As the estate tax exemption has ballooned to $13.99 million, traditional estate tax planning has taken a back seat. Now, a new Estate Planning Tax Time Bomb is ticking—this time fueled by income tax basis issues and a 37% top tax rate. The Basics of Income Tax Basis In its simplest form, income tax basis—often referred to simply as basis—is the…[...]

Continue Reading

Posted in Estate Planning | No Comments »

When thinking through their estate plan and how they want their assets (money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness. However, sometimes being fair or doing what is right by your children may mean giving unequal inheritances. The Key Takeaways Treating children fairly does not…[...]

Continue Reading

Posted in Estate Planning | No Comments »

Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. The more you plan for what life might throw at you, the less you leave to…[...]

Continue Reading

Posted in Estate Planning | No Comments »

What is in a name? If you are a beneficiary of an estate, or if you are setting up an estate plan, your name means a great deal. It is not unusual for a person to go by different names, such as the name we are given at birth and the names we choose for ourselves. Some of us use…[...]

Continue Reading

Posted in Estate Planning | No Comments »

Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agrees to receive nothing from your estate in a prenuptial, postnuptial, or other marital agreement. However, the same is not true for other family members. Generally, you…[...]

Continue Reading

Posted in Estate Planning | No Comments »

Approximately three-fourths of Americans do not have a basic will. Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents of minor children is the…[...]

Continue Reading

Posted in Wills | No Comments »

Estate planning attorneys are often asked where original estate planning documents—wills, trusts, powers of attorney, and healthcare directives—should be stored for safekeeping. While there is no right or wrong answer to this question, consider the following: Should you store your original estate planning documents in your safe deposit box? Some people believe that the best place to store their original…[...]

Continue Reading

Posted in Estate Planning | No Comments »

Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about challenges to your estate plan, consider the following: 1. Do not attempt do-it-yourself solutions If you are…[...]

Continue Reading

Posted in Trusts, Wills | No Comments »

Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the grantor dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of several additional generations. Because these trusts can be designed to span multiple decades, it is crucial to choose the right succession of…[...]

Continue Reading

Posted in Estate Planning, Trusts | No Comments »

Even if the process is amicable, divorce can be one of life’s most stressful events. With so many major changes taking place, it’s easy to forget to update your estate plan—or simply put it off until it’s too late. After all, dealing with yet another lawyer is probably the last thing you want to do. However, neglecting to update your…[...]

Continue Reading

Posted in Estate Planning, Wills | No Comments »