Estate Planning Briefs

For many people, two common estate planning goals are contributing to a favorite charity and leaving significant assets to your family under favorable tax terms. A charitable remainder trust (CRT) can help you achieve both goals. ABCs of CRTs Typically, you set up one of two CRT types (described below) and fund it with assets […]

A key decision you must make when drafting your estate plan is who to appoint as the executor. In a nutshell, an executor (called a “personal representative” in some states) is the person who will carry out your wishes after your death. Let’s take a look at the specific duties and how to choose the

Tax planning is only a small component of estate planning — and usually not even the most important one for most people. The primary goal of estate planning is to protect your family, and saving taxes is just one of many strategies you can use to provide for your family’s financial security. Another equally important

Life insurance can be a powerful estate planning tool. Indeed, it creates an instant source of wealth and liquidity to meet your family’s financial needs after you’re gone. And to shield the proceeds from potential estate taxes, thus ensuring more money for your loved ones, many people transfer their policies to irrevocable life insurance trusts

A difficult aspect of planning your estate is taking into account your family members’ needs after your death. Indeed, after you’re gone, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen. While there’s no way to predict the future, you can supplement your estate plan with a trust provision that provides a

When it comes to your 401(k) plan, you may have a choice to make regarding contributions. Should you make contributions on a pre-tax (traditional) basis or on an after-tax (Roth) basis? The right answer depends on your current and expected future tax circumstances as well as your estate planning goals. Traditional vs. Roth 401(k)s The

On the one hand, you want your estate plan to achieve certain “technical” objectives. These may include minimizing gift and estate taxes, and protecting your assets from creditors’ claims or frivolous lawsuits. On the other hand, you also want your plan to achieve “aspirational” goals. These may include preparing your children or grandchildren to manage

Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold alternative investments that offer potentially greater returns. However, self-directed IRAs may present pitfalls that can lead to unfavourable tax consequences. Therefore, you need to

If you’re taking your first steps on your estate planning journey, congratulations! No one likes to contemplate his or her mortality, but having a plan in place can provide you and your loved ones peace of mind should you unexpectedly become incapacitated or die. Here are five basic pitfalls you’ll want to avoid: Pitfall #1: not

One of the goals in creating a comprehensive estate plan is to maintain family harmony after your death. Typically, with an estate plan in place, you have the peace of mind that your declarations will be carried out, as required by law. However, if someone is found to have exerted “undue influence” over your final