No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that can provide for your children from a previous marriage […]
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When is an Immigration Judge’s Decision a Done Deal? One of the most common inquires people have after attending their individual or merits hearing in Immigration Court is whether the Immigration Judge’s (“IJ”) decision is final or not. In the event you are not satisfied with the IJ’s decision, you may have the ability to
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Have you coordinated your payable-on-death accounts with your estate plan? Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts in certain states. POD designation is NOT available for brokerage accounts in the State of
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An HSA can be a healthy supplement to your savings regimen and estate plan Longer life expectancies and rising health care costs make saving for retirement more important than ever before. A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it
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Should you “Park” your Vehicle in a Living Trust? Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage one’s assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your
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Will your estate plan benefit from a trust protector? You may have several different types of trusts in your estate plan. In general, to achieve the greatest tax savings, these trusts must be irrevocable, thus requiring you to give up control over the trust assets. Even though you appoint a trustee to oversee distribution of
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Get smart when tackling estate planning for intellectual property If you’ve invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, bear in mind that these assets
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Relief for Small Businesses – CARES Act Update Covid-19 relief has arrived for small businesses under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”)! One of the many offerings for small businesses is the Paycheck Protection Program (PPP) loan. A PPP loan is designed to cover payroll expenses for an 8 week period
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The gift tax filing and payment deadlines have been extended to July 15 You may have heard that the federal income tax filing and payment deadline has been extended from April 15, 2020, to July 15, 2020, to provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. What you may have missed is
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Review your Estate Plan in the Midst of a Major Life Shock Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental
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