One of the things you have to be aware of when you are planning your estate is the threat of asset erosion due to the estate tax. Some people assume that they can simply give away their assets as gifts before they pass away to avoid the estate tax, but there is a gift tax in place with a rate that mirrors the estate tax. There is a $5 million gift tax exemption, but because the gift and the estate taxes are unified the exemption is unified. As a result, if you used your $5 million exemption … [Read more...] about GRAT Can Enable Tax-Efficient Giving
Estate Planning for Beginners: 9 FAQ (part one)
Your estate planning attorney welcomes your questions. And while he is not trying to turn you into an estate planning expert, he knows that you will feel more comfortable with your estate plan if you have your questions answered. To this end, we are providing the answers to five frequently asked questions. Please see “Estate Planning for Beginners: 9 FAQ (part two) for the answers to more questions. 1. What is probate? Probate the court process by which the court determines the validity … [Read more...] about Estate Planning for Beginners: 9 FAQ (part one)
The Risks Associated with NOT Having a Power of Attorney
A financial power of attorney or power of attorney for healthcare can be an extremely beneficial addition to your estate plan. Both of these documents can make a big difference in your life, if you’re ever unable to make your own decisions. Not having a power of attorney has risks. Take a look at some of the information below to learn more about the importance of a power of attorney. If you become incapacitated risks are realized: Without a financial power of attorney, your family will … [Read more...] about The Risks Associated with NOT Having a Power of Attorney
Choosing The Right Representatives
People who are planning for the future have a lot of important decisions to make, and if you are going to use a last will to transfer your assets one of these decisions will involve the selection of an executor or personal representative. Stating your wishes in writing is one thing, but there are hands-on tasks involved in carrying them out. This is the job of the executor. Some people think about the role of executor as someone who breaks the news to the family regarding the wishes of the … [Read more...] about Choosing The Right Representatives
What a Will Can and Can’t Do
A will is an important estate planning document. Before creating a will, it’s important to take the time to understand what a will can and can’t do. To learn more about how a will can help you achieve your estate planning goals, take a look at some of the facts below. If you want to create a will, meet with an estate planning attorney. What can a will do? Creating a will allows you to name an executor who will be responsible for handling your estate’s affairs. This includes gathering, … [Read more...] about What a Will Can and Can’t Do
No Estate Plan? What if You Were to Die Tomorrow?
Without an estate plan, you may be unprepared! What if you were to die tomorrow? That question probably got your attention. While it can be upsetting to think about difficult questions regarding death, disability, and illness, these questions can help you to realize your estate plan’s importance. Ask yourself the following questions! If you’re ready to take the leap by creating your estate plan, meet with an attorney as soon as possible. Do you have specific wishes for the future? What … [Read more...] about No Estate Plan? What if You Were to Die Tomorrow?
Estate Planning Tips for Parents with Young Children (Part 2 of 2)
Parents with young children need to take extra care to make sure that they have an effective estate plan in place. This will ensure that their children are always protected. Our previous blog entry discussed some important planning tips for parents. We’ve taken the time to compile additional tips. If you have any questions about the below information, or if you’d like to begin your planning, meet with an estate planning attorney. Discuss your planning with your loved ones. It’s a good idea … [Read more...] about Estate Planning Tips for Parents with Young Children (Part 2 of 2)
Estate Planning Tips for Parents with Young Children (Part 1 of 2)
Many parents with young children don’t understand the full importance of estate planning. An estate plan not only protects you and your assets, but it can also serve as a way to protect your children. There are certain estate planning steps to follow in order to make your plan effective and allow you to make sure that your children are always cared for. Take a look at some of the tips below. If you have any questions, meet with an attorney. Cerate a will and designate a guardian. While … [Read more...] about Estate Planning Tips for Parents with Young Children (Part 1 of 2)
How to Choose Trusted Helpers for Your Estate Plan
While taking the time to create your estate plan, you will have to carefully decide on trusted helpers. These helpers have different responsibilities and each will help you either during your lifetime or after your death. If you’re having trouble deciding on trusted helpers for your estate plan, take a look at some of the tips below. If you have additional questions or if you want to create an estate plan, meet with an estate planning attorney. Choosing a trustee or executor When choosing a … [Read more...] about How to Choose Trusted Helpers for Your Estate Plan
15 Ways Estate Planning Avoids Family Feuds
Good estate planning can go a long way in avoiding family feuds. Love, money, family heirlooms, grief, anger, disability, and death, when combined, pose disaster for the best of families. Here are 15 ways that you can use estate planning to avoid family feuds. Work with a qualified estate planning attorney. Disclose family dynamics to your estate planning attorney. Put your wishes in writing. Let your family know that you’ve done estate planning. Ask those you’d like to name as trusted … [Read more...] about 15 Ways Estate Planning Avoids Family Feuds
