Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for people who care what happens to them, their stuff, or their family.For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing in the leaves or about an upcoming ski vacation. How could you need estate planning when you have such an active lifestyle? … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
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Estate Planning: It’s Not Just About the Estate Taxes
When we plan our lives and our estates, it’s not all about the estate taxes. Of course, estate taxes should be taken into consideration, but there are many more important factors. That’s why the temporary doubling (until the end of 2025) of the amount which can be passed free of estate tax (to $11.18 million in 2018) does not remove the need for estate planning. Whether the exclusion amount is $5.59 million or $11.18 million is irrelevant to the vast majority of people.Here are some … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
Incapacity Planning
People plan to die. We know it’s going to happen. Perhaps we have life insurance to cover our financial responsibilities and care for our loved ones. We may have a Will to divvy up our assets at death. It’s usually not something we look forward to. But, we know it’s going to happen.But, we don’t expect to become incapacitated. Nobody wants to be unable to manage their affairs. But, each year countless people become unable to manage them. For some, it’s a temporary illness or injury which … [Read more...] about Incapacity Planning
Planning for Frequent Flyer Miles
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death.Frequent Flyer miles and other reward points can be valuable resources. Many credit card companies give tens of thousands of miles or points for opening an account and then give miles or points for each purchase. The typical … [Read more...] about Planning for Frequent Flyer Miles
Planning for the International Client
Estate planning for the international client can be tricky. This article looks at the estate tax treatment of U.S. citizens and non-resident aliens. The article then looks at an example of someone who lived in the U.S. and then departed.Today’s world is increasingly mobile. It’s increasingly common for estate planning attorneys to have clients who weren’t born in the United States or who own property outside of the United States. As estate planning lawyers, how do we meet the needs of these … [Read more...] about Planning for the International Client
6 Important Estate Planning Considerations – Part 6: Taxes
An estate plan considers many important aspects. One of the many aspects to consider is the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan.When planning, taxes are an important consideration. Of course, that does not mean they are the only consideration, or even the most important consideration. That’s the reason taxes appear as the final estate planning consideration on the list. Taxes really break down into two components: … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
Dead Hand Control: How Much is Too Much?
This article examines trying to exert control over your beneficiaries after death. Sometimes, our clients try to dictate the exact manner in which funds are used. Usually, it is a better course to give the trustee discretion.Often, clients want to continue to control their beneficiaries after death, just as they’ve done during lifetime. They want to etch in stone the exact circumstances under which distributions should be made to the beneficiaries. Sometimes they think the beneficiary will … [Read more...] about Dead Hand Control: How Much is Too Much?
Planning for the Unexpected
This article examines the death of Charlotte Fox, one of the most famous mountain climbers ever, who fell down her stairs at home. You never know what risks might be around the corner, so you should be prepared. The article looks at the elements of a basic plan.Charlotte Fox was an adventurous woman. She was a serious mountain climber and reached the summit of some of the world’s tallest mountains. She became the first American woman to climb three peaks above 8,000 meters, including the … [Read more...] about Planning for the Unexpected
Estate Planning is Too Important to Procrastinate
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important.Most of us recognize that estate planning is the loving and responsible thing to do. Yet, only 44% of adult Americans even have so much as a simple Will, according to a Gallup poll.Our world is increasingly complex. It seems our lives are busier than ever. Interestingly, this may not be what leads us to … [Read more...] about Estate Planning is Too Important to Procrastinate
6 Important Estate Planning Considerations: Retirement Assets
Retirement assets may be a very large part of a person’s estate at death. It’s important to consider the income tax ramifications of naming a beneficiary, as well as protecting those assets for the beneficiaries. This article considers some of these issues.People work much of their lives to accumulate assets, often in tax-favored vehicles such as IRAs, Roth IRAs, 401(k)s, and other retirement plans. It’s often desirable to stretch-out withdrawals from these assets, not just during the … [Read more...] about 6 Important Estate Planning Considerations: Retirement Assets
