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....
Dynasty Trust
Create a trust that can span the ages
Do you want to leave a lasting legacy for your family? Besides passing along prized heirlooms, you can arrange a long-lasting transfer of wealth through multiple generations by using a dynasty trust. Not only can such a trust avoid tax, it...
Bringing Back the Bypass Trust
According to some people, the bypass trust (sometimes referred to as a credit shelter trust) has gone the way of the dodo bird in the current estate tax environment. However, this “dinosaur” of a technique for married couples is far from extinct. In fact, it may return to prominence as a scheduled...
Do your assets include unregistered securities?
This asset-class requires special planning
When it comes to estate planning, addressing all of your assets is a priority. However, some assets require greater attention than others. For example, if your assets include unregistered securities, such as restricted stock or interests in hedge funds or private equity funds, you...
Living Trusts and Probate Avoidance
Living Trusts & Probate Avoidance
You want your money and property to go to your loved ones when you die, not to the courts, lawyers or the government. Unfortunately, unless you’ve taken proper estate planning, procedures, your heirs could lose a sizable portion...