A transfer on death or payable on death account is an account that has a named beneficiary, and the assets are transferred to this beneficiary after the death of the original account holder. Probate is the legal process of estate administration. If you have a simple will, you would name an executor in the document. The executor would admit the will to probate after your passing, and the court would provide supervision during the administration process. Transfers to the beneficiary of a … [Read more...] about Do Transfer on Death Accounts Avoid Probate?
BLOG
Donor Advised Funds: Too Good to Be True?
There’s a way to make a charitable gift and yet be able to influence where it goes and how it’s invested. This can be very handy if you want to time your charitable giving for income tax reasons. Read on to learn more. … [Read more...] about Donor Advised Funds: Too Good to Be True?
Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification
Irrevocable Trusts have long been an effective, albeit static, estate planning tool. These trusts didn’t always change with circumstance, but now they can. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification
Changing “Irrevocable” Trusts Through Decanting
Irrevocable Trusts are often included as part of a comprehensive estate plan and are usually established many years before they pay out or terminate. These trusts didn’t change with changes in beneficiary circumstances or with evolving legislation, but now they can. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Decanting
Conservation Easements Can Be a Good Solution
Often, a client wants to keep land in the family. Sometimes they want to discourage further development and get tax benefits for doing so. A conservation easement can help achieve both objectives. Read on to learn more. … [Read more...] about Conservation Easements Can Be a Good Solution
Own an Out-of-State Vacation Home? You Need a Living Trust
It is nice to own a second home that you can enjoy when you have vacation time, and memories are made when you spend quality time with your family and friends. From an estate planning perspective, you should understand some things about probate if you are in this position. Estate Administration Probate can be succinctly defined as the legal process of estate administration. If you use a will to facilitate postmortem asset transfers, the hands-on administrator is the executor. You name the … [Read more...] about Own an Out-of-State Vacation Home? You Need a Living Trust
What Is a Fiduciary?
A fiduciary is an individual or entity that has a legally binding responsibility to another party or parties. Fiduciaries are a very important part of the estate planning process, and we will provide an explanation in this post. Executor of an Estate If you use a simple will to state your final wishes, you have to name someone that will handle the estate administration tasks after you are gone. This is the executor, and the executor of an estate is a fiduciary. They would have a legal … [Read more...] about What Is a Fiduciary?
Debunking Four Estate Planning Myths
There are myths that circulate about estate planning, and if you buy into them, you can make mistakes that yield unintended negative consequences. With this in mind, we will look at four of them in this post in an effort to raise awareness. Estate planning is only for the rich. Some people think that estate planning is something that is only important for high net worth individuals. Yes, people that are in possession of a significant store of wealth have to put estate plans in place, and the … [Read more...] about Debunking Four Estate Planning Myths
This VA Benefit Can Help You Address Long-Term Care Costs
Long-term care costs should be a source of concern when you are looking ahead toward your senior years. Seven out of 10 seniors will need help with their activities of daily living, and the majority of elders will require paid assistance. Medicare does not cover a stay in a nursing home or custodial care that is provided by a professional home health aide. Since long-term care is very expensive, this lack of coverage presents a challenge, but there is a veterans benefit that can make a … [Read more...] about This VA Benefit Can Help You Address Long-Term Care Costs
Does Medicare Cover Living Assistance?
When you pay self-employment or payroll taxes, it can seem like you are throwing money into a black hole, but this is really not the case. You earn retirement credits that lead to Medicare and Social Security eligibility when you pay these taxes. In 2021, you get one credit for every $1470 that you earn, and the maximum annual accrual is four credits. Since the requirements are so modest, everyone that works consistently will receive four credits each year. After you have 40 credits, you will … [Read more...] about Does Medicare Cover Living Assistance?
