When you consider the institution of marriage as it stands in the United States in the 21st century, it is in a very real sense something different from what it once was. Of course you can't paint with a broad brush because each person has a unique perspective, but the statistics would indicate that marriage is no longer something that is permanent in the minds many people. Statistics on the subject vary, but somewhere in the neighborhood of between 40% to 50% of marriages end in … [Read more...] about Remarrying? Pre-Nup, QTIP May Be The Answer
Estate Planning
Avoid Asset Erosion With Generation Skipping Trusts
In estate planning circles you hear a lot of talk about "avoiding the estate tax" and "gaining estate tax efficiency." There are those patriotic Americans who may question this mentality, feeling as though they are more than willing to assume their fair share of the tax burden. This is an admirable stance, but the operable term here is "fair share." Let's explain by way of a very simple example. Let's say you start to put away a portion of your paycheck when you are in your … [Read more...] about Avoid Asset Erosion With Generation Skipping Trusts
Incentive Trusts: Subtle Guidance
When you are planning your estate, part of the process involves positioning your assets optimally for protection and tax efficiency. This is the hard financial side of the endeavor, but there is a human side as well. You may be in a position to bequeath large sums of money to the people that you love the most, and on the surface this can seem like the easiest thing in the world. Nobody wants to pass away, but when your time has come it is nice to know that you are in a … [Read more...] about Incentive Trusts: Subtle Guidance
When to Update your Will
When creating a Will, it is not a once and done activity. Estate planning, which includes creating a Will, is a process. It is wise to consult with your estate planning attorney every three to five years to update your plan to reflect changes in your life, goals, and assets; changes in the law; and changes in your estate planning attorney’s experience. When creating a Will keep in mind that you should contact your estate planning attorney immediately (don’t wait for the three … [Read more...] about When to Update your Will
Probate Avoidance Toolkit
You hear a lot about avoiding probate, and since it is such a common topic in estate planning circles we sometimes overlook the fact that the layman may not know what probate is or why you would want to avoid. To put it very succinctly, probate is the legal process that your estate must pass through before it can be distributed to your heirs. The probate or surrogate court examines the will, determines its validity, and supervises its administration. The reasons why people try to avoid it is … [Read more...] about Probate Avoidance Toolkit
Buy Sell Agreements For Small Business Succession
When you are planning your estate after having worked for a company all of your life, you have particular challenges. However, small business owners who are involved in partnerships have many of the same circumstances to address and then some. When you are working for someone else or retired, your assets are your own to situate as you see fit. But when you are the co-owner of a business, your share may represent a large portion of your overall net worth. So when you are planning your estate … [Read more...] about Buy Sell Agreements For Small Business Succession
Helping Others Through Donor Advised Funds
A lot of people feel as though it is not the government's job to cure all of society's ills, and this issue has been the primary political football for decades. Many would say that when the government tries to do so, it trips over itself in a tangle of red tape and inefficiency. Others would contend that it is simply not the role of the federal government under the Constitution to tax the people in order to redistribute resources. Yet all people agree that needs do exist, and those who would … [Read more...] about Helping Others Through Donor Advised Funds
Estate Planning & Your Responsibilities To Others
It is natural to take future events more seriously as they start to loom closer. For this reason many people don't think about estate planning until they reach middle age and beyond, and this is understandable, but misguided all the same. It is true that as you build assets and see your retirement over the horizon planning for the future becomes more immediately relevant. But making sure that you have a rudimentary estate plan in place could be viewed as one of the core responsibilities of … [Read more...] about Estate Planning & Your Responsibilities To Others
Intelligent Estate Planning, Gifts & Tax Efficiency
When you are interested in reducing the value of your estate in an effort to gain estate tax efficiency, you may want to consider the practice of tax-free gift giving. Of course, the tax man is well aware of the fact that people could choose to give their assets away to their heirs before they pass away in an effort to sidestep the estate tax. So there is a gift tax in place to close this potential loophole, and the rate of taxation mirrors that of the estate tax. There is a lifetime gift tax … [Read more...] about Intelligent Estate Planning, Gifts & Tax Efficiency
Is Inheritance Planning as Simple as Writing a Will?
The future always seems uncertain, and that will never change for any of us, even as many young children begin taking the first steps, it’s not too early to make long-term plans to ensure their financial security. Inheritance planning when children are too young to act for themselves can ensure their financial security for many years to come. There are many different directions that a person’s belongings or estate could head after the person has passed; after probate laws and surrogate courts … [Read more...] about Is Inheritance Planning as Simple as Writing a Will?
