The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks in case of bank failure. The Banking Act of 1933 established the agency to restore public confidence in banks. As of 2023, the FDIC insures deposits up to $250,000. Most trust funds have bank accounts insured by FDIC. However,…
Many of our hard-working clients want to pass on their wealth to family members. Nonetheless, individuals with a high net worth must consider potential gift and estate tax implications when gift giving. By creating a thorough estate plan, we can effectively tackle these worries. These trusts can help distribute assets in a tax-efficient manner. Grantor…
Many Americans pass away without a will, which is called dying intestate. In this circumstance, what they have left behind is distributed during intestate succession. Rather than decide who they want their assets to go to, the state decides. In most states, the decedent’s closest family members will receive what they left behind, which many…
When establishing a trust, choosing your successor trustee is one of the most crucial choices you will need to make. You can act as the trustee if your trust is a revocable living trust. However, you must name a successor trustee. The successor trustee will manage the trust on your behalf in the event of…
As a parent, you want to protect your child’s future, but have you ever pondered what might happen if you could not be a part of it? This contemplation can be a sad one for anyone. Nevertheless, by proactively putting a plan in place, you can find solace in knowing that if the unexpected occurs,…
The passing of a family member presents challenges on multiple fronts. In addition to grieving, practical responsibilities need attention. For example, their accounts must be settled, including utilities, insurance, memberships, digital subscriptions, and other recurring payment programs. Resolving these accounts aids in preventing avoidable fees and safeguards against identity theft. Your initial step should be…
When you pass away, estate planning facilitates the transfer of wealth to your loved ones. Therefore, estate planning involves preparing various legal documents to ensure your wishes are carried out effectively. However, there is some personal information that we recommend an estate plan should not include: Social Security Numbers You do not need to provide…
By Nate Loftin, Esq. Aretha Franklin, the legendary Queen of Soul, left behind a legacy that will forever be remembered. But what many people didn’t expect was the discovery of her last will and testament hidden in a most unexpected place – her couch! Yes, you read that right. It seems even icons like Aretha…