While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
If you have been thinking about making large gifts to take advantage of the current $11,700,000 lifetime federal estate tax exemption, you have probably been contemplating a spousal lifetime access trust, commonly known as a SLAT.
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.
It’s generally a bad idea to name a trust as beneficiary of your IRA.
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.
Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.
If the durable power of attorney can’t be transferred, what needs to be done to establish a new durable power of attorney for my aunt despite her mental incapacity?
If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.
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.
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.
