You and your spouse live your lives as one. You’ve been together for years. It seems the simple solution is to just leave everything to each other upon your deaths. Unfortunately, in this situation, the simplest solution may not be the best. First, if you leave everything to your spouse, they will be estate taxed on it at their death. If together you have more than $1 million, or expect to have that much by the time you both die, that could be a problem, depending … [Read more...]
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Why Women Hold the Keys to Successful Estate Planning
Some people still assume that, when it comes to financial and legal matters, women are not key players. However, this is entirely inaccurate. Women are most likely to be highly involved and greatly affected by estate planning. In recent generations, women have taken on a larger role in the financial arena. The number of women in the workplace has tripled in the last fifty years. Meanwhile, the real median income of women has increased by sixty-three percent, while … [Read more...]
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...]
If You Really Love Me, Don’t Leave Me Anything!
This sounds like an odd statement, but it may be very accurate. Leaving assets directly to children or other beneficiaries may cause them problems which could be easily avoided or reduced by leaving them the assets in trust rather than outright. Even if the child is a very capable adult, it is often better to leave the assets in trust. The child can receive the assets in trust and could be trustee of that trust. As trustee, the child could invest the assets as desired, … [Read more...]
What Happens When You Don’t Trust Your Trustee – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...]
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