Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names given to those directives, depending on one’s jurisdiction. In any event, regardless of what they’re called in the state where you reside, it’s important to create these documents and keep […]Continue reading
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage. Of course, you also want to take advantage of favorable estate tax provisions in the law. Fortunately, […]Continue reading
Intrafamily loans allow you to provide financial assistance to loved ones — often at favorable terms — while potentially reducing gift and estate taxes. But what about families that lack the liquid assets to make such loans? Are there other options if they have a trust? One lesser-known possibility is for trust beneficiaries to borrow […]Continue reading
Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a citizen, the IRS will treat you similarly to a U.S. citizen. If you’re considered a resident, you’re subject to federal gift and estate taxes on […]Continue reading
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children. But what if your IRA, which names the oldest child as beneficiary, accounts for half of the estate? In that case, […]Continue reading
For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift or bequest without triggering federal transfer taxes. This is a limited time offer, however, as the exemption amount is scheduled to drop to $5 million (adjusted for inflation) in […]Continue reading
Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death, between his widow and his two daughters from a previous marriage. (The two parties have since resolved their differences and […]Continue reading
Will Executor Lawyer A will executor is very important and beneficial. An executor is someone that’s appointed by the court who will most likely be nominated in someone’s will. This person is given legal responsibility to ensure that the deceased person’s remaining financial obligations are taken care of. What does that mean? It means that […]Continue reading
How Do I Modify a Child Support Order? Although many people assume that a child support order cannot be changed because it is a court-ordered payment plan, it’s actually possible — and very common — for separated parents to make modifications. The purpose of child support is to ensure that both parents pay for the […]Continue reading
Probate Lawyer If you are the executor of a will, you will have to enter into a formal probate process. Probate is the legal process in which a will gets proved valid in court. Here are some common probate mistakes you must avoid. Putting Probate Off When you lose a loved one, it is understandable […]Continue reading
