Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones.Many Reasons to Plan … [Read more...]
Wealth Preservation for High Net Worth Individuals
It is a satisfying feeling to come to the realization that you have been able to achieve all of your financial goals. You can breathe a sigh relief and enjoy the fruits of your labor as you provide opportunities for the people that you love. This being stated, there is a looming threat that can severely impact high net worth individuals and their families.We have a federal estate tax in the United States, and it can take a heavy toll, because it carries a very hefty 40 percent maximum rate. … [Read more...]
What Are the Duties of a Living Trust Trustee?
For a lot of people, a revocable living trust will be the ideal estate plan centerpiece. There are many benefits to be gained through the utilization of a living trust instead of a last will. One of them is the avoidance of probate, which is a costly and time consuming legal process.You do not lose personal control of assets that you convey into a living trust, and you can change the terms at any time. It is possible to include spendthrift protections, and you can account for potential … [Read more...]
Take Steps to Prevent Estate Challenges
It is important to discuss your estate planning objectives in detail with a licensed attorney because there are nuances that you may not think about. In this post, we are going to focus on one particular under the radar scenario that too many people fail to directly address.Surveys tell us that most adults are rolling the dice without estate plans, and this can apply to a significant percentage of people that are in their 50s and 60s. There are various reasons why people procrastinate, and … [Read more...]
Why Crowdfunding May Cost You Medicaid Eligibility
Each year, crowdfunding websites raise money for causes. Did you know such a website could impact your eligibility to receive Medicaid? Read on to learn how crowdfunding can impact Medicaid eligibility.Why Crowdfunding May Cost You Medicaid Eligibility … [Read more...]
Consequences of Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. While these modifications may be determinative of the state law consequences, they may not determine federal tax consequences. Read on to learn more.Consequences of Modifying an Irrevocable Trust … [Read more...]
Clarity is Key to Planning
Clarity is essential in an estate plan. This article examines the case of Tom Petty, what he did right and what he did wrong. It shows that clarity can avoid problems later.Clarity is Key to Planning … [Read more...]
Lessons to Learn From Aretha Franklin Case
You can provide cautionary advice to people, and sometimes they heed it, but more often than not they adopt the Missouri “show me” attitude. They take the warnings more seriously if you can demonstrate the consequences by pointing toward a real life event that actually happened.This is something that definitely enters into the realm of estate planning. With this in mind, we like to look at instructive celebrity estate mistakes when they materialize, and it is all too common. In this post, we … [Read more...]
Inheritance Planning Is an Ongoing Process
Studies are conducted on an ongoing basis that are intended to evaluate the inheritance planning preparedness of American adults. They consistently find that the vast majority of people in the United States are going forward with no estate planning documents at all. As you might imagine, younger adults are quite remiss, but a surprising number of people in their 50s and 60s have not taken any action.Because it is so difficult to get people into gear in the first place, once they have an … [Read more...]
Estate Planning: A Glossary of Relevant Terms
If you reached this website because you are looking for information about how to protect your family from an estate planning perspective, you are making a very prudent move. This being stated, there are a lot of terms tossed around that the average layperson would not be familiar with, and this is understandable.In this blog post, we will provide a partial glossary of relevant terms. It is going to be “partial,” because there are so many of them, and we will look at some others in a future … [Read more...]
