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“This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.” Using trusts as part […]
“Losing a loved one isn’t just an emotional burden—it also carries an administrative load. There are flower arrangements to pick, eulogies to write and a stream of paperwork to sort through.” One way to show loved ones that you care is by having an estate plan and communicating your wishes to them clearly, notes the […]
“Seniors are especially at risk during the coronavirus pandemic. The numbers are shocking.” The numbers are frightening, especially for those over 80. By the time seniors with COVID-19 are admitted to the hospital, it’s usually too late to do anything about their legacy. This topic was taken up recently in the article “Tips for protecting […]
“Parents may delay creating an elder law estate plan, because of the in-law issue. Some parents are unfortunately estranged from an adult child, only because of the problematic son-in-law or daughter-in-law.” Let’s say you want to leave everything you own to your children, but you can’t stand and don’t trust their spouses. That might make […]
“It’s never too early to start working on how your things will be handled, once you pass away.” Estate planning is an all-encompassing term that refers to the entire process of gathering and organizing assets and making preparations for when you die, including caring for minor children and heirs. It also includes putting protections into […]
“Certain types of trusts, however, may only be used in very specific situations and a constructive trust is one of them.” Trusts are useful in estate planning to avoid probate or minimize estate taxes. A commonly used trust is a revocable trust, often used to pass on assets to beneficiaries and keep them outside of […]
“U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.” For generations, the tax code has been a public policy tool, used to encourage people to save for retirement and what used to be called “old age.” However, the coronavirus pandemic has created financial […]
“The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.” The least popular beneficiary is almost always the federal government. Most people are concerned that their estate will need to pay taxes and do what […]
“Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.” Some people still think that trusts and estate planning are just for wealthy people. However, that’s simply not true. Many people are good candidates for trusts, […]
“It is also important to realize that it isn’t merely ‘why’ you are updating your will, but ‘when’ you are updating that can make all the difference.” Estate planning lawyers hear it all the time—people meaning to update their will, but somehow never getting around to actually getting it done. The only group larger than […]
