Some people have “traditional” beneficiaries. In other words, the people whom they love and whom they choose to benefit in their estate plan are their spouse and children. However, sometimes, the most important people in someone’s life are non-traditional beneficiaries, like unmarried domestic partners, same-sex married couples, nephews and nieces, or friends. The strategies that work for one may not work for the other, and vice versa. For example, the unlimited marital deduction, a … [Read more...]
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What Do Estate Planning and Shoes have in Common?
Surprisingly, estate planning and footwear share many similarities. Let’s see how: Obviously, choosing an estate plan that is right for you is a bit more complicated than choosing a pair of shoes. A basic estate plan consists of a well thought out, integrated plan which should include the following documents: An experienced attorney who focuses in estate planning can help you craft a plan that is tailored to your unique needs. For finding a good pair of shoes—you’re on your … [Read more...]
Estate Planning: It’s Not Just About the Documents
What is an estate plan? An estate plan is a plan that passes your assets to whom you want and in the manner you want after your death. However, an estate plan is more than just documents. For example, some of your assets may not even be controlled by your Will or Trust. Let’s look at a case study. Mike had a Will which left everything to his wife, Sally. It also provided that if Sally did not survive him, it would have set up continuing Trusts for his kids. Mike … [Read more...]
Taking Care of Rover After You’re Gone
Your pet may have been with you for years. In fact, pet ownership can likely lead to a higher life expectancy. A report by The British Journal of Health Psychology found that pet ownership resulted in lower blood pressure, lower cholesterol, and better overall health. In fact, pets may be especially helpful when you are in the greatest need. A study in Public Health Reports found the heart attack survival rate among pet owners was 28% higher than among those without pets. Many people suspect … [Read more...]
Who Pays Income Tax on a Trust?
We all have heard of trusts. Perhaps you are a beneficiary of a trust or expect to be a beneficiary someday. You may have a trust yourself. Did you ever ask “who pays income tax on trust assets?” This is an important question that even many attorneys cannot answer. However, this answer can have important implications. In order to determine how a trust is taxed, first you have to determine whether it is a “grantor” trust. The grantor is the person that set … [Read more...]
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