If you come across an estate planning term you’re unfamiliar with, consult this handy glossary.
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As our lives become increasingly digital, estate planning must evolve to keep pace. Here are answers to a few common questions about estate planning for your digital assets.
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Pairing a charitable remainder trust and a wealth replacement trust can help you achieve two estate planning goals: philanthropy and leaving a legacy.
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The variety of benefits a family limited partnership offers may be enough to offset the fact that it can often be more complex to set up and operate than other estate planning tools.
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If during your lifetime you’ve invented something and had it patented or created a copyrighted work, your estate may include intellectual property (IP). This can be a valuable intangible asset that your estate plan must address.
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Many people are surprised to learn that they can be required to file a federal gift tax return even when no gift tax is owed. Here are the rules.
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Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.
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If you haven’t recently reviewed your estate plan, there may be multiple reasons to do so now.
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Decanting can breathe new life into an irrevocable trust.
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If you own real estate in multiple states, consider using a revocable trust to make it easier for your beneficiaries.
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Gift-splitting can be a valuable estate planning tool, allowing spouses to maximize the amount of wealth they can transfer tax-free.
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A Crummey trust provides a limited withdrawal right for beneficiaries, while periodic contributions qualify for the gift tax annual exclusion.
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Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself.
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Before deciding to own an asset jointly with your adult child, consider these pitfalls.
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The benefits of using a living trust are many. Pairing it with a pour-over will can help wrangle any loose assets that you purposely (or inadvertently) didn’t transfer to the living trust.
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Have you made your end-of-life arrangements and incorporated them into your overall estate plan?
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As a spouse and parent, you have the challenge of ensuring your spouse is provided for after your death while making certain there are assets left for your children’s inheritances. A qualified terminable interest proper (QTIP) trust may be the answer.
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Don’t miss an opportunity to claim charitable deductions when making charitable gifts. The key is understanding the IRS’s substantiation rules.
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Are you paying proper attention to beneficiary designations for your retirement accounts, life insurance policies, and other “non-probate” assets? Failing to do so can result in unintentional asset distributions or legal disputes.
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Is an irrevocable life insurance trust right for you?
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