There are quite a few different acronyms used in the field of estate planning to shorten certain wordy terms. We are unraveling them one by one for our readers, and we explained the QDOT the last time around. In this post, we will dissect the QPRT, which is an acronym that stands for a qualified personal residence trust. To understand why you may want to consider the utilization of this estate planning device, you have to absorb some information about taxation. Federal Estate Tax and Gift … [Read more...] about What Is a QPRT?
Estate Planning
The SECURE Act May Impact Your Estate Plan
One of the reasons why we always emphasize the fact that estate planning should be viewed as an ongoing process is because laws are subject to change. Some of them are relevant to estate planning either directly or indirectly. As a layperson, you are probably not going to be plugged into the possible inheritance significance of every legal step that is taken. This is our job, and when you come into the office for an estate plan review, we can look at your existing plan in light of any changes … [Read more...] about The SECURE Act May Impact Your Estate Plan
Lesson Learned From Kobe Bryant Crash
Basketball fans in Los Angeles were devastated by the news that Kobe Bryant, his daughter Gianna, and seven other people were killed in a fatal helicopter crash. It is hard to process the information when you hear about people suddenly passing away before their time. Of course, if this type of event was to touch you directly, the shock would be indescribable. No one wants to learn in this manner, but the fact is, you can get a wake-up call when a tragedy strikes. This definitely applies to … [Read more...] about Lesson Learned From Kobe Bryant Crash
Beneficiary Designations and Other Non-Probate Transfers
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
Estate Planning Conference Discusses SECURE Act and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred last week in Orlando, FL. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. The SECURE Act was the biggest topic this time. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
The SECURE Act and What It Means for You
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...] about The SECURE Act and What It Means for You
Planning for the SECURE Act
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. The first article in this series examined the SECURE Act. This article examines some planning strategies for dealing with the SECURE Act. Read on to learn more. … [Read more...] about Planning for the SECURE Act
Inherited Knowledge Can Be Priceless
When you consider the terms “legacy” or “estate planning,” financial matters will probably come to mind. This is understandable, and it is very important to take the right steps to properly provide for your loved ones monetarily. At the same time, there is another aspect to consider. Some things are more important than money, and this can sound a bit trite on the surface. Yes, we all have bills to pay, but dollars and cents come and go quite easily all things considered. There are other … [Read more...] about Inherited Knowledge Can Be Priceless
Trust Administration: Legal Assistance Can Be Invaluable
Before we address the topic at hand, we should briefly explain why a living trust can be preferable to a last will in many instances. Generally speaking, if the value of your estate exceeds $166,250, and you use a will to state your final wishes, the full probate process would be a factor. The executor that you name in the document would handle the estate administration chores, and the court would provide supervision. Probate can take close to a year even if there are no especially … [Read more...] about Trust Administration: Legal Assistance Can Be Invaluable
Top Five Estate Planning Tips
The majority of people put the process of estate planning on the back burner for far too long. In many instances, when they finally take action, they do not act in a fully informed manner. With this in mind, we are going to share a handful of simple but useful tips in this post. Avoid DIY “Solutions” If the thought of going through life without an estate plan is nagging you in the back of your mind, you may impulsively decide to take action in a given moment. There are websites out there that … [Read more...] about Top Five Estate Planning Tips
