/Estate & Trusts

How to address digital assets in your estate plan

By |2018-07-27T23:58:01+00:00July 30th, 2018|Estate & Trusts, Tax Planning|

Digital assets, including things like online bank and brokerage accounts, digital photo galleries, and even email and social media accounts, are just as important to include in your estate plan as material assets.  If you die without addressing these assets in your estate plan, your loved ones or other representatives may not be able to [...]

Charitable remainder trusts can provide a wealth of benefits

By |2017-11-10T21:26:51+00:00November 10th, 2017|Estate & Trusts|

Charitable remainder trusts (CRT) may be a great estate planning strategy for the charitably inclined. A CRT allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, reducing or deferring income taxes, and enjoying investment planning advantages. How does a CRT work? You contribute stock [...]

Is a charitable lead trust right for your family?

By |2017-06-22T18:49:02+00:00June 22nd, 2017|Estate & Trusts|

Families who wish to give to charity while minimizing gift and estate taxes should consider a charitable lead trust (CLT). These trusts are most effective in a low-interest-rate environment, so conditions for taking advantage of a CLT currently are favorable. Although interest rates have crept up in recent years, they remain historically low. 2 types [...]

How an ILIT can help your family

By |2017-05-24T13:42:02+00:00March 6th, 2017|Estate & Trusts|

If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. Going a step further and setting up an irrevocable life insurance trust (ILIT) to hold the policy offers additional estate planning benefits. Asset protection If you’re concerned about your heirs’ money management skills, an ILIT may be [...]

Planning to leave your IRA to someone other than your spouse?

By |2017-05-24T13:42:03+00:00February 20th, 2017|Estate & Trusts|

An IRA can be a powerful wealth-building tool, offering tax-deferred growth (tax-free in the case of a Roth IRA), asset protection and other benefits. But if you leave an IRA to your children — or to someone else other than your spouse — these benefits can be lost without careful planning. “Inherited IRA” stretches tax [...]

Estate planning as a single parent

By |2017-05-24T13:42:03+00:00February 3rd, 2017|Estate & Trusts|

In many respects, estate planning for single parents of minor children is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a [...]

Estate planning strategies for married couples

By |2017-05-24T13:42:03+00:00January 27th, 2017|Estate & Trusts|

It’s crucial to review and update your estate plan in light of significant life changes or new tax laws. It’s equally important to be aware of strategies that can be implemented after your death to achieve your estate planning goals. The flexibility postmortem strategies provide is especially important during times of estate tax law uncertainty, [...]

Transfer your family business the tax-smart way

By |2017-05-24T13:42:04+00:00November 10th, 2016|Estate & Trusts|

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if [...]

Including Elderly Parents in Your Estate Planning

By |2016-11-05T00:20:38+00:00November 7th, 2016|Estate & Trusts|

Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Here are four critical [...]

Use Caution if You and Your Spouse Have Similar Trusts

By |2017-05-24T13:42:05+00:00August 24th, 2016|Estate & Trusts|

When spouses have similar irrevocable trusts for each other’s benefit, they can be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that 1) are interrelated, and 2) place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. What not to do Suppose [...]

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