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Inheritance

Monday, September 30, 2019

When Is It Critical to Review Your Estate Plan, and Why?

Just like other important life tasks, your estate plan deserves your time and attention. It’s important that you work with us to review your estate plan at least once a year. Think of this as your estate plan’s annual physical exam, and remember—prevention is the best cure.

An annual exam isn’t necessarily the only time we see a doctor. Similarly, an annual planning meeting isn’t the only time you need to consider your estate plan. The occurrence of special life events may mean it is time to pick up the phone and call us.

If you experience any of these significant life events, get in touch with us, and we’ll make sure you are up to date.


Read more . . .


Monday, September 16, 2019

Can I Refuse an Inheritance?

Why would anyone want to refuse an inheritance? Although it is surprising to many, there are several circumstances when declining an inheritance can be beneficial. The law does permit you to refuse an inheritance if you comply with certain strict requirements. The legal term for a refusal of an inheritance is a “disclaimer,” which is defined as an irrevocable and unqualified refusal to accept an interest in property.


Read more . . .


Sunday, August 18, 2019

How to Create a Successful, Multigenerational Wealth Transfer Plan


Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third.  Don’t let your loved ones become part of these statistics. You need to understand, and work to overcome, the disconnect that occurs between generations regarding the transfer of wealth.  In this issue you will learn:

  • The main factors that contribute to family wealth loss over the generations.
  • How you can overcome your reluctance to discuss your wealth with your loved ones.

Read more . . .


Thursday, March 7, 2019

Is a delayed inheritance really an enhanced inheritance?


 Whether you have accumulated a little or a lot of wealth over your lifetime, it is likely that you have some particular thoughts on how you would like those assets to be used by loved ones after your death. Maybe you would like the assets to be used as a down payment on a home, be applied toward college tuition, or fund a dream vacation.  Unfortunately, without specific guidance from you, money that is left outright to your loved ones probably won’t be used the way you would like. For these reasons, and many more, leaving a delayed inheritance may be the best option.

Benefits of Delay

There are several reasons not to leave an outright distribution to your loved ones.
Read more . . .


Thursday, March 7, 2019

Three Keys to Protecting Yourself from a Rogue Executor


 

Unfortunately, sometimes a death in the family can bring out the worst in people. Indeed, family resentments sometimes simmer during a time of grieving - particularly when money and assets from the deceased’s estate are involved. If you are a beneficiary under a loved one’s estate plan, you may be under the assumption that those assets will be distributed according to his or her wishes. Inheritance theft, however, is an underreported problem that can cost families dearly. Moreover, the theft can be perpetrated by someone who was highly trusted by the decedent - the executor, who is the person typically chosen by the decedent to manage the estate upon his or her death or incapacity.
Read more . . .


Wednesday, January 23, 2019

Warning: Don’t Let Creditors Inherit from You


Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy.

 

3 Options Available To Surviving Spouses

When your surviving spouse inherits your IRA, he or she generally has three options:

 

  1. Cash out the inherited IRA and pay the income tax.

    WARNING! The cashed-out IRA will not have creditor protection and accelerates taxation.

     

  2. Maintain the IRA as an inherited IRA.

    WARNING! The inherited IRA will not have creditor protection.
    Read more . . .


Tuesday, January 22, 2019

Caution: Creditors Now Have Easy Access to Inherited IRAs


Do you have IRAs or other retirement accounts that you plan to leave to your loved ones?  If so, proceed with caution.  As opposed to when you own the retirement accounts, inherited retirement accounts do not have asset protection, meaning they can be seized by creditors.

 

How Can Inherited IRAs Be Protected?  Enter the Standalone Retirement Trust

 

Fortunately, retirement accounts can be protected but only if you take action.  Many people like you are using Standalone Retirement Trusts (SRT) to protect retirement assets.  The SRT is a special type of trust just for retirement accounts.
Read more . . .


Sunday, January 20, 2019

What is an Inheritor’s Trust?


When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust.

 

Purpose of an Inheritor’s Trust

 

An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially.
Read more . . .


Saturday, January 19, 2019

Why receiving an inheritance changes your estate plan


Receiving an inheritance is a huge blessing but, if not handled properly, can also become a curse. Often times, the inheritor does not know what to do with the new asset and runs into financial trouble, squandering most, if not all of it. This could happen due to the inheritor having outstanding creditor issues or tax troubles or being inexperienced with managing the new assets. No matter what the financial obstacles maybe, estate planning can help address or even eliminate these issues. For these reasons, it is vital to update your estate plan - or create one if you have not already - if you have received or are expecting to receive an inheritance.
Read more . . .


Tuesday, January 8, 2019

5 Tips for Successfully Receiving an Inheritance


If you recently received an inheritance, or are expecting to receive one in the near future, it has likely triggered mixed emotions in you. You have lost a loved one and also experienced monetary gain. Read more . . .


Saturday, August 25, 2018

How to Successfully Make a "Large" Gift to Your Children or Grandchildren


What constitutes a “large” gift can be relative. That being said, if you are considering giving cash or property to someone, a little bit of planning can really help avoid negative consequences.  This is particularly true if the gifted amounts are over $15,000.00, will be gifted in property, will be gifted on a regular basis, or if the gift givers -- whether parents or grandparents -- hold assets that are over $11 million.

 

Options for Making “Large” Financial Gifts

There are several options you have available to you and your family should you want to provide a large financial gift to your children or grandchildren.
Read more . . .


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Being Deployed? Here’s What You Need to Do
The Only Constant in Life is Change: When Circumstances Change, So Should Your Estate Plan
Beyond Wills and Trusts: 3 Documents Everyone Needs
Reconsider Outright Inheritances: How to Protect Your Heirs and Your Legacy from Bad Decisions and Outside Influences
Expand Your Cast to Prevent Chaos
Planning for Blended Families: Second or Later Marriages and Divorce of Beneficiaries
The Flexible Protection of Trust-Based Planning
Why “I Love You” Wills Really Don’t Say “I Love You”
Estate Plans for College Students and Other Young Adults: Why It’s the Perfect Time to Set Your Kids Up for Success
Your Guide to Better Incapacity Protection in Your Estate Plan
Are You Familiar With Community Property Trusts?: Learn How These Special Trusts Can Help Reduce Income Taxes
Modernizing an Outdated Estate Plan: What to do with a Confusing, Old Trust
Have You Considered a Dynasty Trust for Your Family’s Estate? Why You Should Think Twice Before Ruling One Out
What if you don’t die?: Why Ignoring the Importance of Incapacity Planning Can Have Serious Consequences
Don’t Put Off Till Tomorrow What You Can Do Today: Why It’s Time to Talk with Your Family and Your Estate Planning Attorney
Who Will Inherit Your Financial Wisdom?: Passing on More Than Just Wealth
How Tax Reform Will Impact You and Your Estate Planning
Will My Debt Outlive Me?: Your Questions About Debt After Death Answered
Planning Your Summer Vacation?: 5 Things to Consider Now
Talk to Your Family over the Holidays about Your Estate Plan
12 Crucial Insights for Protecting Your Furry Family Members
Does Your Family Know About Your Estate Plan?: A Guide for How Much to Share and With Whom
Planning for the Financial Future of a Troubled Adult Child: Your 3-Step Guide to Creating an Informed Estate Plan
Keeping the Peace After You Are Gone: Planning With an Aim Towards Building Unity
Have You Taken Advantage of the Tax Cuts and Jobs Act Planning Window?: Important Estate Planning Tips You Should Act on Now
Back-To-School Preparation: Not Just About the School Supplies- Use This Time to Revisit The Parts of Your Estate Plan That Impact Your Children Most
What Do the New 199A Regulations Mean for You?: New Choices and Opportunities for Tax Savings
Three Legal Strategies When Facing a Major Health Event: What You and Your Family Need to Know
How to Protect Your Retirement Account
2018 Midterm Elections: What Do They Mean For Your Estate Plan?: Strategic Planning Guidance in Light of the Midterm Results
Estate Planning Projects to Tackle in the New Year
Three Liability Planning Tips for Physicians You Can Use Too
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3 Estate Planning Secrets the Wealthy Use That You Can Too!: Strategies to Enhance Your Success
Five Key Considerations for Your Estate Plan
Your Personal Property Memorandum: 4 Tips for Success
How to Coordinate Your Retirement and Estate Plans
How to Avoid a Disastrous Will or Trust Contest
Is Your Estate Plan Probate-Proof?
Want a Greater Sense of Purpose? Plan Your Legacy
What is Asset Protection and Do I Need It?
Caution: Your Traditional Asset Protection Plan Is Set Up to Fail
Your Vacation Checklist
Estate Plans for College Students and Other Young Adults: Why It’s the Perfect Time to Set Your Kids Up for Success
Does Your Estate Plan Protect Your Adult Beneficiaries?
Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences
Estate Planning Is Not Just About Money
Is Your Estate Plan Unfinished? Don’t Wait to Complete This Important Process!
When Equal Is Not Necessarily Fair
Lifetime QTIP Trusts – The Gift That Keeps Giving
One Year After the Historic 2016 Election: Strategic Estate Planning in Uncertain Times
Funding Your Revocable Living Trust to Avoid Probate
4 Tips for Avoiding a Will or Trust Contest
The Harmonious Family that Won't Fight
3 Asset Protection Tips You Can Use Now
Estate Planning for Rental Property Owners
Estate Planning is More Than Just Death Planning
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
Loan, Gift, or Advancement: Why the Classification Matters
What to Bring to Your First Meeting with the Estate Planning Attorney
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Not Married? You’re not alone - but you still need a plan. Estate Planning for People Living Together, Bachelors, and Bachelorettes
Are Your Documents Following the Same Script? Basics of Beneficiary Forms and Estate Planning
A Trust for Fluffy or Fido? Why Every Pet Parent Needs to Consider a Pet Trust Today
Roth IRA Conversions After Tax Reform...Still a good idea? What are the implications for your family if you don’t spend all the money?
Estate Planning When Not All of Your Kids are in the Family Business
Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign
The One Thing Every New Grandparent MUST Do As Soon as Possible
How to Fix 5 Common Estate Planning Problems
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Financial Planning. Tax Planning. Legacy Planning. Estate Planning - How many plans do I need?!
Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?
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Protecting Your Children’s Inheritance When You are Divorced
Finding the Right Fit: Questions For Prospective Wills and Trusts Attorneys
The Biggest Threat to Successful Estate Planning
Steps For Starting the End-of-Life Conversation
Joint Tenancy Pitfalls: The ‘Simple’ Fix that Can Leave Your Family Broke
One Call You Must Make After You Buy a Home-That You’ve Probably Forgotten
3 Tips For Every New Homeowner
Declare your Independence from Court Interference!
What To Do With Your Beloved Collection
Legal Considerations When Getting Your New College Student Ready to Go
Digital Afterlife- An Estate Plan For Your Facebook Account
How an Estate Planning Letter of Intent Can Help Your Family
Kids and Investors Are Not the Only Options
Retirement Planning for Business Owners
Passing Along a Benefit, Not a Burden - Why Incapacity Planning for Business Owners is an Indispensable Component of Your Plan
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Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
4 Tips for Avoiding a Will or Trust Contest
Three Liability Planning Tips for Physicians Anyone Can Use
Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them
The Wrong Successor Trustee Can Derail Your Final Wishes
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits
The Tragic Loss of Star Trek’s Anton Yelchin: Lessons for Estate and Legacy Planning
The Three-Year Review and The Three-Year Plan
The Shocking Truth About Asset Protection Planning
The Pros and Cons of Probate
The Perils of Promises...Marlon Brando’s Story
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The Lifetime QTIP Trust: Or (How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)
The IRS Took Half of Tony Soprano’s Estate: Don’t Fall into the Same Trap!
The Essential Legal Documents You Need for Incapacity Planning
Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.
Stress Test Your Estate Plan
Sonny Bono’s Procrastination in Creating a Will Led to Years of Estate Battles
Skyrocketing Probate Fees – Another Reason to Avoid Probate Court
Revocable Trust vs. Irrevocable Trust: Which Is Best for You?
Prince’s Sad and Incredibly Expensive Mistake! (Are You Making It, Too?)
3 Powers to Consider Giving to a Trust Protector
Philip Seymour Hoffman’s Will: 3 Critical Mistakes
Parental Warning: If You Own Your Property this Way, You May Accidentally Disinherit Your Own Children
Over 70% of Elvis Presley’s Estate Paid in Taxes & Fees: How Can You Avoid the Same Trap?
Nosey Neighbor Nellie Can Find Out About Your Probate. Really.
Michael Jackson’s Estate Pulled into Seemingly Endless Probate Court Battles
Lifetime QTIP Trusts – The Gift That Keeps Giving
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich? 5 Reasons to Update Your Estate Plan
March
Is a Revocable Living Trust Right for You?
Is a Payable on Death Account Right for You and Your Family?
Irrevocable Trust Decanting in 4 Steps
IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Investment, Insurance, Annuity, and Retirement Planning Considerations
If You Die Without a Will, Does Your Spouse Inherit Your Entire Estate?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
How to Minimize the (Voluntary) Federal Estate Tax with Portability
How to Minimize Legal Fees After Death
HELP! This Probate Is Taking Forever!!!
Four Steps to Stop Mail Addressed to a Deceased Person
Five Things You Need to Know About the Recently ABLE Act
Flo Jo’s Tragic Mistake: A Missing Will
5 Reasons Why Uncle Bill May Not Make a Good Trustee
Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse
5 Reasons to Embrace Estate Planning
Estate Planning: 3 Reasons We Run the Other Way
Estate Planning Basics for Newlyweds – How to Get Prepared for the Unexpected
Escape From a Bad Trust: 5 Strong Reasons to Decant Your Trust
Doris Duke’s Trustee Bilked Estate for $1M: How Well Do You Know Yours?
Don’t Leave Your Trust Unguarded: 6 Key Ways a Trust Protector Can Help You
Does Your Estate Plan Protect Your Adult Beneficiaries?
Who’s Going to Get It: Do You Really Know the Beneficiaries of Your Dynasty Trust?
Dispelling the Top 3 Estate Planning Myths
Discretionary Trusts – How to Protect Your Beneficiaries From Bad Decisions and Outside Influences
Did you include your grandkids in your will? 5 Tips to Avoid Common Problems
Did Whitney Houston Leave Too Much Money To Bobbi Kristina?
Dennis Hopper Saves Heirs with Last Minute Estate Plan Changes
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Avoiding Guardianship When you are Incapacitated
Decanting: How to Fix a Trust That Isn’t Getting Better With Age
Who Should I Choose as a Successor Trustee
Celebrities Who Failed To Recognize Unborn Children in Their Wills: A Teachable Lesson
February
Caution: Your Traditional Asset Protection Plan is Set Up to Fail
How to Choose a Trustee
Name a Guardian for Your Child
Caution: Creditors Now Have Easy Access to Inherited IRAs
Big Bang Theory Star’s “Ironclad” Prenup Challenged: How Does Yours Compare?
Will Your Family Be Able to Find Your Original Last Will?
Ways to Avoid Court Proceedings
Are Handwritten Intentions Enforceable? Princess Diana Thought So…
An Estate Planning Checklist to Facilitate Wealth Transfer
Aging.gov: A New Resource for Older Americans and Their Families
AB Trusts – Do You Need to Get Rid of Yours?
A Powerful Exercise to Surface the Values You Want to Pass on to the Next Generation
10 Types of Trusts: A Quick Look
5 Tragic Mistakes People Make When Leaving Assets to Their Pets
5 Things Every New Mother Needs to Know About Wills
New Legislation Could Mean the End of Estate and GSTT Taxes What This Means for You and Your Family
5 Reasons to Protect Your Retirement Accounts Now
5 Mistakes Made by Successor Trustees (and How to Prevent Them)
5 Good Reasons to Decant a Trust
3 Ways to Minimize Estate Planning Fees
3 Tips for Overwhelmed Executors
3 Simple Ways to Avoid Probate Costs
3 Reasons You Want to Avoid Probate
Who Needs an Estate Plan?
AB Trusts – Do You Need to Get Rid of Yours?
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment
Will Your Revocable Living Trust Avoid Probate? It Depends.
Why Your Estate Planning Project Must Morph into a Process
Estate Planning Tips for Commitment Without Marraige
3 Celebrity Probate Disasters and Tragic Lessons
3 Examples of When an Irrevocable Trust Can – and Should – Be Modified
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