Tag: Trusts
“Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.” Estate planning is not just about making a will, nor is it just for people who live in mansions. Estate planning is best described in the title of this article […]
“If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.” Thinking you have divided assets equally between children by creating a trust that names all as equal heirs while placing only one child’s name on other assets is not an equally divided […]
“If you haven’t reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.” It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if key information is missing on […]
“Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.” If you reviewed or created your estate plan in 2020, you are ahead of most Americans, but you’re not done yet. If you created a trust, gave gifts […]
“Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.” Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help families flourish over generations, control […]
“No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.” If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be expectations that the parent’s estate […]
“A last will and testament is the foundation of an estate plan, which lets you plan for your estate after you’re gone. However, there are certain things that you might not want to put in your will.” A last will and testament is a straightforward estate planning tool used to determine the beneficiaries of your […]
“Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.” Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn’t pretty. Concerns may range […]
“My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.” The friend and the girlfriend agreed when they split that she would quitclaim her interest in the house to the friend, in exchange for the amount she contributed to […]
“Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.” Trusts are used to solve problems in estate planning, giving great flexibility in how assets are divided after […]
