In order to understand the value of a generation-skipping trust for estate planning purposes, you have to digest some information about the federal estate tax. It carries an eye catching 40 percent maximum rate, so it can take a sizable chunk out of your legacy. The vast majority of people do not have to be concerned about this death tax, because a certain amount of property can be transferred before the tax would kick in. This dividing line is called the credit or exclusion, and during the … [Read more...] about What Is a Generation-Skipping Trust?
Estate Planning
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
A Pet Trust Can Provide a Solution
As elder law attorneys, we keep a finger on the pulse of all matters that impact senior citizens and their families. Some of the issues are financial in nature, and there are psychological and emotional challenges that can enter the picture. Loneliness is one of them. Negative Impact Of Living Alone The National Institute on Aging is a good source of information about the subject. Their research has indicated that about 28 percent of elders are living by themselves. This is around 14 million … [Read more...] about A Pet Trust Can Provide a Solution
Coronavirus and Nursing Homes
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
Economic Fallout from Coronavirus May Provide Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. While healthcare systems have fought the virus, economies have been hurt by the social distancing required to combat the virus. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. Read on to learn more … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
Estate Planning for the LGBT Community
Our firm is very sensitive to the needs of the large LGBT community that helps to make our area a fantastic to live. We should emphasize the fact that estate planning is important for all responsible adults, but it has been especially vital for people that were in committed same-sex relationships. When you are legally married in the eyes of the law, you and your spouse have certain inherent legal rights. Since same-sex marriages were not recognized, a large segment of our population could not … [Read more...] about Estate Planning for the LGBT Community
How Is a Trust Administered?
Before we answer the question that serves as the title of this blog post, we should explain some things about trusts in general and why you may want to use one. A lot of people assume that a last will is the estate planning document that should be utilized if you are not a multimillionaire. In reality, this is a commonly held misconception. It can seem as though a last will is a very simple document that would facilitate efficient transfers to the heirs, but this is not the case. With regard … [Read more...] about How Is a Trust Administered?
Estate Planning for Small Business Partners
If you are a partner in a small business, when you start to think about your legacy, the situation can be challenging on the surface. The best way to explain is through the utilization of a simple example. Let’s assume that you own a very successful restaurant with one partner. You and your partner own the building and the equipment, and it is perfectly situated in an important, well trafficked part of town. The business is your most significant investment by a wide margin, and your partner … [Read more...] about Estate Planning for Small Business Partners
Avoid These Estate Planning Mistakes
We are sometimes approached by people that are looking for legal advice that could be described as damage control. These situations develop because of estate planning mistakes that were made by loved ones that passed away. As they say, an ounce of prevention is worth a pound of cure, so we will look at a handful of estate planning mistakes to avoid in this blog post. Relying on Intestacy Laws Some individuals know that in a perfect world, they should have an estate plan in place, but they … [Read more...] about Avoid These Estate Planning Mistakes
Emotional Barriers Can Cause Estate Planning Inaction
Studies that are conducted consistently produce disappointing results when it comes to estate planning preparedness. A solid majority of American adults have no estate planning documents in place, and this lack of planning is not confined to the younger age groups. Why do so many people fail to prepare for an event with financial ramifications that will happen to everyone? There is no one answer, but there are multiple emotional barriers that often keep people frozen with inaction. Stigma … [Read more...] about Emotional Barriers Can Cause Estate Planning Inaction
