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...
Estate Planning Red Flag – Failing to Properly Plan for Beneficiaries Predeceasing You
When people think about estate planning, they often focus on how their assets will be distributed after their death — but few consider what happens if a child or other beneficiary dies before they do. While it’s difficult to imagine such a scenario, planning for this possibility is essential to ensure that...
Fairness and Flexibility – A Pot Trust Can Benefit All of Your Children
A trust is one of the most versatile and effective tools in an estate plan. It allows you to manage how and when your assets are distributed, often avoiding probate and ensuring that your wishes are carried out efficiently. If you have children, creating trusts for them can offer a range of...
Is it Time to Update Your Will? Consider a Codicil
Creating a will is a foundational step in your estate plan. But life rarely stays the same after it’s drafted. Whether you’ve gotten married (or divorced), welcomed a new family member or acquired significant property, it may be time to revisit your will and make any necessary revisions.
One...
Can your will be contested?
A no-contest clause can cause beneficiaries to think twice
Your will is meant to ensure that your final wishes are honored. However, it can sometimes be contested, potentially leading to lengthy legal battles and financial disputes among your heirs. Understanding when and why a will might be contested —...
Estate Planning Pitfall – You Haven’t Properly Funded a Trust
A trust can form the cornerstone of your estate plan, and they come in a variety of flavors. Indeed, there’s one for nearly any estate planning situation. Here’s a short list of a trust’s potential advantages: trust assets may avoid probate, provides planning flexibility, protects assets and can minimize taxes.
Managing our Residuary Estate
Even with a comprehensive estate plan, it’s likely you’ll have some assets in a residuary estate. Like the sediment at the bottom of your glass after you finish a fine wine, an estate plan may also leave some residue.
This residue takes the form of assets left over after...
Protect your estate against undue influence claims
It’s your will, so you can say whatever you want to say in it, or change any part of it, whenever you want to, right? Well, not quite. First, you’re bound to follow the prevailing laws of your state. Second, your will could be contested based on a claim that someone exercised...
QTIP Trust – strange name, powerful trust
Granted, a QTIP trust is an odd sounding name for an estate planning technique. Nevertheless, it can be a valuable strategy, especially if you’re currently in a second marriage. The QTIP moniker is an acronym for the technical term of “qualified terminable interest property.” Essentially, this trust provides future security for both...
A living trust and a pour-over will – two estate planning documents working in tandem
At the very least, your estate plan should include a legally valid will governing the disposition of assets on your death. But comprehensive estate planning often goes much further. For instance, you may provide for transfers of assets to a living trust (also known as a revocable trust) to supplement your will....