Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
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How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified counsel upon the death of the first spouse to ensure that the trust administration runs smoothly. A recent Michigan case highlights what happens when the surviving spouse fails to do that or simply ignores the terms of the trust altogether. Read on to learn more. … [Read more...] about The Joy in Joint Trusts
Planning for the International Client
As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property. Read on to learn more. … [Read more...] about Planning for the International Client
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan … [Read more...] about Show Your Love by Creating an Estate Plan
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Building Flexibility into Your Plan
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more. … [Read more...] about Using Entities in Estate Planning
