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 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
Life insurance is often an integral part of an estate plan. By acquiring life insurance coverage, you can provide liquidity when your family might need it the most, particularly if you’re relatively young. The policy’s...more
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional...more
Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more
Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will?
We are pleased to present the...more
10/1/2019
/ Adult Children ,
Dependents ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Letter of Instructions ,
Life Insurance ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Transfer of Assets ,
Trusts ,
Wills
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
A revocable living trust is often used to complement a will. Assets transferred to the trust generally don’t have to go through the probate process, which can be time-consuming and expensive. They’re also generally protected...more
Despite what one might think, estate planning isn’t limited to only the rich and famous. Previously, avoiding or minimizing federal estate tax liability was a primary motivation for creating an estate plan. But with a...more
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
If a person owns a business with one or more individuals, drafting a buy-sell agreement is smart estate planning, as the business interests likely represent a substantial part of his or her estate. This article explores the...more
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
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
4/2/2018
/ Closely Held Businesses ,
Creditors ,
Elder Care ,
Elder Issues ,
ESOP ,
Estate Planning ,
Family Businesses ,
Liability Insurance ,
Life Insurance ,
Long Term Care Facilities ,
Nursing Homes ,
Popular ,
Retirement Funds ,
Transfer of Assets ,
Trust Assets ,
Trusts
Frequently, heirs of successful entrepreneurs are forced to sell off business interests at “fire sale” prices to help pay federal estate taxes. To alleviate the tax strain, Internal Revenue Code Section 6166 allows heirs to...more
A “blended family” is more than just a staple of TV sitcoms. Today, it’s not unusual for a household to include children and even grandchildren from prior marriages, as well as adopted family members or same-sex couples....more
Today, the federal gift and estate tax exemption stands at $5.45 million, so fewer families are facing estate tax liability. This begs the question: Can life insurance continue to play an important role in estate planning?...more
Portability is a thoroughly modern estate tax break -
Computers and phones aren’t the only things that are portable today. The gift and estate tax exemption is also “portable” for married couples. Portability simplifies...more
Nothing can throw a monkey wrench into an estate plan like incurring long-term care (LTC) expenses. An LTC insurance policy can offset these costs, but the premiums can be expensive. One potential source for funding LTC...more
Planning an estate around specific assets is risky and, in most cases, should be avoided. If specific assets — such as homes, cars or stock — are left to specific people, they may end up being disinherited. This article...more
Inattention to beneficiary designations and jointly held assets can quickly unravel an estate plan. Many don’t realize that their will doesn’t control the disposition of “nonprobate assets,” such as life insurance policies,...more