The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more
There’s no question that creating an estate plan can be a major undertaking. But finally putting all the pieces of your plan together can bring peace of mind. However, it’s beneficial to take the next step and talk to your...more
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples...more
There’s a good chance that your estate plan includes a revocable trust — sometimes known as a “living trust.” This type of trust can help your estate avoid probate, guard your privacy and provide protection in the event...more
Suppose you want to make a change to your will. It could be something relatively minor, such as a beneficiary is getting married and will be changing her last name. Or your daughter graduated from college and you want to name...more
You might have several goals you’d like your estate plan to achieve. They may include giving to your favorite charity and leaving a significant amount to your loved ones under favorable tax terms. One estate planning...more
If you own your principal residence, you may be able to benefit from its build-up in equity, realize current tax breaks and pocket a sizeable tax-exempt gain when you sell it. What’s more, from an estate planning perspective,...more
10/6/2023
/ Beneficiaries ,
Equity ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Income Taxes ,
Irrevocable Trusts ,
IRS ,
Qualified Personal Residence Trust ,
Tax Exemptions ,
Tax Incentives ,
Trustees
Estate planning has a language of its own. While you may be familiar with common terms such as a will, a trust or an executor, you may not be as certain about others. For quick reference, here’s a glossary of terms you’re...more
Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more
5/3/2023
/ Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Retirement Plan ,
Spouses ,
Trusts ,
Wills
Your will is designed to provide for the disposition of your possessions and tie up any loose ends in your estate. To accomplish these goals, you may include specific bequests to named beneficiaries. For example, you might...more
If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that apply regardless of the terms of your estate plan. These...more
You’ve likely spent most of your adult life accumulating wealth that you intend to eventually pass on to your loved ones. But are you concerned that the beneficiaries of your estate might squander their inheritance?...more
Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the...more
Estate planning can be complicated enough when you don’t have a spouse. But things can get even trickier for married couples. Although you and your spouse may have agreed on most major issues in the past — such as child...more
Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more
If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is...more
To paraphrase Mark Twain, the reported demise of the bypass trust may be greatly exaggerated. In fact, this estate planning technique is still a viable option for many individuals and may actually stage a “revival” in future...more
During times of economic and tax law uncertainty, the more flexible your estate plan, the better. As some parts of the country are rebounding economically from effects of the COVID-19 pandemic, other areas continue to...more
It’s generally not enough to appoint an executor to handle your estate after your death or name a trustee to administer a trust. Choosing qualified people to fulfill these duties requires forethought and in-depth analysis,...more
You may spell out specific bequests in your will, such as giving your grandchild your prized collectibles or dividing up jewelry among nieces, nephews and other family members. But what about the rest of the “stuff” that’s...more
If you’re a business owner, you’ve likely worked long and hard to achieve your goals. It would be a shame if creditors were able to reach your assets before you’ve transferred wealth to the younger generation. Fortunately,...more
11/2/2021
/ Asset Protection ,
Beneficiaries ,
Business Ownership ,
C-Corporation ,
Creditors ,
Estate Planning ,
Family Limited Partnerships ,
Irrevocable Trusts ,
Limited Liability Company (LLC) ,
S-Corporation ,
Wealth Management
A family with a disabled child faces difficult planning challenges. For many years, the most effective estate and financial planning tool for parents of a disabled child was a special needs trust (SNT). This trust type...more
Let’s assume you have a legally valid will but you’ve decided that it should be revised because of a change in your family’s circumstances. Perhaps all you want to do is add a newborn grandchild to the list of beneficiaries...more
The best laid plans can go awry. Consider the estate plan you may have carefully crafted by taking into account the needs of your family members. After you’re gone, events may transpire that you hadn’t anticipated or couldn’t...more
Generally, estate planning advisors recommend that you be upfront with family members about how you plan to divide your assets. For example, you might hold a family meeting or write a letter to accompany your will. However,...more