Beneficiary designations can be a simple way to pass assets at death. While beneficiary designations avoid probate, they may introduce other problems. This article shows how a revocable trust can provide a more flexible way to achieve a client’s goals. 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations … [Read more...]
Rumors Spark Renewed Interest in Richard Pryor Estate Battle
When Richard Pryor passed away in 2005, the world lost one of its funniest – and most controversial – comedians. As is often the case when a large estate is involved, Pryor’s death triggered a family feud that was ignited again recently following comments made about Pryor by Quincy Jones. Whether you agree with the outcome of the litigation or not, the facts and circumstances that led to the litigation providing some valuable estate planning lessons for all of us. Quincy’s Comments The latest … [Read more...]
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. Trusts for Privacy … [Read more...]
Planning to Avoid Too Much SALT
The new tax law brought a cap of $10,000 on federal deduction for state and local taxes. People are trying different ways to get around the cap. Some of the ways work and others could land you in hot water. Read the article to find out more. Planning to Avoid Too Much SALT … [Read more...]
5 Reasons to Include a Living Trust in Your Estate Plan
Your very first estate planning document was likely a Last Will and Testament. Although you will undoubtedly continue to rely on a Will within your estate plan, as your family and your estate grow you will need to incorporate additional tools into your estate plan in order to achieve a widening circle of goals. Among the most common of those additional tools is a living trust. While there are a seemingly endless number of reasons why you might want to include a living trust in your estate plan, … [Read more...]
Do Veterans Benefits Transfer to a Surviving Spouse?
If you are the surviving spouse of a veteran, the United States owes you a debt that can never truly be repaid. Though there is no way to repay you for the sacrifice you made as the spouse of a serviceman or servicewoman, the U.S. does offer a number of benefits to veterans as well as to surviving spouses. If your spouse is no longer here to help support you financially, he/she would undoubtedly want you to receive all the veterans benefits to which you are entitled as a surviving … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Estate Planning is About More Tan Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements. Prenuptial Agreements Can Provide Remarriage Protection … [Read more...]
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...]
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