When Estate Planning practitioners talk about the “Holy Grail” of Estate Planning, they generally mean the intentionally defective grantor trust, which includes the assets contributed to it in the grantor’s income tax for income purposes but excludes such assets from the grantor’s estate for estate tax purposes. The 529 plan provides yet another example of the “Holy Grail” in Estate planning by allowing tax-free growth, control of the plan until the grantor's death without estate tax inclusion, … [Read more...]
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The Wonder of Wills
Many Estate Planning attorneys have been asked whether an Estate Plan is necessary or whether a Will is necessary if the client has a Revocable Trust. Let’s settle the debate now. Even in an Estate Plan based upon a Revocable Trust, Wills play an important role. Everyone with an Estate Plan needs to have a Will because certain things can only be done with a Will. Read on to learn more. … [Read more...]
Why Would You Want to Avoid Louisiana Succession?
Probate is a legal process that is often necessary when assets are being distributed after someone dies, and in Louisiana, it is called succession. Some try to avoid Louisiana succession proceedings when they understand some things about it, and we will explore the subject in this post. Court Supervised Process Most people assume that a will is the asset transfer vehicle to use unless you are a multimillionaire. If you accept this premise and utilize a will, you will name an executor to act as … [Read more...]
What Taylor Swift Can Teach Us About Estate Planning
Regardless of your feelings about her music, her attendance at National Football League games, or anything else related to the popstar, it’s hard to argue that Taylor Swift isn’t a cultural phenomenon. In 2023, Taylor launched a multi-city tour that broke records for attendance, sales, merchandising, and gross revenue; the Federal Reserve credited her with boosting the country’s economy; and Time magazine named her Person of the Year. While interesting, these statistics only tell part of the … [Read more...]
Inheritance Planning: These Mistakes Can Be Costly
Inheritance planning is a critical aspect of financial planning that requires careful consideration and attention to detail. However, many individuals make common mistakes that can have significant consequences for themselves and their loved ones. Let’s explore some of these mistakes and why it's essential to avoid them. Procrastination One of the most prevalent estate planning mistakes is procrastination. Many people put off creating an estate plan because they believe they have plenty of … [Read more...]
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