As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts.As the holidays approach us, we will gather with our family, friends, and loved ones to give thanks for our blessings and consider all that has transpired in 2021. It’s been a wild year that started … [Read more...] about Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
Charitable Planning in Times of Crisis
The ongoing global pandemic provides us with a great opportunity to re-evaluate our goals. At the outset of the pandemic, we were forced to make drastic changes to our everyday lives. Even now, countless health care workers continue to endure long hours in overrun hospitals with insufficient supplies struggling to save lives in the face of growing admissions. Across the country and around the planet, people have looked for ways to help. Many have done that by providing food, school supplies, and … [Read more...] about Charitable Planning in Times of Crisis
How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Sometimes even the best-laid plans do not work out. Most everyone has certain goals in mind for their estate plan, including detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through on a promise to gift a particular asset to a beneficiary. The ideas may seem straightforward; however, these simple bequests can prove difficult, if not impossible, to implement if the assets no … [Read more...] about How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Estate Planning Reduces Stress During High Anxiety Times
Everyone who lived through September 11, 2001, shares a common experience. Although colored by our individual circumstances, we remember looking at the horrific images of destruction and misery and wondering why this tragedy occurred. Since that fateful day, Americans have flocked to churches, synagogues, mosques, and other places of worship seeking answers to questions regarding the meaning of life and the existence of suffering.This national tragedy continues to affect all of us to … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Dangers of Do-It-Yourself Estate Planning
Occasionally, those who aren’t Estate Planning attorneys will attempt to do their own Estate Planning. They think they can find a document online or use a friend’s document and can figure it out. Unfortunately, there are many pitfalls one could run across.Let’s look at three of these pitfalls which one must sidestep.Bill and Mary had a house worth $500,000, an IRA worth $500,000, and investments of $500,000. They have three children, Aaron, Betty, and Charlie. At the death of the … [Read more...] about Dangers of Do-It-Yourself Estate Planning
What Happens to Assets Left Out of My Living Trust?
If you establish a revocable living trust, the first step will be to fund the trust. When you do this, you are transferring ownership of the property to the trust, but worry not. You would act as the trustee, so you would have complete control of the assets every step of the way.Your trust can hold your home and other property, even if there are mortgages. Stocks, bonds, and bank accounts can be in the trust along with small business interests. Intellectual property, collectibles, and … [Read more...] about What Happens to Assets Left Out of My Living Trust?
A Living Trust Will Provide These Four Benefits
A lot of people assume you should use a last will as your asset transfer vehicle if you are not really wealthy. In reality, this is not the case at all.A revocable living trust is a very versatile estate planning tool that can be your ideal alternative to a last will. Let’s look at four reasons why you may want to choose this type of trust as the centerpiece of your estate plan...#1 Probate AvoidanceYou may envision a scene that you have seen in a movie or on a television show. After a … [Read more...] about A Living Trust Will Provide These Four Benefits
Take These Steps to Prevent Estate Challenges
When you are planning your estate, you may have concerns about someone in the family not being happy with your decisions. Clearly, a contested estate can be a messy situation, and you can take these steps in advance to minimize the possibility of a successful challenge.Don’t ProcrastinateThe worst thing that you can do is nothing at all. If you die intestate or without an estate plan, the probate court would supervise the administration process. A personal representative would be named, … [Read more...] about Take These Steps to Prevent Estate Challenges
An Asset Protection Trust Can Provide a Solution
If you're a business owner or you work in a high-risk profession, asset protection may be a source of concern for you.You could potentially consider the creation of a self-settled asset protection trust to proactively shield your resources. These trusts are alternately referred to as domestic asset protection trusts.Future CreditorsThe first thing to understand about a self-settled asset protection trust is the fact that you cannot decide to establish the trust after you know that you … [Read more...] about An Asset Protection Trust Can Provide a Solution
Five Reasons You Need an Estate Plan
Estate planning is a basic responsibility of adulthood, but unfortunately, most Americans are unprepared. When you fail to plan ahead for something that is inevitably going to happen, you are doing your loved ones a disservice.In this post, we will share five reasons why you should definitely work with an attorney from our firm to put an estate plan in place.Facilitate Timely and Efficient Asset TransfersDo you want your loved ones to wait around for many months to receive their … [Read more...] about Five Reasons You Need an Estate Plan
