Estate Planning for Blended Families
Estate planning for blended families can be very tricky. Even when there is a simple family dynamic, creating an estate plan can involve intricate planning. After all, beneficiary designations on accounts and joint ownership of assets can all trump a Will. Accordingly, in this post, I will explore some of the specific problems Blended Families […]
Using Debt as a Tool in Estate Planning
The practice of estate planning is more than just the preparation of Wills, Trusts, Powers of Attorney, and Living Wills. We also consult with many clients regarding how to structure their wealth. This could include how to manage debt and use debt as a tool in estate planning.
Basics of Life Insurance Trusts
Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]
Durable POA or a Traditional POA
A Power of Attorney (“POA”) is a very useful and inexpensive document to obtain. If you do not have a POA, in order for your spouse or loved ones to make financial decisions for you, they must institute a guardianship proceeding.
Name TOD Beneficiaries on an Account or Transfer it to a Trust
One of the most common questions I get as an estate planning attorney is whether clients should name TOD beneficiaries on an account or transfer it a Trust. A TOD beneficiary designation means “Transfer on Death”. Some financial institutions also call this a POD designation (or “Pay on Death”). Usually the people who name TOD […]
Reasons to Create a Will
There are many reasons to create a Will. Overall, it makes it must easier and cheaper to handle your affairs after you pass away. Here are some specific reasons for a Will: General Benefits of Having a Will It ensures a clear WRITTEN clear plan for the distribution of assets after your death. Provides proof of […]
A Guide to Trusts for Children
When clients meet with an estate planning attorney, one of the biggest concerns that people have is that they do not want their children to receive too much money too early. Accordingly, they want to set up a trust for their children. This is true even if the children do not have special needs or […]
Supreme Court Limits States’ Ability to Tax Trust Income
On June 21, 2019, the Supreme Court unanimously agreed to limit States’ ability to tax trust income. Justice Sotomayor delivered the opinion for the case, entitled North Carolina Dept. of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. In the Kaestner Trust case, Joseph Lee Rice III had set up a trust in New York […]
Florida Electronic Wills Soon To Be Legal
According to the Wills, Trusts & Estates Prof Blog, Florida has enacted a new law authorizing the use of Electronic Wills effective January 1, 2020. Florida is the fourth state to authorize the creation and storage of digital Wills. However, in my opinion, there is still a lot of uncertainty surrounding the use of such […]