Estate planning clients often say they want the home to become a permanent “family home” so that it is never sold and can serve as a place for any family member who is down on their luck. The intent is straightforward and generous. The difficulty is that implementing a rigid mandate like this can produce […]
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How to Own Your Real Estate
Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best […]
Continue ReadingThirteen Estate Planning Terms You Need to Know
Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you […]
Continue ReadingReviewing Your Estate Plan after the Death of a Loved One
The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan […]
Continue ReadingEstate Planning Tips for Every New Homeowner
Congratulations on the purchase of your new home! Whether this is your first home or you are moving to a new home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you are properly […]
Continue ReadingEstate Planning Awareness Week: The Importance to You and Your Loved Ones of Having an Estate Plan
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2021 survey conducted by Caring.com, only 33 percent of adults in the United States have […]
Continue ReadingSECURE 2.0 Act – How It Affects You and Your Retirement Account Beneficiaries
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: Eligible Designated Beneficiaries Exempt from the 10-Year Rule The SECURE Act provided a few exceptions to the mandatory 10-year withdrawal rule with a […]
Continue ReadingUnderstanding the New LLC Law: Navigating Post-Member Dissociation and Estate Planning
The legal landscape surrounding Limited Liability Companies (LLCs) has undergone significant changes, impacting both current business owners and estate planning strategies. Recent amendments to the LLC law introduce crucial considerations for single-member LLCs, particularly in the event of the member’s death. This blog article delves into these changes, providing insight and guidance to ensure your […]
Continue ReadingTrusts for Asset Protection: watch your language
In the law, what you say can become really important years down the line in a way that couldn’t be foreseen. In this article, I’ll discuss why the help that most of my clients seek — asset protection — can sometimes backfire when the plan actually needs to protect their assets. The “Asset Protection Trust” […]
Continue ReadingAdvanced Estate Planning: The A-B Trust
Estate Planning: Understanding the A-B Trust Strategy Today, we will discuss one of the most common estate tax avoidance strategy: the A-B trust, the Family Trust, or the credit shelter trust. Thanks to the Taxpayer Relief Act of 2010, many clients won’t require this kind of estate planning anymore, but the A-B Trust still has important and […]
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