If your estate planning goals include distributing your wealth while also encouraging specific behaviors or achievements among your heirs, using an incentive trust might be right for your plan. Unlike a traditional trust, which distributes assets according to a set schedule or upon a beneficiary reaching a certain age, an incentive trust includes specific conditions […]Continue reading
Thinking about the future doesn’t always come naturally, but it’s one of the most valuable things we can do for our families. Estate planning gives us a way to protect our assets, outline our wishes, and make important decisions before it becomes urgent. Whether we’re creating a will, setting up a trust, or assigning someone […]Continue reading
If you’ve given a significant financial gift to a family member, you may wonder whether you’re required to file a gift tax return. Even if no tax is due, filing Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, can be a smart decision. Indeed, a timely filed gift tax return that meets the […]Continue reading
It’s not uncommon for people who live in states with high income taxes to relocate to states with more favorable tax climates. Did you know that you can use a similar strategy for certain trusts? Indeed, if a trust is subject to high state income tax, you may be able to change its residence — […]Continue reading
Estate planning involves creating a strategy to manage your assets, healthcare decisions, and the well-being of your loved ones during your lifetime and after your death. A well-designed estate plan uses various tools to ensure your wishes are carried out, minimize taxes, and avoid potential disputes. Here’s an overview of the most common estate planning […]Continue reading
There are many benefits of including a revocable trust in your estate plan. This trust type allows you to minimize probate expenses, keep your financial affairs private and provide for the management of your assets in the event you become incapacitated. Importantly, they offer flexibility: You’re free to amend the terms of the trust or […]Continue reading
Legendary singer Aretha Franklin died more than six years ago. However, it wasn’t until last year that a Michigan judge ruled a handwritten document discovered under her couch cushions was a valid will. This case illustrates the dangers of a so-called “holographic” will. It’s one where the entire document is handwritten and signed without the […]Continue reading
Louisiana Estate Planning Laws Estate planning is an essential aspect of financial management, ensuring that a person’s assets are distributed according to their wishes after death. Louisiana, with its unique legal background influenced by the Napoleonic Code, has certain distinct estate planning laws that residents should be aware of. By meeting with our skilled Louisiana […]Continue reading
Do you own your principal residence? If so, you’re likely aware that you can benefit from the home’s build-up in equity, realize current tax breaks and pocket a sizable tax-exempt gain when you sell it. And from an estate planning perspective, it may be beneficial to transfer ownership of your home to a qualified personal […]Continue reading
A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there’s been confusion surrounding inherited IRAs and the so called “10-year rule” for required minimum distributions (RMDs). That is, until now. The IRS […]Continue reading
