Everything You Need to Know About Beneficiary Designations
Revocable trusts - Don’t forget to fund the trust throughout your lifetime - Many estate plans are built around revocable trusts (sometimes called “living trusts”). These trusts allow you to 1) avoid the time, expense...more
Isn’t it interesting that success is built into business succession. Still, most US companies do not have a business succession plan in place. What is business succession planning and how does it enhance your own success and...more
Trusts come in many variations, rendering them often difficult for non-attorneys to follow and comprehend. Indeed, this variation can often be seen in the nomenclature used for trust arrangements, which includes terms such...more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
In the next webinar in our Estate Planning 101 series, wealth preservation attorney Whitney Patience O’Reilly will discuss the basics of trusts. She will review the differences between revocable and irrevocable trusts and...more
During COVID, many of us are balancing working remotely while caring for our children. This autumn, most of our children are returning to part-time or all remote school. We are using our residences as a home, office, and...more
This is a surrealistic time for most of us, but we will come out on the “other side” and we still need to plan for the future. We should continue to take at least basic steps to plan our estates, like preparing wills and/or...more
Yes, sometimes your estate plan can be changed AFTER you die to alter bequests made in Wills and Revocable Trusts. (For ease, “will” is used throughout this article.) This is done to change ownership of assets and/or to...more
Clients and Friends: We at Proskauer wish you health and safety during these tumultuous times. It is our hope that you are handling this new reality with as much normalcy as is possible. We are sending you this...more
Q: What is estate planning? Johanna Wise Sullivan: Estate planning entails planning for the care of your family and your assets in the event of your death or incapacity as efficiently and seamlessly as possible. This includes...more
The "Setting Every Community Up for Retirement Enhancement Act of 2019" ("SECURE Act"), which Congress passed at the end of 2019, included changes that may significantly affect how your retirement accounts fit into your...more
Blank Rome’s annual estate and tax planning newsletter addresses certain concepts and techniques that should be considered in 2020 by our clients and friends in California. Perhaps the most important and troublesome...more
If you are getting divorced, you may find that your marital assets include interests in one or more trusts. It could be that you and your spouse established the trusts during your lifetime, or perhaps a family member created...more
As estate planners, we have seen it all over the years. What we have learned is that people make some common mistakes. Whether due to procrastination, lack of follow through, or ignoring their own mortality! This article...more
A “Grantor Trust” is a trust you create during your life that you own for income tax purposes. This means that the trust is not a separate taxpayer from you. The income, losses, deductions, and credits of the Grantor Trust...more
Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2019 by our clients and friends. 1. Transfer Taxes. The major changes made in 2010 in...more
In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more