Estate Planning with Potential Estate Tax Repeal on the Horizon
For those who currently have taxable estates, the burning question is, “What planning should or should not be implemented in light of an expected federal estate tax repeal?”
3 Reasons Why You & Your Spouse Need An Estate Plan
People often say that you only need an estate plan if you have a lot of money and/or a lot of assets. That statement is not necessarily true.
Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
If There is No Last Will and Testament, Who Will Inherit Your Estate?
When it is said that a person has died intestate, it means that they died without leaving a Last Will and Testament. A Last Will and Testament is among the documents we call, “the four must-have legal planning documents.” The other three documents include: Durable Power of Attorney, Health Care Proxy, and Living Will.
The purpose of a Last Will and Testament is to express your wishes and identify who is to receive your property and assets upon your passing. It is imperative to complete a Last Will and Testament if you want to have a say on who receives your assets when you are no longer with us.
The Time to Send Your Gift is NOW!
Are you thinking about giving a gift from your estate? If so, the deadline to give your gift is quickly approaching!
Taxpayers are allowed an annual exclusion amount of $14,000 from gift taxes. If you are considering making a gift as a way of getting assets out of your estate, time is of the essence.
The Role of a Trustee in a Special Needs Trust
Being the trustee of a special needs trust is a very important role as it serves to protect the interests of a beneficiary with special needs. Often, a special needs trust is established so that the beneficiary can have the…
What Will Happen to My Business if I Die? Part 1
When someone owns a business and they pass away, the business does not just stop automatically—even if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid as well.
There is always a lot of turbulence when someone passes away, but if they own a business, it is almost exponentially disruptive and difficult. It is very important for someone who owns a business to think about business succession planning and estate planning for themselves. This is not only for their immediate family, but for their employees and the people they do business with on a regular basis. Otherwise, it can be incredibly time-consuming, expensive, and difficult for actions to be taken properly to continue the business.
How a Memorandum of Intent Benefits Your Loved Ones
As we age, we are taught that it is important to have a will. Some of us recognize the value of having a Durable Power of Attorney, Health Care Proxy, Living Will, and Living Trusts. What happens beyond those items?…
What is the Difference Between Revocable and Irrevocable Trusts?
A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the…
Avoid Probate: Secure Your Estate for Your Loved Ones
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court…
Organizational Apps That Help You Move & More!
Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian.
There are a few smartphone apps that can assist individuals and families to keep track of important documents such as wills or advanced directives (healthcare proxy, etc.). This tool works in conjunction with the app’s ability to catalog the contents of entire homes. This umbrella function helps with ongoing organizational efforts as well as moving assistance.