Most estate planning attorneys agree that a client’s two biggest assets are their home and an Individual Retirement Account / retirement plan. Because real estate plays a role in even relatively modest estates, an estate planning practitioner needs to consider all issues regarding the real estate and its transfer. For example, title insurance may not be the first thought when dealing with real … [Read more...]
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Is It Really “All Taken Care Of?”
When parents tell their adult children, “It’s all taken care of,” regarding their end-of-life arrangements, what do they mean? Assuming they’ve worked with an estate planning attorney, they should have a will, a trust, and advance medical directives in place, with health care and financial power of attorney designees and back-up designees. These elements, while vital, still fall short of taking care of everything. Consider these important often-overlooked aspects: Funeral Plans and … [Read more...]
ABLE Accounts Complement Special Needs Trusts
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. Read on to learn more. … [Read more...]
Using Entities in Estate Planning
Estate Planning attorneys have long recommended the use of closely-held entities such as family limited partnerships (“FLPs”) and limited liability companies (“LLCs”) to provide flexibility in allocating rights to profits and capital, to shift income and property appreciation from one generation to the next, and to provide asset protection. Individuals transfer assets to the entity in exchange for membership or partnership interests, which provide management control and income distribution … [Read more...]
Plan Now for the Incredible Shrinking Exclusion
There is a great deal of legislation pending and much is uncertain. But this much is certain, the estate tax exclusion will go down by half beginning 2026 under current law. Now is the time to plan for your clients and yourself. Read on to learn more. … [Read more...]
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