In order to protect your legacy and your heirs from excessive taxation, you should apply tax avoidance principles to wealth transfer. Still, it requires careful planning and oversight to ensure techniques don’t cross the line to tax evasion. Assessing tax… Read more »
Category: Estate Planning
Trusts Are Important Estate Planning Tools
An estate plan involves distributing property and money after a loved one dies. Though many people are familiar with wills as a means of distributing assets, trusts can be even more effective. A trust is a legal arrangement where a… Read more »
What You Need to Know About Appointing a Power of Attorney
In the event that you become incapacitated in some manner, you should plan ahead and appoint a trusted agent to take care of your affairs on your behalf. These legal documents can grant broad authority to one or more power… Read more »
A Guide for Understanding Grantor-Retained Income Trusts
A wealth transfer or estate planning strategy may include strategies that preserve assets while providing financial benefits to those who inherit them. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to retain… Read more »
Minimizing Tax Liabilities and Managing Family Wealth
For high-net-worth families, many legal strategies are employed to preserve wealth and minimize taxes. However, tax laws continually change and can impact new and existing estate plans. For example, the SECURE and SECURE 2.0 Act presents some challenges and opportunities… Read more »
Understanding the Two Types of Remainder Trusts
In philanthropy, charitable giving has long been a cornerstone. People enjoy making meaningful contributions to causes that are close to their hearts. For those who wish to support charitable organizations while also benefiting from tax advantages and income streams, charitable… Read more »
A Guide to Understanding the Probate Process
During probate court, a person’s will is validated and the executor is responsible for handling the decedent’s assets, debts, and final tax filings legally and according to the decedent’s wishes. To begin probate, a personal representative or executor must file… Read more »
After the Death of a Loved One, How to Handle Their Digital Footprint
It is common for adults to not have made a will or estate plan, let alone one that addresses their online profiles and accounts. As your online presence grows professionally and personally, taking charge of your digital assets and plans… Read more »
Planning an Estate for an Unmarried Couple’s Assets and Property
The number of Americans who are widowed or divorced has reached record levels, causing new partnerships to form among older Americans. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally… Read more »
What Is the Process of Estate Administration?
The estate administration process involves managing a deceased person’s assets and distributing them to their beneficiaries. This process typically includes identifying and inventorying the decedent’s assets, paying debts and taxes, and distributing any remaining assets to the beneficiaries named in… Read more »