Tag Archives: estate planning
How New Tax Laws Will Impact Estate Planning in 2018
With 2017 now relegated to history, including Congress passing (and President Trump signing into law) the Tax Cut and Jobs Act, the question as we look ahead to 2018 now becomes: how do these new tax laws affect my estate plan? With that in mind, let’s consider a few things to watch regarding estate planning,… Read More »
4 Reasons a Comprehensive Estate Plan is NOT Just for the Wealthy
There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have… Read More »
Does My Estate Plan Need to Include My Vacation Property?
Yes! If you own a vacation property, timeshare, investment property, or any other asset outside of the state where you are domiciled, you must make sure it’s included in your estate plan. If you fail to include these in your estate plan, or fail to have an estate plan at all, your heirs will… Read More »
How long should you keep important documents?
In a society dominated by paperwork, many people wonder – how long should you keep important documents – especially those of a financial or personally identifying nature? People who worry about losing something important sometimes hoard everything; others who worry about things like identity theft are too quick to shred documents. Most of us,… Read More »
IRAs, Annuities and Guardianship: Providing for Your Minor Children After You Die
For most parents, making decisions regarding guardianship of their minor children is the most vexing part of estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you… Read More »
Understanding the Role of Annuities in Estate Planning
Selecting the right type of annuity for yourself is no small feat. Of course, you’ve put in the research and planned with your financial advisors. But, you might still be wondering what happens to those annuity payments upon your death. Let’s start by discussing the role of annuities in estate planning. In addition to… Read More »
Estate Tax Repeal: Planning for the Future Without a Crystal Ball
Creating a will, trust, or any type of estate plan has always involved dealing with an uncertain future. Consider that just 20 years ago in 1997, the estate tax had an astonishing 55% rate with only a $600,000 exemption. Back then, tax-driven estate planning was a mathematical necessity for a large segment of the… Read More »
How a Lifetime QTIP Trust Protects Your Nest Egg in Second Marriages (and Beyond)
Estate planning for couples in a second or later marriage who have disproportionate estates can be tricky. To avoid second marriage inheritance issues, one solution for allowing the well-to-do spouse to maintain control of their assets but keep their other half happy is the Lifetime QTIP Trust. The Basics of Creating a Lifetime QTIP… Read More »
How Does an IRA Fit Into Your Estate Plan?
When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone? The answer depends on how you go about creating your estate plan and selecting beneficiaries, and you might be surprised to find out that your money could end up with the wrong people or… Read More »
New Baby? The Importance of Estate Planning for New Parents
Estate planning is often one item that gets pushed back on nearly everyone’s to-do list. The reasons you might be delaying vary: lack of time, not thinking you have enough assets, not knowing how to start, or fear of contemplating death. Whatever the reason for not putting an estate plan together up until now,… Read More »
