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 … [Read more...]
Why Might I Want to Include an Irrevocable Life Insurance Trust in My Estate Plan?
A trust is a common addition to the average estate plan. If you decide to create a trust, the type of trust you create will depend on the goal(s) of the trust. A simple trust can help distribute your estate assets after you are gone; however, there are also several highly specialized trusts that … [Read more...]
Practical Lessons in Drafting
Individuals who undertake Estate Planning want to ensure that their plan works the way it’s intended. When clients neglect to consider Estate Planning on a regular basis, they set themselves up for failure. Waiting until an emergency arises almost guarantees that the plan will fail when needed the … [Read more...]
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income … [Read more...]
Don’t be a Turkey – Use Your Annual Per Donee Exclusion Amount
As fall turns into winter and the holiday season arrives, it’s natural to review the year, plan for the next, and count your blessings. One of the ways to plan for the next year, and perhaps to address some outstanding concerns in this one, is to consider making annual per donee exclusion gifts. … [Read more...]
Should You Create a Special Needs Trust?
Do you have a loved one with special needs? Are you their primary caregiver? Are you concerned about what will happen to them upon your passing? If you answered yes to one or more of these questions, it’s important that you consider all your estate planning options. For many people in this … [Read more...]
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 … [Read more...]
It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. Read on to learn more. … [Read more...]
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. Read on to learn more. … [Read more...]
Is Long Term Care Insurance a Necessity?
Regardless of your age or current health, you should not overlook your potential need for long term care. There could come a point in the future when you’re no longer able to care for yourself. And should that time come, it’s critical that you understand your options for receiving care and the … [Read more...]
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