Category: Trusts
“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 […]
“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 […]
“Every family has one–or maybe more–black sheep. They’re people who march to their own drum and handing them an inheritance could be problematic.” Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn’t pretty. Concerns may range […]
“My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep, while they were together.” The friend and the girlfriend agreed when they split that she would quitclaim her interest in the house to the friend, in exchange for the amount she contributed to […]
“Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.” Trusts are used to solve problems in estate planning, giving great flexibility in how assets are divided after […]
“Low interest rates and looming potential tax changes make this a good time for high-net-worth clients to use a special tool to transfer wealth: the grantor-retained annuity trust (GRAT), a strategy to reduce future estate taxes, by transferring assets to beneficiaries without using the lifetime gift tax exclusion.” A Grantor-Retained Annuity Trust, or GRAT, is […]
“In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.” Having a well-prepared estate plan means that you have a plan in place to distribute your home, assets and possessions. However, the estate plan does more, […]
“Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?” For a family whose 91-year-old mother lives in her home, has a will and has appointed two sisters as Power of Attorney and executors of her estate, the question […]
“One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.” Heirs who are prepared to inherit wealth, with families who talk about wealth and have an estate plan, will do better […]
“To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.” Asset distribution is how many estate plans begin, but we can create legacies for generations to come through our estate planning, says Kiplinger […]
