When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. September usually brings the start of a … [Read more...] about The Sky Isn’t Falling
Legal Education
Tax Planning for 2022
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. As 2021 ends and the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2021 held plenty of events: a coronavirus vaccine, new coronavirus variants, a new President, etc., it was a relatively quiet year for legislative … [Read more...] about Tax Planning for 2022
Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. There’s an oft-cited, paraphrased quote attributed to George Bernard Shaw: “Youth is wasted on the young.” In many ways it’s true. When we are young, we rarely appreciate the beautiful gift of youth. We waste our talents and time on unworthy endeavors, at least most of us. There are a select few on whom youth is not wasted. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. As the world moves toward increased reliance on all things digital, it’s only natural that this has included digital currency, otherwise known as cryptocurrency (“crypto”). You can use … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
How Using Specific Bequests Could Cost Beneficiaries their Inheritance
Parents often decide to leave one child a specific asset and provide an equalizing cash bequest to the other. This article explores how specific bequests may provide unintended results. Sometimes even the best-laid plans do not work out. Most everyone has certain goals in mind for their estate plan, including detailed disposition of their assets upon death. Often, these goals reflect long-standing plans to reward a beneficiary for their devotion to the business or even to follow through … [Read more...] about How Using Specific Bequests Could Cost Beneficiaries their Inheritance
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. With age comes wisdom and often, vulnerability. While aging is inevitable, it’s often hard to face as previously routine tasks become more difficult or require the assistance of another. Suddenly, keeping up with the latest technology overwhelms an individual who abandons the project in frustration. Minds become … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Changing “Irrevocable” Trusts Through Use of a Trust Protector
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. This third and final part of a three-part series discusses changes to an irrevocable trust using a … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
Tax Reporting with Trusts
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? This is the second in a three-part series on the taxation of trusts. The first part reviewed how a trust can be “substantially owned” by someone, i.e., what is commonly known among Estate Planning or … [Read more...] about Tax Reporting with Trusts
Estate Planning Reduces Stress During High Anxiety Times
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
Changing “Irrevocable” Trusts Through Decanting
Irrevocable Trusts are often included as part of a comprehensive estate plan and are usually established many years before they pay out or terminate. These trusts didn’t change with changes in beneficiary circumstances or with evolving legislation, but now they can. This article explores how. This second part of a three-part series discusses changes to irrevocable trusts using decanting. The first part explored Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modifications, … [Read more...] about Changing “Irrevocable” Trusts Through Decanting
