What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. by Steve Hartnett Trusts are very useful, flexible tools to hold assets. They allow for management of assets during your life, upon your incapacity, and for the continued management of the assets after your death. Perhaps you’d continue to hold the assets in trust until your children reach a suitable age to manage the money for themselves, … [Read more...] about Dynasty Trusts
Estate Planning
Testamentary Trust vs. Living Trust: What’s the Difference?
You may use different types of trusts as part of your estate plan to satisfy various objectives. It may be hard for a layperson to sort it all out, so it is our job to provide understandable explanations. With this in mind, we will take a look at two commonly used trusts that can be beneficial even if you are not a multimillionaire. Revocable Living Trust The revocable living trust is a very effective estate planning tool and an ideal alternative to a simple will. One of the reasons people … [Read more...] about Testamentary Trust vs. Living Trust: What’s the Difference?
Joint Tenancy Problems in Estate Planning
by Steve Hartnett Sometimes people use Joint Tenancy as a simple way to do Estate Planning. This can have drawbacks, sometimes serious and unexpected. First, why is Joint Tenancy a simple way to do Estate Planning? At the death of a joint tenant, the property automatically transfers by operation of law to the remaining joint tenant(s). This can be attractive because it bypasses the probate process and all it entails. Probate is the process that moves property titled in the name of … [Read more...] about Joint Tenancy Problems in Estate Planning
Biden Administration Could Reduce Estate Tax Exclusion
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. by Steve Hartnett The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
Preparing for the Unexpected…and the Eventual
The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual. by Steve Hartnett All of us face difficulties and tragedies in our lives. Some of these difficulties are expected and some are unexpected. 2020 has been a year of many unexpected difficulties. While all of us get sick from time to time, nobody anticipated the … [Read more...] about Preparing for the Unexpected…and the Eventual
Getting Together with Family for the Holidays
The holidays are a special time with family and friends. You can take the opportunity to check on elderly loved ones. It’s also a great time to discuss planning. Read on to learn more. by Steve Hartnett The holidays are a special time for friends and family. We gather around the tree recalling past joyful times and we remember loved ones who are no longer with us. While we are gathered is a great time to pull loved ones aside and speak with them about your estate planning. If you’ve … [Read more...] about Getting Together with Family for the Holidays
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. by Steve Hartnett As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding … [Read more...] about Planning Is Important
Staying Current is Especially Important in the Pandemic
A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. by Steve Hartnett In the United States alone, the pandemic has infected nearly 7 million people and has killed nearly 200,000 of them. In today’s pandemic, it’s more important than ever to make sure your estate planning … [Read more...] about Staying Current is Especially Important in the Pandemic
Pour Thanksgiving Gratitude Into Your Legacy Plan
Holidays trigger many different emotions, and Thanksgiving is a time for gratitude. You have received gifts of various kinds throughout your life, and in a real sense, you pay your gratitude forward when you plan your estate. This is something to think about if you don’t have a plan. If you are unprepared, you are not alone. Caring.com conducts annual surveys that focus on the estate planning preparedness of American adults, and the results are not encouraging. In 2017, 42 percent of … [Read more...] about Pour Thanksgiving Gratitude Into Your Legacy Plan
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. by Steve Hartnett Even a little bit of a headstart can be extremely helpful in life. Those who start with little economic wealth, including many minorities and recent immigrants, face … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
