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Estate Planning Pitfall - You haven’t transferred ownership of a life insurance policy to a trust

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more

Preparing a parent for a nursing home

If an elderly parent or other relative who lives alone is experiencing difficulty with daily living activities, it may be time to make the difficult decision to move him or her to a nursing home. This article examines the...more

Are your assets protected from creditors?

One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more

Insight on Estate Planning - April/May 2018

In This Issue: - Estate planning for your business: Use an ESOP to properly address your closely held company - Are your assets protected from creditors? - Preparing a parent for a nursing home - ESTATE PLANNING...more

Estate Planning Pitfall: You haven’t planned for long-term care

The current costs of long-term care would give anyone pause. If one doesn’t properly plan for these costs, an entire life’s fortune can be wiped out in a relatively short period of time. This brief article details planning...more

All in the family: Transferring your vacation home

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If one plunges ahead...more

Estate planning for your business: Use an ESOP to properly address your closely held company

If a substantial portion of one’s net worth is tied up in his or her closely held business, it’s critical to have an exit strategy. This article explains why an employee stock ownership plan is one tool that offers a...more

Sudden impact: When a spouse unexpectedly dies

It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more

Insight on Estate Planning - February/March 2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Estate Planning Pitfall - You’re retiring to a foreign country

If plans call to relocate to another country after retirement, be aware that they may be tarnished if a person doesn’t look into all potential estate tax and income tax implications first. This brief article explores three...more

Year end is an ideal time to review your estate plan

As of this writing, it’s still anybody’s guess as to whether Congress will enact major tax reform legislation affecting federal gift and estate taxes. This situation casts a large shadow over estate planning at the end of...more

Addressing intellectual property requires careful estate planning

Intellectual property (IP), such as copyrights and patents, can hold enormous value. Whether IP rights are a significant source of wealth or only a small fraction of an estate, it’s critical that it be properly addressed in...more

When should you turn down an inheritance?

If a person expects to receive an inheritance from a family member, he or she might choose to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass their estate and go directly to the next...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...more

Estate Planning Pitfall - You chose your executor too hastily

Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the executor for your estate, the “wrong call” can cost your...more

ABLE accounts benefit disabled family members

For families with disabled loved ones who are potentially eligible for means-tested government benefits such as Medicaid or Supplemental Security Income, estate planning can be a challenge. One potential tool is to open a...more

Planning ahead after a divorce

For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more

Social Security benefits: When is the right time to begin receiving payments?

For those nearing the age when they can begin receiving Social Security benefits, it’s important to understand how the timing of applying for benefits can affect monthly payments. This article explains what factors to...more

Insight on Estate Planning - October/November 2017

In This Issue: - Social Security benefits When is the right time to begin receiving payments? - Planning ahead after a divorce - ABLE accounts benefit disabled family members - Estate planning pitfall: You chose...more

Estate Planning Pitfall: You die without having drafted a will

Where there’s a will, there’s a way — a way to pass assets to heirs in the manner in which a person wants. However, if an individual dies without a will, assets will be distributed according to state law, regardless of the...more

Would a spendthrift trust help achieve your estate planning goals?

A person doesn’t have to hold onto assets until the day he or she dies with the hope that heirs will change their ways by that time. Instead, consider using a spendthrift trust that can provide protection, regardless of how...more

A 529 plan can benefit your estate plan

As summer vacations wind down and thoughts turn back to school activities, people might find themselves reviewing their finances and considering the options for funding their children’s (or grandchildren’s) college...more

An uncertain tax climate: An estate tax repeal might result in negative tax consequences for some families

It’s clear that tax reform is a high priority for the Trump administration and Republican leaders in Congress. In particular, the federal estate tax remains a prime target of some lawmakers. One possible scenario is that this...more

Insight on Estate Planning - August/September 2017

In This Issue: - An uncertain tax climate: An estate tax repeal might result in negative tax consequences for some families - A 529 plan can benefit your estate plan - Would a spendthrift trust help achieve your...more

Estate Planning Pitfall - You haven’t coordinated your health care directives

The best-laid plans can go astray. For estate planning purposes, the main complication as a person grows older may be the condition of his or her health. This brief article details two health care directives and explains why...more

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