Category Archives: Estate Planning
One Wrong Word in Estate Planning Could Leave Family Member(s) Destitute: Why You Want to Coordinate with Your Attorney On Everything
As estate planning attorneys, one of the most common – but also dangerous – errors that we see people make involves beneficiary designations. Not necessarily understanding how inheritance works and the fact that accounts governed by these designations are separate from assets governed by a will, as well as how the law governs them… Read More »
Using Estate Planning to Save Significant Funds On College Tuition for Loved Ones
For many families, the rising costs of a college education can become daunting and overwhelming. However, what many do not realize is that estate planning can help to address these issues. One way of doing this is through a Section 529 Qualified Tuition Plan, which offers a number of savings and tax benefits over,… Read More »
Why Estate Planning Is Crucial If You & Your Partner Are Pursuing IVF
As technological advances improve, and more and more couples wait to start a family, more also rely on assisted reproductive technology, such as IVF, to conceive. In fact, according to the US Society of Assisted Reproductive Technology, between 1987 and 2015, approximately one million children were born using assisted reproductive technology, indicating just how… Read More »
How to Protect Your Assets from Creditors in Estate Planning
Many people do not realize that estate planning isn’t just about providing for your loved ones after you’re gone, but also about ensuring that all of you do not face potential legal issues when it comes to creditors and others seeking your assets. This is especially important during an economic crisis like the one… Read More »
What You Need to Know If Your Spouse Has a Terminal Illness and You Are Updating Your Will
Estate planning and ensuring that all of your important documents are updated never becomes more urgent than when a spouse becomes ill, and suddenly you find yourself panicked over whether you will be able to provide for your children, should your spouse pass from that illness. One of the first steps people usually take… Read More »
Why Setting Up a Grantor Retained Annuity Trust During COVID-19 Could Significantly Maximize Assets You Pass onto Beneficiaries
There is no question that although COVID-19 has brought a tremendous amount of devastation and panic to our country and economy, there are, at the same time, some unique opportunities that it has introduced into estate planning that have to do with instruments that have been put in place precisely to benefit from growing… Read More »
What Is at Risk If Your Will Is Panic-Written During the Coronavirus Pandemic
The current pandemic understandably has many people panicked such that they want to make sure everything is in order with their estate plan. However, it is extremely important that, as a result of the pandemic, you do not rush into drafting or updating your estate planning documents, especially when it comes to writing your… Read More »
The HEMS Distribution Standard: Administering Trusts During a Recession
When the economy goes through a downturn, as is occurring now during the coronavirus pandemic, where a number of people have lost their jobs, expenses are increasing, and some are also experiencing expensive health crises, trustees are often under more pressure to distribute assets under what is known as the “HEMS” standard, which is… Read More »
If You Own a Second Home, Make Sure You Plan for It in Your Estate Plan Now
More than seven million Americans have second (or vacation) homes, and many are now concerned that, as a result of the coronavirus bailouts, they could face an increase in estate taxes in the next few years. For this reason, planning for these assets is a very important part of your estate planning process, and… Read More »
Current Estate Planning Opportunities in The Market/Stock Sell-Off
People are understandably concerned right now about the state of the market and portfolio losses, and what they need to do, right away, in order to ensure that they have basic estate planning steps in place. We have already discussed how important it is to ensure that, at a minimum, you have a will,… Read More »