As the Baby Boomer Generation retires and eventually dies, the greatest transfer of wealth will occur and according to many sources, it will dwarf any prior wealth transfer. This transfer gives those anticipated to inherit the wealth a great opportunity to open the lines of communication with their families to plan for the shift that has already started. Read on to learn more. … [Read more...] about Gen X – This One’s for You (Really Every Generation Should Read This)
For retirement-focused individuals, the individual retirement account (IRA) serves as a key strategy. These accounts provide an invaluable pool of resources during retirement. However, there may be instances when you don't need immediate access to these funds. In such cases, your IRA can form a crucial part of your estate plan. This article elaborates on important aspects of IRA inheritance planning, focusing on the two popular types of accounts: traditional and Roth IRAs. Unpacking … [Read more...] about Understanding IRA Inheritance Planning: Key Considerations
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson – Part II
Estate planning is a pivotal process that ensures the seamless transition of wealth and assets to the next generations. Irrevocable trusts have grown increasingly popular within estate planning for their ability to safeguard assets and limit tax liabilities. Nevertheless, changes in circumstances or evolving legal conditions may warrant adjustments to these seemingly unalterable trusts. Here's where "decanting" steps in. Decanting is a process empowering trustees to shift assets from one … [Read more...] about Irrevocable Trust Decanting Provides Flexibility
Clients create Estate Plans to work in a certain way. They raise their concerns with the drafting attorney and a qualified Estate Planning attorney includes safeguards to ensure that the plan works as intended and desired yet contains provisions flexible enough to change if circumstances require a change. Almost all of us have read or heard of cases in which the plan did not work as intended and litigation ensured. In fact, we often read about them in the news. The Diller v. Richardson case … [Read more...] about What We Can All Learn from Diller v. Richardson
When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the death of the grantor without estate tax … [Read more...] about 529 Plans – The “Holy Grail” of Estate Planning
About one-third of American adults have estate plans in place according to recent studies. Many people that don’t have plans have been frozen with inaction because they don’t know where to begin. With this in mind, let’s look at an outline to give you a starting point. Inventory Your Assets and Make Projections First, you want to take stock of the estate that you will be able to pass along to your loved ones. Granted, this can be an imperfect science when you cannot accurately predict your … [Read more...] about Estate Planning In Four Simple Steps
The federal estate tax looms large because it carries a heavy hitting 40 percent maximum rate. That’s the bad news, but there is some corresponding good news to go along with it. A small percentage of people actually have to pay the tax, because there is a robust credit or exclusion. It has been increased for 2023 due to inflation and we will provide that figure, but first, we will share some general information about this tax. Exclusion Changes The exclusion has changed dramatically … [Read more...] about How Much Will My Family Pay in Estate Taxes?
Many Estate Planning attorneys have fielded a question regarding whether an Estate Plan was necessary, or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...] about The Wonder of Wills
A revocable living trust is a flexible estate planning tool that allows individuals to maintain control over their assets during their lifetime while providing for the seamless transfer of those assets to beneficiaries upon their death. However, circumstances may change, and individuals may need to modify or amend their revocable living trust to accommodate new situations or preferences. In this response, we will explore the process of changing a revocable living trust and how it can be done … [Read more...] about How Can You Change a Revocable Living Trust?