Marital Agreements Versus Wills and Trusts: Which Do You Need?
If you are entering a marriage or remarriage with significant assets, children from a prior relationship, business interests, inherited property, or a clear vision for your legacy, you may have been told that you need a will, a trust, or a marital agreement. These documents are often discussed together, but they serve...
Estate Planning When Your Children Live in Different States
Today, many families are scattered across the country, with parents living in one state and children in another.
Physical distance can introduce logistical hurdles that estate plans are not always built to handle. Even in a geographically clustered family, having a child living across state lines can create significant...
What Happens When You Put a Mortgaged Home into a Land Trust
Land trusts are often associated with conservation projects and nonprofits that preserve land for community use or affordable housing. But in estate planning, a land trust serves a different purpose: It is a private title management structure that allows you to maintain full control of the property, keep your name out of...
Estate Planning After Remarriage
You may not be able to choose the family you are born into, but you can choose the family you build through marriage, partnership, and the life you create on your own terms. The traditional nuclear family is no longer the default, and biological family ties are no longer always assumed.
A Refresher Course: The Rules and Planning Strategies for Taking Required Minimum Distributions
If you have substantial savings in a traditional IRA or employer-sponsored retirement plan, you likely know that required minimum distributions (RMDs) must begin at a certain age. RMDs are taxable and, depending on your balances in these accounts, can even push you into a higher tax bracket.
Beyond the...
Estate Planning Red Flag – Your Trust Fails to Provide a Mechanism to Remove the Trustee
A trustee plays a central role in the administration of a trust, acting as the legal steward of assets on behalf of beneficiaries. This responsibility carries both authority and accountability. Trustees are charged with managing investments, distributing income or principal according to the trust document, maintaining accurate records, and acting in the...
Business Owners: Ensure Your Estate Plan and Asset Protection Plan Work in Tandem
When it comes to assets, your business is likely to be your most valuable. That’s why it’s important for your estate plan and your asset protection plan to complement each other. Each serves a distinct purpose, but when coordinated properly, they can help ensure that your wealth is preserved, liabilities are minimized...
Is an Electronic Will Right for You and Your Family?
Electronic wills—often called “e-wills”—are an emerging alternative to traditional paper-based estate planning documents. As more aspects of daily life move online, states are gradually adapting their laws to recognize wills that are created, signed and stored in digital form. This shift raises important questions about legality, security and whether an e-will is...
The QTIP Trust: A Powerful Planning Tool for Blended Families
Remarriages are increasingly common. According to recent data from the U.S. Bureau of Labor Statistics, by age 55, nearly 27% of those who’ve married have done so two or more times. As a result, “blended” families — in which one or both spouses have children from a previous marriage — are also...
Clarity Counts:A Letter of Instruction can be a Valuable Addition to your Estate Plan
Most people understand the importance of having a valid will as part of their estate plans. A will helps ensure that your assets are distributed according to your wishes and can provide important legal guidance for your loved ones after your death. However, there’s another estate planning document that’s sometimes overlooked yet...