Articles & Information

Review and Revise Your Estate Plan to Reflect Life Changes During The Past Year

Posted On: December 18th 2018

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan. And the plan should be reviewed periodically anyway to ensure that it…

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Should you name a Trust as IRA Beneficiary?

Posted On: December 13th 2018

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA Benefits The benefit of an IRA is that your contributions can grow and compound on…

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Unleash the Power of a Non-Springing Power of Attorney

Posted On: December 10th 2018

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a non-springing…

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Consider an Intrafamily Loan to Cover Estate Taxes

Posted On: December 5th 2018

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option. While a life insurance policy can be used to cover taxes and other estate expenses, a benefit of using an intrafamily loan…

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Take Caution When Including Employees in Your Estate Plan

Posted On: December 3rd 2018

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift…

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Turn Down an Inheritance Using a Qualified Disclaimer

Posted On: November 28th 2018

If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the first…

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Tenancy-in-Common: A Versatile Estate Planning Tool

Posted On: November 19th 2018

If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use and enjoy the entire property. TIC in Action An individual…

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Your Charitable Gifts Are Unrestricted

Posted On: November 14th 2018

If philanthropy is an important part of your legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will benefit a charity over a long period of time. Even if a charity is financially sound when you make a…

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A Hybrid DAPT Offers the Best of Both Worlds

Posted On: November 10th 2018

The Tax Cuts and Jobs Act reduces or eliminates federal gift and estate taxes for most people (at least until 2026). One benefit of this change is that it allows you to focus your estate planning efforts on asset protection and other wealth-preservation strategies, rather than tax minimization. If you’re concerned about personal liability, you…

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Put Pen to Paper

Posted On: November 8th 2018

A letter of instruction and a mission statement add clarity to an estate plan If you’ve ever experienced the death of a loved one, you know what an upsetting and sometimes confusing time the aftermath can be. Legally binding documents, such as a will or living trust, spell out your final wishes. But including a…

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