When you own a family farm or business, you need to be aware of the possibility of estate tax. Estate tax can be assessed upon your death. Unfortunately, in some cases, this tax ends up being very difficult for heirs to pay. Since the value of the business and farm count as part of your estate, the tax bill may be significant due to the value of the business assets and land value. Because most business and farm owners have much of their wealth tied up in these endeavors, … [Read more...] about When Can a Family Business or Family Farm Trigger Estate Tax and What Can You Do About It
Understanding Estate Planning – Selecting a Good Trustee
The process of selecting a good trustee can take some time, but it is time well spent. When individuals or families come to us to talk about creating an estate plan that includes one or more types of trusts, we help them select not only the correct type of trust for their needs, but guide them in selecting the right kind of trustee. There are many options when it comes to selecting a good trustee and knowing what factors to consider as you make your choice is importan Selecting a Good … [Read more...] about Understanding Estate Planning – Selecting a Good Trustee
What is Unnecessary in Estate Planning?
While we have been talking about estate planning tools for a long time, we haven't addressed the difference between what is necessary and what is unnecessary in estate planning. Estate planning tools come in a wide variety of shapes and sizes, and not every tool is right for everyone in every situation. When you create an estate plan, how can you know if the tool is right for you? How can you determine if one of the tools you're considering is unnecessary? Optional: Estate … [Read more...] about What is Unnecessary in Estate Planning?
Basic Estate Planning Questions: What Do I Do If I Just Want Everything Taken Care Of?
A lot of people who have questions about estate planning express a desire to get "everything taken care of." While this is a common sentiment, it can also be a deceptive one. Even if you only want to create the most basic of estate plans to ensure your affairs are taken care of after you die, creating such a plan is not as simple as the question or the desire might lead you to believe. Today we're going to look at what you might need to do if you just want everything taken care of. What … [Read more...] about Basic Estate Planning Questions: What Do I Do If I Just Want Everything Taken Care Of?
Why You and Your Partner Need to Talk about Estate Planning This Year
If you are in a committed romantic relationship and have yet to do so, you and your partner need to talk about estate planning this year. The conversation may not be comfortable or easy, but it is the responsible thing to do. Here are some issues of which you want to be aware when you and your partner talk about estate planning. You and Your Partner Need to Talk about Estate Planning: Emergencies Do you know what will happen to you if your partner is involved in an accident tomorrow? Will … [Read more...] about Why You and Your Partner Need to Talk about Estate Planning This Year
What to do About Sentimental Property in Your Estate Plan
Sentimental property can be difficult to deal with when creating an estate plan. Many people find it much easier to distribute their highly valuable property than they do their items with sentimental value. How do you deal with such property when creating your inheritance or estate plan? Today we are going to take a look at several options you can consider that might help you determine how best to distribute sentimentally valuable property. Sentimental Property Lists It's typically best to … [Read more...] about What to do About Sentimental Property in Your Estate Plan
Understanding Estate Planning – Wills and Living Wills
Wills and living wills serve as key parts of almost every estate plan, but they are not as similar as their names might imply. Every good estate plan will include a variety of tools, each of which is designed to protect you in various ways. Both wills and living wills have specific purposes, and each is an essential part of a comprehensive plan. Even though their names make the documents sound like they are similar, they are not. To help explain the difference between wills and living wills, … [Read more...] about Understanding Estate Planning – Wills and Living Wills
Yes, You Need an Estate Plan in 2016. Here’s Why.
It is never too early to begin estate planning, and 2016 is a great year to realize that you need an estate plan right away. Estate plans are something that every capable adult should have in place, regardless of their age or individual circumstances. Some questions can only be answered through a properly created estate planning device, while other questions may not occur to you until you begin the planning process. If you do not have on already, here is why you need an estate plan in … [Read more...] about Yes, You Need an Estate Plan in 2016. Here’s Why.
2016 Estate Planning Issues
The new year is here, and starting 2016 with your estate plan in good order is always a good idea. While not everyone will need to make estate planning changes or adjustments in 2016, it is a good idea to be aware of changes you might need to make. Sometimes, the slightest change can make a big difference. 2016 Estate Planning Issues - Exemption Adjustment The federal estate tax is an important factor in some estate plans. If it is, people create a … [Read more...] about 2016 Estate Planning Issues
Estate Planning When You’re in a May-December Relationship
A May-December relationship is one in which there is a significant age difference between the partners. In such relationships, planning for future contingencies may be different than it is for couples closer in age. May-December estate plans are not necessarily more complicated than others, but they require looking at certain estate planning situations differently. May-December Relationships and Inheritances A key part of any estate plan is inheritance planning. … [Read more...] about Estate Planning When You’re in a May-December Relationship