Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Insurance might not be the first thing that springs to mind when someone mentions estate planning. We tend to associate estate planning with Wills, Trusts, and taxes more than with declaration pages and policy terms. However, insurance serves two important estate planning functions, and without it, your plan might not be performing to its potential. The core purpose of insurance is to reduce risk, … [Read more...] about Insurance: The Missing Link in Your Estate Plan?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys You've just returned from your estate planning attorney's office with a draft of your new Trust. As you read through the document, the first thing you notice is how long it is. You're not rich or famous. Does it really take pages and pages of legal jargon to accomplish your intentions for your estate? You've seen do-it-yourself Trust kits online, and they look like they're only a few pages long. A short … [Read more...] about Why Your Trust Shouldn’t be Short and Sweet

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys As our population ages, many of us find ourselves in a role we never quite anticipated: we’re serving as caregivers for our elderly parents while still raising children of our own. The emotional burden is one that most of us accept with grace and love. The financial challenges, on the other hand, can be a little harder to overcome. That’s why it’s important to know when you can claim your aging or ill … [Read more...] about Tax Breaks for the Sandwich Generation

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Trusts are an incredibly useful estate planning tool, and they’re becoming ever more popular. But, as Trusts gain popularity, a question comes up more and more often: who pays the income tax on a Trust? It seems like a simple inquiry, but the answer can be hard to pin down. As a matter of fact, sometimes even lawyers don’t know. So, who does pay the income tax on a Trust? Here is the answer, in a … [Read more...] about Trusts and Income Tax: Who Pays?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys The word basis can have a lot of different meanings. When we’re talking about taxes, though, it has one very specific definition. Basis is the yardstick used by the Internal Revenue Service to determine how much tax you pay on an asset when you sell or otherwise dispose of it. Sell property for more than your basis, and you have a gain that might result in a tax bill. Sell property for less than your basis, … [Read more...] about A Quick Guide for Basis

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys What Does It Mean To Be A Trustee? If a family member or friend has chosen you to serve as Trustee of their Living Trust, you’ve been given a great honor. It means they believe you are honest and responsible and they have a great deal of faith in your abilities and your personal integrity. It also means that you have an important, and sometimes complicated, job to do. Basic Duties While no two … [Read more...] about What Does It Mean To Be a Trustee?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys If you have creditors, you should consider which asset protection strategies might be right for you. Asset protection is the shielding of your property from creditors, potential creditors, and others. While most people don’t realize it, the estate planning process includes a number of opportunities for you to use asset protection strategies to protect yourself and your loved ones. Here are four asset … [Read more...] about Avoid These Four Asset Protection Pitfalls

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys A move brings with it a sense of expectation, excitement, and maybe a little trepidation. Whether you’re moving across town or across the country, there are countless plans to be made and there’s a lot of work to be done. Although your Will or Trust might be the last thing on your mind at this busy moment in your life, a move is actually an ideal time to review and update your estate plan. Here are the … [Read more...] about Moving? Don’t Forget to Review Your Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Has your life turned out exactly as you expected? Most of us would answer this question with a resounding “No!” For better or for worse, plans change, surprises arise, and we adapt. Maybe you chose a career that is completely different from the one you envisioned for yourself back in college. Perhaps your children chose very different paths in life than you would have picked for them. Flexibility is … [Read more...] about Expecting the Unexpected

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys John Ober may or may not have thought he was married, but a Montana court certainly believed he was – and the fact that he was married determined what happened to his estate. John Ober and Selma Klein had a long-term live-in relationship which lasted for many years. John proposed to Selma in 1987, but they never applied for a marriage license and never had a marriage ceremony. They kept filing tax … [Read more...] about The Accidental Spouse