Surprising to most people, the federal estate tax is a voluntary tax. Estate planning attorneys used to say, “You only pay if you don’t plan.” Now, portability of the federal estate tax exclusion provides both an alternative and a back up plan to lifetime tax planning. This means you might be able to minimize or even eliminate federal estate taxes …
Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup!
Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then getting one in place should be at the top of your to-do list. Why? Because without an estate plan, you and your property …
The Importance of a Successor Trustee
An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and enjoy your accounts and property …
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits Many people believe that once they set up a Revocable Living Trust and transfer assets into the trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few trusts protect assets owned by the person who created the trust. No …
Strategies for Your Charitable Planning
There are many reasons why you may want to give to a charity: You may give because you believe strongly in a cause or organization, but it can also reduce your yearly income tax bill and remove value from your overall estate. If you are considering making a donation, but are unsure of how to proceed, we are here to …
Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests
A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is an important financial and estate planning tool, but without certain protections in place, there …
3 Asset Protection Tips You Can Use Now
A common misconception is that only wealthy families and people in high risk professions need to have an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances. What Exactly Is Asset Protection Planning? Asset protection planning is …
HIPAA: An Overview for Young Adults
The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and privacy. For minors, this is a non-issue because parents, as legal guardians, have access to their children’s medical information and are the ones making most of the medical decisions, as well as paying the expenses. …
It’s Planning Season
For each season, there is planning that you must do on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents …
Three Legal Things to Do After a Scary Health Diagnosis
A scary health diagnosis can be emotionally and logistically challenging for many reasons. For instance, how can you take care of your family if you’re physically incapacitated? In addition to working closely with your medical providers, consider these three legal tips: Check your estate plan with your attorney to make sure it is up to date. Do you count yourself …
Choosing a Gift to Give to a Charity
If you are considering making a donation to a public charity, you are not limited to donating cash. Depending upon your financial situation, giving objectives, and the needs of the charitable organization, certain accounts or pieces of property may be better suited for donation to the charity. Cash Writing a check to your favorite charity is the fastest and easiest …
10 Types of Trusts: A Quick Look
Considering the myriad of trusts available, creating the right estate plan can seem daunting. However, that is what we, as estate planning attorneys, do every day. We know the laws and will design a plan which addresses your specific situation. Here is a look at the basics of ten common trusts to provide you with a general understanding of the …