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A difficult decision: Choosing a guardian for your children
Choosing a guardian for your children in your estate plan can be so overwhelming that it is one of the main reasons why people never complete an estate plan. Here are some practical suggestions for working through this process.
Do you own property jointly with family or friends?
Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint ownership advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you own property or a financial account […]
Four reasons to revisit your powers of attorney
Although much of estate planning deals with what happens after you die, it’s equally important to have a power of attorney during life for making financial or medical decisions if you became unable to make them for yourself.
Hiding your assets helps no one
Relieve your family of the stress of searching for assets and possibly not finding them; have an open discussion with a responsible family member about the things that you own.
Spendthrift trusts aren’t just for spendthrifts
Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are subject to the federal tax. And even though President Biden has proposed reducing the exemption to $3.5 million, it’s uncertain whether that proposal will pass Congress. If nothing happens, the exemption is scheduled to revert […]
Keep it all in the family: Managing your vacation home
If your family owns a vacation home, you know what a refuge it can be. This is especially true due to limited travel options because of COVID-19 pandemic restrictions. However, without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse […]
Creating an education legacy using an education trust
For many, an important goal of estate planning is to leave a legacy for children, grandchildren, nieces and nephews, and future generations. What better way to do that than to help provide for their educational needs? A 529 plan can be a highly effective tool for funding tuition and other educational expenses on a tax-advantaged […]
Now or later: When is the right time to transfer your wealth?
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage […]
Consider your options when addressing life insurance in your estate plan
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though federal and state estate taxes aren’t a concern for many families under current laws, life insurance continues to offer many benefits for nontaxable estates. For these reasons, it’s important to plan properly for your life insurance policies […]
Avoid these four estate planning “deadly sins”
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although we may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are four transgressions to avoid: 1. You don’t update beneficiary forms. Of […]
