The benefits and perils of a charitable remainder trust
There are different types of trusts that can serve different purposes. The charitable remainder trust (CRT), for example, is a popular type of irrevocable trust for charity-minded individuals. It offers a variety of benefits, but there are some potential risks as...
Potential benefits for changing an estate plan before 2021
To say the least, 2020 has been a challenging year for most Americans. In addition to the pandemic, a contentious presidential election has contributed to a turbulent time. The outcome of the election may also have a direct impact on your estate. That’s why it’s...
Prevent claims against the will with transparent estate planning
Large, high-value estates often require intricate and complex estate plans. Lawyers must account for the will, insurance policies, trusts, 401(k)s, and more as they draft comprehensive plans that protect their client’s estate. However, even the most thorough plans...
Do bypass trusts still make sense?
For years, bypass trusts were a practical way for people to avoid an excessive estate tax burden. Yet, changes to the tax in recent years may make you reconsider whether this type of trust is still necessary to protect your wealth. Since the current exemptions are...
Why is business succession planning so important?
If there's one piece of advice that legal analysts offer when solicited for guidance regarding actions to take as people age, they often recommend engaging in estate planning. Drafting a will, powers of attorney and other critical legal documents is part of this...
There’s more to estate planning than your assets
As you get started with estate planning, it's natural to focus the majority of your attention on your assets and what you want to happen to them upon your death. While this is important, both to you and your loved ones, it's far from the only thing to take into...
It’s time to think about death and taxes
Nobody really likes to think about either death or taxes, but the two are heavily intertwined -- especially since the Tax Cuts and Jobs Act of 2017 went into effect. If you haven't spent some time reviewing your existing estate plans to see what changes should be made...
People of all ages should do estate planning
You may think that because you are in your early 20s with no dependents and few assets that you don't need an estate plan. But all adults should draft a few basic estate planning documents.Why is that, you may wonder? Well, very few people have nothing of value to...
Here’s why you need an attorney for your will
Are you ready to write your will? A quick search on Google will lead you to numerous websites where you can find downloadable forms for little or no cost. Why hire an attorney to write your will when there are forms available online? Let's talk about the reasons it's...
Getting married? Have an estate planning talk with your intended
Getting married is exciting. There's a lot to talk about -- and a lot to plan. Once you get through picking a wedding venue and deciding where you're going to live, however, you and your future spouse need to talk about one more important thing: your estate plans. The...