Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are used to fulfill your intended charitable purposes, you will need to take the steps to add restrictions. Reasons to...
People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here is why full disclosure of your assets to your family is...
To gift or not to gift? It is a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a ‘use it or lose it’ proposition....
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes are not a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it...
As a formal estate planning term, ‘tangible personal property’ likely will not elicit much emotion from you or your loved ones. However, the items that make up tangible personal property, such as jewelry, antiques, photographs, and collectibles, may be the most difficult to plan for...
Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it is critical to understand the role of a trustee. The Trustee’s Duties The trustee is the person who has legal responsibility...
Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. However, if you have children or grandchildren in college or with medical expenses, you may want to take advantage of the exemption...
Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23 percent) of U.S. children under the age of 18 live with one parent. This is more than...
If you have worked to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing, and other money management skills can help keep your legacy alive. Teaching Techniques There is no one...
Precise language is critical in wills, trusts, and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death between his widow and his two daughters from a previous...