A living trust is a very common element of estate planning. Establishing a living trust has become a way to avoid the time and expense of probate. If you are considering including a living trust as part of your estate plan, you should know more about the living trust benefits you can expect. Our living trust lawyers will explain those to you here.What are living trusts and how do they work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being … [Read more...] about Is a Living Trust the Best Estate Planning Tool?
Estate Planning
Estate Planning Lawyers Discuss Satisfying Estate Debts
One of the main responsibilities of a personal representative is to handle the debts of the decedent. Each state has its own established order of priority when it comes to paying the debts and creditors of an estate. The personal representative is required to pay any outstanding medical expenses, but only from the decedent’s final illness. Also, funeral costs, debts to creditors, and applicable taxes need to be paid. If you have questions about these steps, let our estate planning lawyers … [Read more...] about Estate Planning Lawyers Discuss Satisfying Estate Debts
Estate Planning: The Simplest Plan is Usually Not the Best
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?During both time periods, you could have a very simple estate plan: Do nothing. Let’s see how the simplest plan works.If you … [Read more...] about Estate Planning: The Simplest Plan is Usually Not the Best
Age-Related Retirement Milestones
There are many milestones in retirement. Financial advisers might advise that you achieve certain financial benchmarks by specific ages or stages in your life. They might advise that you have a certain multiple of your salary by specific ages. Or, they might advise having a nest egg of a particular size before you retire. Here’s a retirement calculator that might help you determine your progress as you plan for retirement.But, there are certain age-related milestones you need to remember as … [Read more...] about Age-Related Retirement Milestones
Estate Planning: Simple is not Always Better
Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other benefits?In this blog, we’ll look at a plan which is very simple, but which does not include a trust.A simple, common plan without a … [Read more...] about Estate Planning: Simple is not Always Better
Estate Planning Attorneys Discuss Inheritance Planning
Many clients mistakenly assume that creating an estate plan is the only way to deal with inheritance choices. They also believe that inheritance planning and estate planning are one in the same. While the two planning strategies certainly go hand in hand, they are not synonymous. Let our estate planning attorneys explain inheritance planning and how it is different from estate planning.What does inheritance planning involve?Inheritance planning is basically a strategy involving various … [Read more...] about Estate Planning Attorneys Discuss Inheritance Planning
How Are You Planning for Long-Term Care (LTC) Expenses?
The odds are nearly even that you’ll need long-term care (LTC) after age 65, at least for a while. But, many people haven’t planned for that possibility in their retirement plan. LTC care costs about $86,000 per year nationally, according to a Genworth study. But, the costs vary dramatically from the least expensive state (Texas, about $55,000) to the most expensive state (Connecticut, about $150,000). Nearly one-half of those who need care need it for less than one year. However, a significant … [Read more...] about How Are You Planning for Long-Term Care (LTC) Expenses?
Treasury Releases New Inflation Adjustment
Estate planning attorneys and others in the wealth management community have known since mid-December that the amount clients can pass without taxation is now, temporarily, doubled. The new tax law doubled the exclusion until the end of 2025. On January 1, 2026, the exclusion reverts to $5 million (adjusted for inflation from 2011). Each year we get inflation adjustment figures from the Department of the Treasury in the form of a Revenue Procedure.The exclusion amount for 2018 was set to be … [Read more...] about Treasury Releases New Inflation Adjustment
Basis is Important in Estate Planning
When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation.This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death.What does income tax basis have to do with estate … [Read more...] about Basis is Important in Estate Planning
When is the Right Time to Access your IRA?
Although generally speaking, you can access the funds in your IRA at any point, the issue is whether you will be charged a penalty. Because an IRA is meant to be a "retirement account," the laws are made to discourage you from raiding your IRA funds until retirement. However, as with most things, there are exceptions. Our estate planning attorney can explain when it is the right time to access your IRA.Planning your retirement with IRAsHave you created your retirement plan yet? It's not … [Read more...] about When is the Right Time to Access your IRA?
