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 your executor has paid the estate’s
Probate & Estate Planning
Beware of Inheritance Scams
Whenever large sums of money are involved, don’t be surprised if scammers come out of the woodwork. This is especially true today, as criminals have a variety of tools at their disposal, such as phishing emails, designed to separate you from your hard-earned wealth. Here are examples of inheritance-related frauds as well as a few…
Address These Estate Planning Priorities First
It’s been said that there’s “no time like the present.” That’s especially true when it comes to your estate plan. Even though creating an estate plan may seem overwhelming, there are several “top priority” items you should tackle first. Failing to do so can leave your family at a loss if you die unexpectedly.
Appoint…
Loan or Gift? Handle Intrafamily Transfers with Care
If you’re like most people, an important goal of estate planning is to provide financial assistance to your children or other loved ones, ideally at the lowest possible tax cost. There are many strategies for achieving this goal, including outright gifts (either during life or through bequests in your will) and gifts in trust.
Another…
Make Your Estate Plan “Letter” Perfect
Are you creating or updating your estate plan? Primarily, you need a will that divides up your assets among beneficiaries. Then you can complement it with other documents, such as financial and health care powers of attorney and various trusts.
What about all those other vital matters that must be addressed upon your passing, but…
Why You Need a Succession Plan and an Estate Plan
Spoiler alert: In the acclaimed HBO series “Succession,” the patriarch of a family run business, Logan Roy, fails to name a clear successor. After his sudden death, the family is ripped apart. Eventually the business is sold to outsiders under dire conditions.
Don’t think that your family is immune from a comparable problem. If you…
Estate Planning Pitfall: You Haven’t Properly Funded a Trust
A trust can form the cornerstone of your estate plan, and trusts come in a variety of flavors. Indeed, there’s one for nearly any estate planning situation. Here’s a brief list of a trust’s potential advantages: trust assets may avoid probate, provides planning flexibility, protects assets and can minimize taxes.
But setting up a trust…
Have You Substantiated Your Charitable Gifts?
If you’re charitably inclined and you itemize deductions, you may be entitled to deduct your charitable donations. The key word here is “may” because there are certain requirements and limitations your donations must meet. One such requirement is the need to substantiate charitable gifts with proper documentation.
Donating cash gifts
Cash donations of any amount…
Is Your Estate Plan Ready for Future Estate Tax Law Changes?
The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1, 2026.
For estate planning, it’s important to…
Have Grandkids? Opening 529 Plan Accounts Can Benefit Them and Your Estate Plan
The cycle continues: Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kids’ college educations through 529 accounts of their own. Did you know that parents aren’t the only ones who can establish 529 plan accounts? As a grandparent, you can follow the same…