“Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.” An irrevocable trust is mainly used for tax planning, says a recent article from Think Advisor titled “10 Facts to Know About Irrevocable Trusts“. Its key purpose is […]

“Choosing when to file for benefits is a critical decision that will affect your monthly retirement income for the rest of your life.” When it comes to planning for retirement finances, one of the most important decisions concerns when to claim Social Security benefits. There’s no one-size-fits-all answer to the ideal time, but there are […]

“A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.” You might think that the coronavirus pandemic has caused everyone to get their estate planning documents in order, but the 20th annual Transamerica Retirement Survey of Retirees found that 30% of all retirees have nothing prepared—not even a […]

“Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.” Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help families flourish over generations, control […]

“No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.” If two adult children in a blended family receive a lot more financial help from their parent and stepparents than other children, there may be expectations that the parent’s estate […]

Simply put, probate is a legal process for settling debts and distributing assets after a person passes away. There are many myths and misconceptions about the probate process, the most common of which we will dispel here. If the Decedent Had a Will, His or Her Estate Won’t Have to Go Through Probate While a […]

“An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.” The SECURE Act eliminated the life expectancy payout for inherited IRAs for most people, but it also preserved the life expectancy option for five classes of eligible beneficiaries, referred to as “EDBs” in a recent article from Morningstar.com titled […]

“A last will and testament is the foundation of an estate plan, which lets you plan for your estate after you’re gone. However, there are certain things that you might not want to put in your will.” A last will and testament is a straightforward estate planning tool used to determine the beneficiaries of your […]

“When something is tailored to one’s needs, everything can go smoother.” Just as a custom-tailored suit fits better than one off the rack, a custom-tailored estate plan works better for families. Making sure assets pass to the right person is more likely to occur when documents are created just for you, advises the article “Tailoring […]

“Even those with thorough estate plans might have neglected to discuss details with potential heirs.” Congratulations if you have finished your estate plan. You and your estate planning attorney created a plan that is suited for your family, you have checked on beneficiary designations, signed all of the necessary documents and named an executor to […]