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”
Estate Planning
Using Disclaimers to Achieve Client Goals
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
Should a Married Couple Use a Shared Living Trust?
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?
Five Reasons to Put an Estate Plan in Place
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
Consider These Questions When You Plan Your Estate
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
Have You Made Your Final Arrangements?
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?
When Is Probate Necessary?
You may have heard that probate is necessary when assets are being transferred after someone dies. There is a lot of truth in this statement, but it is not absolute, and we will provide the details here. Sole Personal Possession Generally speaking, transfers of assets that were in your direct and sole personal possession at the time of your passing would be subject to the probate process. This would apply to distributions through the terms of a will, and the probate court presides over … [Read more...] about When Is Probate Necessary?
An Overview of Living Trust Administration
The revocable living trust is a very effective estate planning tool that will facilitate efficient asset transfers after your passing. Some people think that trusts are complicated to administer, but in reality, this is really not the case. The First Phase If you establish a living trust, you would be called the grantor or settlor. The administrator is the trustee, and even though you would be the grantor, you can also act as the trustee. As a result, you have complete control of the assets … [Read more...] about An Overview of Living Trust Administration
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Read on to learn more. … [Read more...] about Beneficiary Designations
