Blog

7 Deadly Estate Planning Sins

According to literature, the "seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan if you’re not careful. Here are seven transgressions to...

Beware of the Generation-Skipping Transfer Tax

Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping transfer (GST) tax. As its name implies, the GST tax generally applies to transfers...

Letter of Instructions

Make your thoughts crystal clear to your family

Generally, every estate plan requires a will, but this main attraction may be complemented by other documents, like a letter of instructions. The letter, unlike a valid will, isn’t legally binding, but can be...

IDGT: THIS TRUST IS SUPPOSED TO "FAIL"

Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types of trusts that are funded with assets: grantor trusts and nongrantor trusts. As the name implies, the earnings of a grantor trust are taxed directly to the...

Thinking about a Roth IRA Conversion?

Now may be the Ideal Time

Roth IRAs offer significant financial and estate planning benefits. If you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA, there may be no better time than now. The Tax Cuts and...

DIGITAL ASSETS AND YOUR ESTATE PLAN

This asset type requires special planning.....

The digital revolution has touched virtually every aspect of our lives. The result is that you likely have at least a handful of “digital assets.”

These assets may include personal assets such as online bank and brokerage accounts, and business assets, such as...

EXECUTORS AND TRUSTEES

The name game............

Have you chosen the executor of your estate? How about the trustee for trusts you intend to establish? It’s important to select someone who’s capable of handling these duties on your family’s behalf.

In some cases, the executor of your estate and the trustee of your trusts will be...

WHAT ARE THE BENEFITS OF A DURABLE POWER OF ATTORNEY?

No one likes to think about being incapacitated, but the threat is quite real. According to recent statistics, about one out of every nine people are affected by Alzheimer’s disease, while roughly half of the population has at least one risk factor for stroke....

DO YOU HAVE QUESTIONS ABOUT GUARDIANSHIP

If you’re the parent of a newborn or toddler, you’re probably already thinking about naming a guardian for your child. This can be a difficult decision, especially if you have a plethora of choices or no one you can really trust. Or perhaps you plan on petitioning the...

COVERING ALL THE BASES

Both your business and estate plan can benefit from a buy-sell agreement

A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be effective, the agreement must include the...