Estate Planning

Estate Plans often incorporate revocable and irrevocable trusts. Regardless of the type of trust created or the reason for its creation, naming a suitable trustee to administer the trust requires careful consideration. After all, the trustee acts as the gatekeeper for the trust, doling out distributions pursuant to the terms of the trust agreement using their discretion. While some grantors name beneficiaries to serve as their own trustees, certain circumstances require a third party to act in … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II

The headline read “Battle Over Anne Heche’s Estate Settled” when it should have read “Yet Another Celebrity Dies Without an Estate Plan.” Anne Heche was a well-known actress who died unexpectedly following a fiery car crash in August 2022. Anne left behind two sons, one of whom is 20, the other of whom is 13, and no estate plan. Her case was tragic and the results were completely avoidable in many ways. Because Anne failed to create even a basic Will, her estate will pass pursuant to the laws of … [Read more...] about The Importance of Having an Estate Plan

As the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than in other years. While 2022 held plenty of events: the war in Ukraine, an improved “bivalent” coronavirus vaccine addressing new coronavirus variants, the U.S. midterms elections, etc., it was a relatively quiet year for legislative changes impacting planning. Still, even in a quiet year, some things change due to inflation increases, etc.Estate Tax PlanningApplicable Exclusion rises from … [Read more...] about Tax Planning for 2023

Record numbers of folks began relocating during the pandemic. Some moved to be closer to family, others for better weather. Still, others changed domicile for financial reasons, like the pursuit of different job opportunities, for lower taxes, or because they planned to retire. Folks desiring to relocate should consider the various taxes in the desired state of residence, especially when they are at or nearing retirement. It’s no secret that taxes vary widely from state to state. Some states may … [Read more...] about What’s Retirement Got to Do with it?

Shortly after signing the Inflation Reduction Act into law, President Biden announced his plan to use executive action to cancel up to $10,000 of student loan debt for borrowers under certain income thresholds and an additional $10,000 for borrowers who received Pell Grants. Some support this action, while others condemn it and threaten lawsuits. While nothing is certain until the ink is dry, let’s assume that forgiveness occurs and an estimated 43 million borrowers receive this relief. For the … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness

Individuals whose net worth exceeds a few million dollars often have charitable goals. Some, like Bill and Melinda Gates, create foundations to further those goals. Others, like the late Paul Newman, use foundations to receive profits related to a specific endeavor and to ensure distribution to charitable causes. Others, like MacKenzie Scott, Jeff Bezos’ former wife, give outright to charitable groups and organizations. While others, like Warren Buffett, create initiatives (The Giving Pledge) … [Read more...] about Lessons from Patagonia

Some clients arrive to meet with their Estate Planning attorney with an article in hand claiming that a particular firm, company, or other attorney creates “bulletproof” asset protection vehicles, often involving some form of “asset protection trust.” This puts the attorney in the awkward position of reviewing the article, then explaining why the method advertised may not have the intended result, and that the attorney will not undertake such planning because these schemes rarely work and come … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I

Most individuals understand the need to dispose of their tangible and intangible assets upon their death and use either a Will or Trust to accomplish that. Although it’s clear that these documents govern the disposition of tangible and intangible assets, it’s not as clear that a personal representative or trustee can use the provisions of these documents to obtain access to digital assets. Thankfully, companies that host digital platforms have begun to address this issue. In mid-December, Apple … [Read more...] about Death and Your Digital Footprint