How Remarriage Can Impact Your Estate Plans
Estate planning is not something that you should set and then forget. This is because so much of estate planning is a reflection of our current standing in life. Life, however, is constantly changing. We gain loved ones through marriage or birth. We lose loved ones through divorce and death. With our lives...
What Does It Mean that the Estate Tax Exemption Can Be Portable?
Changes in the law are inevitable, especially during changes of presidential administrations. With President Biden’s term as president, there are likely to be changes in the arena of estate planning and related laws. In recent years, there have been some significant changes that have had serious impacts on estate planning. For instance, the...
How to Start the Estate Planning Conversation with Your Parents
Estate planning often involves talking about things people generally wish to avoid. Thoughts of death or incapacitation do not generally make for normally pleasant conversations. Estate planning, however, is a topic all families need to confront. While there are serious topics that will be involved with these discussions, they are incredibly important. Furthermore,...
What Happens If I Die Without a Will?
Are There Different Types of Trusts?
A trust can play a prominent role in estate planning, but many people do not know much about trusts. A trust is set up by the grantor, also referred to as the “settlor” or “creator,” of the trust. It is then funded by transferring property into the trust. The property and...
How Is My Property Transferred at Death?
A large portion of estate planning really focuses on how property and assets are to be transferred upon a person’s death. It may seem like a detail to some, but how your property is transferred when you pass away can have a significant impact on things like how long your beneficiaries will have...
How Are Irrevocable Trusts Taxed?
An irrevocable trust can come with many benefits. Its primary characteristic is the fact that the creator of the trust cannot amend the terms of the trust nor can the creator spend trust funds for anyone other than trust beneficiaries unless the terms of the trust permit it. In certain instances, the trust...
How Are Revocable Trusts Taxed?
A trust can be a valuable estate planning tool for a number of reasons. For instance, a trust can provide a safe place for valuable assets to be held for an extended period of time with the intent to eventually leave them to a loved one. With this, a person can protect...