a private room in a nursing home was $105,850 in 2020, according to Genworth. The government could pick up these costs if you qualify for Medicaid, but that’s easier said than done.
June 17, 2021
Short-Cuts in Planning can have Consequences
Over the years I get all kinds of questions from people. And boy, have I heard some doozies. But one common one I get is called the ‘lazy (or poor) man’s (or woman’s’) estate planning.’ This type of estate planning has some very negative tax consequences.
June 15, 2021
Not Everyone can Contest a Will
The death of a loved one results in an emotional grief that, when combined with large sums of money on the line, can cause the beneficiaries of the will or trust or the heirs of the deceased to challenge the validity, interpretation, or administration of the will or trust.
June 14, 2021
How to Perform the role of Executor Efficiently
The wave of people prompted by the COVID-19 pandemic to write their wills is creating yet another wave in estate planning: all the people being asked to one day put those wills into effect.
June 10, 2021
Do You Have to Probate an Estate when Someone Dies?
For most of us, the first time we ever thought about probating a will is when someone in our family has died. So, what does it mean to probate a will?
June 7, 2021