Conservatorship or Legal Guardianship?: How Do You Know When It’s Needed?
When a loved one reaches a point in his or her life where, due to either old age or disability, he or she cannot effectively care for personal, medical and...
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Year-End Checklist for 2009
...children and grandchildren, and consider front-loading the accounts with five years’ worth of annual exclusion gifts, taking into account any gifts made during the year to children and grandchildren. Pay...
What is an Irrevocable Life Insurance Trust (ILIT)?
...or her remaining lifetime, and then the balance will pass to your children or other beneficiaries. Aside from this, the ILIT can provide your family with a quick source of...
Estate Planning Discussions: difficult, emotional and stressful
...control over our assets than to implement time-proven, legal estate planning strategies such as personal trusts. To ensure an effective discussion: • Choose a comfortable setting, arrange a convenient time...
Navigating the Step-Up Tax Basis Rule
...The property was worth $280,000 on his date of death. That is your step-up tax basis. You then sold the house after your dad’s death for $280,000. When you sold...
Estate tax future unclear
Planning for the federal estate tax has been a challenge for many years. Observers have been confident that Congress will change the rules soon, but no one can say what...
Naming A Minor as Your IRA Beneficiary
...of trust requires the trustee to distribute the required distributions each year from the trust to the child so that the child pays the tax rather than the trust, which...
Introduction to Estate Planning
...enormously complex, interrelated and often operate inversely. For instance, the goal of providing more for one’s children or grandchildren and less for a surviving spouse may cause adverse estate tax...
ESTATE PLANNING: MORE THAN A WILL
...appoint a guardian for their children and a trustee to manage a child’s money until they are old enough to handle it themselves. Often, individuals wish to care for their...
Estate Planning in a Recession
...your beneficiaries tax-free. Charitable Lead Annuity Trust (”CLAT”) CLATs benefit both charities and private, non-charitable beneficiaries because the trust pays an annuity to the designated charity for a specified term...
What does divorce do to your estate plan?
...states it is up to you to change the beneficiary designation. However, if your insurance is in an irrevocable life insurance trust, which is a common vehicle, the protective statute...
Buy-Sell Agreements
...ordinary business expense. An Entity Purchase Agreement often can be conveniently funded with life insurance owned and paid for by the corporation insuring the lives of each of the shareholders...