Category Archives: Estate Planning
How to Minimize the (Voluntary) Federal Estate Tax with Portability
Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, “You only pay if you do not plan.” The relatively recent introduction of portability provides yet another planning tool available to married couples to minimize or eliminate estate taxation…. Read More »
Surprise! You Cannot Easily Disinherit Your Spouse
Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agrees to receive nothing from your estate in a prenuptial, postnuptial, or other marital agreement. However, the same is not true for other… Read More »
Do Not Let Your Money and Property Go to the State: Why You Need an Estate Plan
Americans tend to bristle when any level of the government meddles in their private lives, especially with their money. Look no further than the famous “death and taxes” quote for a sense of how Americans feel about bureaucratic creep and government’s sticky fingers. You may take pains to minimize government meddling in your personal… Read More »
4 Tips to Avoid a Will or Trust Contest
Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about the potential for an estate plan contest, consider the following: Following these… Read More »
Should I Include My Unborn Child in My Estate Plan?
Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. The more you plan for what life might throw at… Read More »
Wendy Williams Case Shines Spotlight on Guardianship
Dementia is on the rise and is affecting millions of families across the United States. As dementia erodes a person’s mental faculties, they lose the ability to manage their life. This can lead to losing money through bad financial decisions or a higher risk of injury from falls or accidents at home or in… Read More »
Life Estate versus Right of Occupancy Trust: Which Is Right for You?
Planning for the future of your home can be complicated, especially when you want to ensure that a loved one can continue living there after you are gone. Two common tools for accomplishing this are life estates and right of occupancy trusts. A life estate grants someone the legal right to live in a… Read More »
Beware of Trust Scams—and How to Spot Them
Trusts are widely used in estate planning to protect and transfer a person’s assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and references to arcane tax law that can be difficult for the average person to understand. Scammers have… Read More »
How to Give Real Property to a Loved One at Your Death Without Probate Court Involvement
A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to transfer the deed of a house after death is through a will. However, transferring property with a… Read More »
Does Your Revocable Living Trust Reduce Your Federal Estate Tax Bill?
Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for estate tax avoidance or reduction —the unlimited marital deduction… Read More »
