Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals: Double Disclaimers
The pandemic has been difficult for many of us, including some Estate Planning attorneys. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals
When you are planning your estate as a married person, you and your spouse have to make some decisions. Do you want to create separate estate plans, or would you prefer to develop a shared arrangement? Regardless of the choice that you make in this regard, you have to decide on an asset transfer vehicle. There are joint wills, but they are very rarely used, because there are some significant drawbacks. The negatives stem from the fact that the terms of the will cannot be changed and the … [Read more...] about Should a Married Couple Use a Shared Living Trust?
There are different ways to facilitate the asset transfers that will take place after you are gone. It is wise to explore your options so you can make fully informed decisions, and with this in mind, we will explain life estates in this post. Real Property Transfers You can use a life estate to arrange for the transfer of real property to someone after you pass away. If you take this action, you would be known as the “life tenant,” and the individual that will be inheriting the property is … [Read more...] about What Is a Life Estate?
A lot of people think that estate planning is not really important because it is a simple matter of drawing up a will to express your inheritance decisions. You can look at it this way, but in fact, there are some good reasons why you should put some thought into your estate plan. Prevent a Web of Confusion If you were to pass away without an estate plan, your loved ones would be forced to deal with the emotional loss. To compound the situation, they would face logistic challenges with regard … [Read more...] about Five Reasons to Put an Estate Plan in Place
Surveys have shown that the majority of people that don’t have estate plans think that it is important, but they procrastinate. One reason they give is the simple fact that they don’t know how to go about it, and this is understandable on the surface. The first step is to pin down your objectives, and this can be done by asking yourself a series of questions. With this in mind, we will provide a list in this post to help you find a starting point. Are you exposed to the estate tax? There is … [Read more...] about Consider These Questions When You Plan Your Estate
Estate planning is sometimes seen as an exercise in expressing the way you want your pie to be sliced and distributed after your death. This is a very stripped-down approach, and you may want to take a step back and see a bigger picture. Your family members will be going through a difficult time when they lose you, even if they have resigned themselves to the inevitability of your passing. Nothing can really prepare a person for the actual event, because the loss is palpable. When you plan … [Read more...] about Have You Made Your Final Arrangements?