Closely held business owners, listen up! An Employee Stock Ownership Plan Can Benefit Your Estate Plan…
As an owner of a closely held business, you’re likely familiar with how an employee stock ownership plan (ESOP) can offer an exit strategy and provide a tax-efficient technique for sharing equity with employees.
What you may not be aware of is that an ESOP can be a powerful...
Estate Planning Red Flag -You Didn’t Place Restrictions on your Charitable Gifts
Charitable giving allows you to support causes you care about while potentially reducing your estate tax burden. However, making unrestricted gifts to charity without careful estate planning can create unintended consequences that may diminish both your benefits and the long-term impact of the gifts.
An unrestricted gift gives a...
The Window of Opportunity:Legal Steps to Take When You First Notice Memory Problems
You have been seeing the signs for months. Mom or Dad has not quite been themselves lately. They are forgetting things more often: appointments, addresses, payments, names. The other day, they got lost going to a place they have frequented for years.
When you try to bring it up,...
A Dementia Diagnosis Changes More Than Healthcare – Seven Steps to Take While You Can
With dementia cases in the United States estimated to double by 2060—and roughly 42 percent of Americans over age 55 at risk of developing dementia according to recent research1—a diagnosis is something that more and more families will face.
The statistics are sobering in the abstract. They feel different...
Too late to Plan – Navigating Legal and Financial Barriers After Dementia Progresses
Looking back, it often feels clearer. The signs were there—missed appointments, repeated questions, small but noticeable changes. You were paying attention; you just thought there would be more time.
The situation has now changed. If your loved one’s cognitive decline has progressed to the point where they may no...
Powers of Appointment: A Flexible Estate Planning Tool
By definition, estate planning is designed to address events that may not occur for years or even decades. This requires you to make decisions regarding your estate today against the backdrop of an uncertain future. Fortunately, there are tools available to build flexibility into your plan, including powers of appointment.
Becoming Empty Nesters Soon?
This transition is the perfect time to reexamine your estate plan
It’s graduation season! Whether your last (or only) child will soon be leaving home for college or a new job, becoming empty nesters is a major life transition for you and your spouse. While much of the focus...
Estate Planning Red Flag – You’ve Neglected to Review your Life Insurance Policy
Life insurance is often purchased during major milestones, such as getting married, buying a house or welcoming a child. Once the policy is in place, it’s easy to file it away and assume the job is done. But life changes, tax laws evolve and financial goals shift. That’s why regularly reviewing your...
Owning Foreign Assets Requires Special Estate Planning
In an increasingly global world, it’s not uncommon for individuals and families to own assets outside the United States. A vacation home in another country, inherited property overseas, foreign bank or investment accounts, or even an ownership interest in an international business can all add complexity to your financial picture. While these...
Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs): Split-interest Trusts Can Sweeten Charitable Giving Benefits
If you’re philanthropically inclined, a charitable split-interest trust is one way to support the causes you care about while enjoying significant tax and estate planning benefits. These benefits are divided between a charitable beneficiary and one or more noncharitable beneficiaries. The two most common examples are charitable remainder trusts (CRTs) and charitable...