Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
The pandemic has been difficult for many of us, including some Estate Planning attorneys. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
The process of estate planning can seem overwhelming to a layperson, and admittedly, there are some intricacies that enter the picture. This being stated, there are essentially four boxes to check when you plan your estate, and we will look at them here. Asset Transfer Vehicle When you plan your estate, you have to facilitate postmortem transfers to your heirs. A simple will is an option, but it will not be the right choice unless the situation is stripped-down and very … [Read more...] about Cover These Four Estate Planning Bases
The federal estate tax looms large for high net worth individuals because it carries a very hefty 40 percent rate. It is imposed on the portion of an estate that exceeds the amount of the exclusion, and in 2021, the federal estate tax exclusion is $11.7 million. You do not have to be concerned about paying the tax on transfers to your spouse, because there is an unlimited marital deduction. This gives you the ability to transfer any amount of property to your spouse tax-free, but there is one … [Read more...] about Can You Give Gifts to Avoid Estate Taxes?
If you have someone in the family that is a poor money manager, you may have serious reservations when you are devising your estate plan. This individual may burn through their inheritance quickly and be left with nowhere to turn in the future, and this can definitely be a cause for concern. Fortunately, they are steps you can take to protect a spendthrift heir, and we will look at a commonly embraced solution in this post. Revocable Living Trust Under these circumstances, you can establish … [Read more...] about How Can You Protect a Spendthrift Heir?
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic