Posted On: April 21st 2017
A Roth IRA can be a valuable estate planning tool, offering the opportunity for tax-free growth as long as it exists and requiring no distributions during your life, thus allowing you to pass on a greater amount of wealth to your family. While traditional IRAs are more common, there’s no time like the present to…
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Posted On: April 12th 2017
If your estate plan includes charitable donations, be sure to discuss any planned gifts with the intended recipients before you finalize your plan. This is particularly important for donations that place restrictions on the charity’s use of the gift, as well as donations of real estate or other illiquid assets. Why a Charity May…
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Posted On: April 7th 2017
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. And, as with other aspects of your estate plan, the time to act is…
Learn MorePosted On: March 19th 2017
Abstract: Grandparents often want to play a role in financing their grandchildren’s college educations. However, it is important that they consider the impact that different financing options will have on their estate plan. This article looks at the estate planning implications of Grantor and Crummey Trusts and the Section 2503(c) Minor’s Trust, along with direct…
Learn MorePosted On: March 17th 2017
Going through a divorce can be a traumatic experience, not to mention a time-consuming and expensive one. Although it is not surprising that separating couples often overlook the impact of divorce on their estate plans, neglecting to update your plan can lead to unintended consequences. Update Wills and Trusts Unless you wish to provide…
Learn MorePosted On: March 10th 2017
It is always a good idea to think ahead. Although thinking about bad things happening to you down the line is uncomfortable, it is wise to be prepared for any kind of emergency situation. Many people decide to grant a power of attorney (POA) for your assets. Often this will be a close relative or…
Learn MorePosted On: February 20th 2017
Abstract: Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities. This article looks at one court case in which a couple discovered to their dismay that having…
Learn MorePosted On: February 16th 2017
Abstract: The high cost of long-term care (LTC), which may include an assisted living facility, nursing home or home health care, can quickly devour resources needed to maintain one’s lifestyle during retirement and provide for children or other heirs. Below, we have outlined what to consider in a LTC insurance policy. Estate Planning Red Flag…
Learn MorePosted On: February 2nd 2017
Abstract: Worried that the prospect of a large inheritance might harm their children’s work ethic, some people establish “quiet trusts,” also known as “silent trusts.” In other words, they leave significant sums in trust for their children; they just don’t tell them about it. Below we list several disadvantages of this approach. It can be…
Learn MorePosted On: February 2nd 2017
Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” However, like many shortcuts, it can produce unintended and costly consequences. There are two potential advantages to joint ownership: convenience and probate avoidance. If you hold title to property with a child as joint tenants with…
Learn MorePosted On: January 20th 2017
You probably had an excellent relationship with your father, and you expected to be left a large inheritance in his will when he passed away. When he does, you find that he actually left everything to a friend of his instead. Of course you may feel wronged and you consider contesting the will. Only certain…
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