Articles Posted in Wills And Trusts

We’ve mentioned it before but many people delay estate planning because they don’t want to talk about death, their own specifically. But it has to be done. By not discussing it you can leave much uneeded stress for those you leave behind. Getting your estate plans in order doesn’t have to be complicated. Here are…

Despite its importance, surveys have shown that only 2 out 5 people over 45 have a will. Most people put off writing a will because it is unpleasant thinking of one’s mortality. But uncomfortable as it may be, it must be done. For purposes of this post, we will assume you already have a will…

The IRS and Treasury Department have joined forces to issue regulation regarding non-grantor trusts which have been used by wealthy people to avoid the property tax deduction cap in the new tax reform law. In Notice 2018-61, the IRS and Treasury say they plan to release regulations to provide clarification on the effect of section…

The National Consumer Law Center recently released Avoiding Living Trust Scams:A Quick Guide for Advocates. In it they warn, Dishonest living trust salespeople prey on seniors’ fears that after their deaths, their life savings and assets will be stolen by the government or by predatory probate attorneys. These salespeople use high-pressure tactics and deceptive claims…

Last year Congress passed the Tax Cuts and Jobs Act of 2017 which pretty much killed the aptly named death tax. It didn’t actually kill it just exempted those who leave less than $11 million to their heirs. Since the idea of no leaving a federal tax burden to their heirs, many people are questioning…

A recent piece on the CNBC website addresses an important issue that many people tend to not think about: the impact of a sudden death on family finances. Writer Carmen Reinicke uses the celebrity suicides of Kate Spade and Anthony Bourdain as her jumping off point to discuss what attorneys, financial advisors and therapists say…

What are collectibles? According to the IRS, collectibles includes works of art, rugs, antiques, any metal or gem (with exceptions), any stamp or coin (with exceptions), valuable alcoholic beverages or “any other tangible personal property that the IRS determines is a “collectible” under IRC Section 408(m)”. Quite often people don’t have any idea how much…

Over 80 million people in the U.S. have at least one pet. That’s 65% of all households. Cats are more popular than dogs, but that’s still a ton of pets. There is a very good chance that they are treated as family members. Unfortunately, many people don’t include their furry loved ones in their estate…

The new tax law doubles the amount that can be passed to heirs without them having to worry about estate and gift taxes. The amount works out to about $22 million for a married couple, but is only in place until 2025. Due to this, the uber-rich are turning to what are called dynasty trusts,…

Parents with special-needs children need to take special care when estate planning to insure their child will be provided for not only financially but also physically and emotionally. An article in Forbes by financial planner Christopher Young addresses these issues and suggests 4 financial planning considerations if you have a child with special needs. Do…