Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. The quotation “shirtsleeves to shirtsleeves in three generations” has often been attributed to Andrew Carnegie. The same concept...
Trusts
5 Tips for Avoiding a Will or Trust Contest
A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest. If you are concerned about challenges to your...
Informing Your Heirs about your Estate Plan
Many of my clients have told me that they do not wish to tell their children or other loved ones ANYTHING about their estate plan. This is because they believe that their heirs will begin to “count” their money before they have died; or at least count on receiving...
Pooled Trust Update:
Last March 2023 we described the efforts of Senator Jehlen and Representative Hogan (H1274/5773) to sponsor a bill in the Commonwealth legislature that would enable seniors to use special needs pooled trusts without penalty to pay for important services and care not...
Don’t Make These Common, Expensive Mistakes: How to Leave Assets to Minor Children
Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good...
Ways the Administration Wants to Modify the Tax Rules for Certain Trusts
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...
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,...
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...
Wills, Trusts & Dying Intestate: How They Differ
Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what...
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do –...