Category Archives: Estate Planning
5 Things to Know Before Including a Limited Liability Company in Your Estate Plan
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What is a limited… Read More »
Garn–St Germain Act: What You Need to Know
It is important to let your estate planning attorney know if you own real estate that is subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the mortgaged property, the entire amount of the debt owed on the mortgage is immediately due and payable. Under the Garn–St Germain… Read More »
Basics of Estate Taxes
In the United States, estate taxes are levied on the transfer of assets from a deceased individual’s estate to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the… Read More »
Nonjudicial Settlement Agreements: The Good, the Bad, and the Ugly
Some trusts are irrevocable as soon as they are created, which means that, in general, the trustmaker (the person who created and funded the trust) cannot terminate or modify it and take back the money or property that it holds. You may wonder why anyone would want an irrevocable trust, but irrevocable trusts can… Read More »
Ways Your Will Can Be Revoked
A will (which should be accompanied by other important documents such as healthcare and financial powers of attorney, as well as a living will) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will.[1] This number has remained consistent in Gallup polls dating back to… Read More »
Three Things You Need to Do When Your Spouse Dies and Their Will or Trust Has a Disclaimer Provision
Losing your spouse is one of the most difficult things you might face in life. Although it is important to take time to grieve, there are also some crucial steps you need to take as soon as possible to address your spouse’s accounts and property and secure your own future. For example, if your… Read More »
Pros vs. Cons of a Beneficiary-Controlled Trust
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property held by… Read More »
Ten Facts to Understand about Living Wills
A living will is not a last will and testament used to pass your assets and property after you die. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when you aren’t able to convey your wishes. Living wills are an essential part of an… Read More »
Estate Planning for Surviving Spouses
After losing a spouse or long-time partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate planning for surviving spouse. Estate planning is an ongoing process as it accounts for changes in marriages, deaths, divorces, and births… Read More »
