Taxes are not just for individuals—they can impact certain types of trusts as well. Whether a trust pays its own taxes or whether the taxes are paid by the trust’s beneficiaries or the trustmaker depends on several factors. Grantor Retained Annuity Trusts If the trust...
Estate Planning
Three Improvements the Administration Wants to Make Regarding Administration for Trusts and Decedents’ Estates
When a person dies, there are often several tasks that need to be completed to properly wind down their affairs (their estate)—funerals and other preparations need to be planned, bank and investment accounts closed, property transferred, arrangements made for pets,...
What the Administration’s 2024 Revenue Proposals Mean for You and Your Estate Plan
Introduction On March 9, 2023, the Biden administration released a proposed budget for fiscal year 2024, calling for an increase in federal spending along with a series of counterbalancing revenue raisers. The budget was outlined in a document called the “General...
Important Estate Planning Considerations for LGBTQ Couples
Everyone needs estate planning. Regardless of your age, race, gender, or sexual orientation, properly protecting your future and your loved ones requires a plan. For LGBTQ couples, there are a few things you should consider when thinking about crafting an estate plan....
LGBTQ+ Estate Planning to Protect Yourself and Your Loved Ones
Estate planning is for everyone. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, property, and loved ones in the event of an accident, illness, or death. For LGBTQ+...
Important Questions to Ask When Investing in a Vacation Property
According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are...
Does My Estate Plan Need to Include My Vacation Property?
Yes! If you own a vacation home, timeshare, investment property, or any other asset outside of the state where you are domiciled you must make sure it’s included in your estate plan. If you fail to include these in your estate plan, or fail to have an estate plan at...
Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup!
Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then getting one in place should be at the top of your...
Is Your Estate Plan as Stale as Last Week’s Ham Sandwich?
5 Reasons to Update Your Estate Plan Estate plans are almost magical: They allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes,...
Wondering Whether You Need to Update Your Estate Plan? Yes, You Do, and Here’s Why
Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the Kendricks Meet Bill...