Portability: What Is It?
Portability is an estate tax rule that permits the surviving spouse of an estate of their deceased spouse to safeguard the deceased spouse’s estate’s estate tax exemption for their later use.
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How Long Should You Keep Tax Records: Most Advice Is Wrong!
How long should you keep your tax records? While some sources say three years some longer, there are other perspectives on this. Many of the old rules and conventions are based on paper records and most records are, or should be converted to, electronic records. Then the focus may be on backing up and safeguarding…
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Asset Protection Case Study: Options to Fix Old Bad Trust
Mom set up a trust for her children but that trust pays out all assets to the children outright when they reach age 25. Mom finally realizes that the assets she is gifting to her children should be protected better. What can be done? Since the trust is irrevocable it cannot simply be voided and…
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Doing Your Own Documents Online: No Lifeguard on Duty
Should you prepare your own will, trust and other documents online? Maybe. But if you do you should be careful to assure you are getting what you really need, not just filling in forms that may not address your real planning goals. Online document preparation without appropriate guidance can be quite a mess.
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Safeguard Assets From Divorce with a Revocable Inheritance Trust
Consider using a revocable trust that holds only assets that are clearly identified as separate or pre-marital property. The objective of this technique is to enhance the likelihood of those asserts retaining their identity as separate non-marital property. Some people are uncomfortable addressing a prenuptial agreement. Perhaps this will provide some protection.
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Initial steps to take after a Loved One Dies
If a loved one dies, whether or not they have left a will or trust, there are important steps that should be taken as quickly as possible.
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Hire Really Useful Advisers
When addressing estate planning be certain that the advisers you hire provide useful advice and guidance. Be sure to vet or interview advisers to be certain that they can provide the quality of guidance you need. Be sure your adviser is willing to tell you what you need to hear, not just what you want…
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Descendants: Who Qualifies Affects Trusts and Your Estate Plan
Wills and trusts commonly bequeath assets to a designated beneficiary and then to that beneficiary’s children, descendants, issue, etc. But how are those terms defined? Will people be excluded? Assisted reproductive technology, surrogacy and so forth may not have existed when the documents were drafted. What can be done?
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Pet Planning including Pet Trusts
If you have a pet you should plan to assure that your pet is provided for should you become incapacitated or die. Your financial power of attorney, letter of instruction, will and trust, should all address care for your pet.
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What happens if I die without a Will?
If a loved one dies without a will, which is called dying intestate or intestacy, state law will govern what happens to their assets and estate. These rules differ from state to state and often, perhaps generally, are not what any one would want to happen with their assets.