A well-crafted estate plan safeguards your loved ones and preserves your legacy. You can establish an estate plan anytime; the sooner you start, the greater your peace of mind. Remember, your initial estate plan isn’t set in stone; it can evolve with life changes. Let’s explore some common estate plan adjustments we frequently encounter in…
Most people understand that estate plans address what happens after a person passes away. But what about in situations where they are alive but incapacitated? Without proper planning for incapacitation, many families turn to the court to figure out how to manage a loved one’s affair. Regardless of age or wealth, having a comprehensive estate…
June’s newsletter delves into all things life insurance. This critical yet often misunderstood aspect of financial planning can help secure your family’s future. In the newsletter, we explore innovative life insurance applications, from funding trusts for dependents to covering estate taxes and debts. We’ll also discuss the importance of naming the right beneficiaries and ensuring…
The Wall Street Journal (Ashlea Ebeling) 06.01.24, published the article “The Brady Bunch Breaks Down: Estate Fights Tear Stepfamilies Apart.” The article provides real-life examples of blended families facing legal battles and discord due to poor estate planning. However, it also highlights success stories where thoughtful estate planning preserved family legacies. Estate planning for blended…
The IRS imposes a gift or estate tax on the transfer of money or property from one individual to another, with certain exceptions. One exception that we’d like to delve into is the self-canceling installment note (SCIN). It is a promissory note used to transfer valuable accounts and property between individuals. However, the note includes…
Estate planning can be a sensitive subject, but the experiences of iconic figures like Gloria Vanderbilt, Aretha Franklin, and Lucille Ball offer valuable estate planning lessons. This month’s newsletter explores their practices and pitfalls to gain insights into the importance of clear, strategic planning. Gloria Vanderbilt: No Trust Fund As baby boomers prepare to pass…
Many individuals choose to incorporate a charitable bequest into their estate plan. For some, this decision stems from a deep sense of altruism; for others, the drive is the significant financial advantage. Yet, for the vast majority of donors, the charity they leave behind represents a harmonious blend of both motivations. Including charitable donations in…
In this month’s newsletter, we provide a comprehensive understanding of the Generation-Skipping Transfer Tax and its implications. With each transfer of wealth, federal estate taxes are collected. Typically, money goes from spouses to children, then grandchildren, and so on, with taxes collected each time. Wealthy families discovered they could avoid estate taxes by giving money…