Waiting until you are certain you need someone else to make health care decisions on your behalf risks not being able to communicate your wishes in advance. This could leave loved ones having to guess what you want and create discord among family members at an already stressful time. Having this conversation...
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If you have minor children and still don’t have an estate plan in place, here are five reasons why building one now makes sense.
1. Designated an appropriate guardian: If you are a new, young parent, the concept of not being able to raise your children and attend their...
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A contract to make a Will is an estate planning tool that has fallen out of favor with the rise of the use of Trusts. For good reason. While a Will Contract is still legally enforceable, most people find the use of other tools more effective.
Will Contracts are...
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The “Stretch” IRA was commonly used as an estate planning tool which allowed beneficiaries to enjoy the benefits of IRA asset growth, either tax-deferred (or, in the case of a Roth IRA, tax-free) for their lifetime. With the passage of the SECURE Act, IRAs inherited after December 31, 2019 must pass...
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The internet has created access to information that was unthinkable a generation ago. That access has provided the motivated DItYer with the ability to tackle almost as many issues as they have the time to handle: with easy instructions on home improvement and repairs, to learning how to play that elusive musical...
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For many clients, philanthropy is already part of their everyday life. Whether it be involvement in one or more charitable organizations, or regular giving to religious or civic organizations. As we are approached to develop estate plans, many clients are surprised to learn of the many ways they can provide for longer...
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A Totten Trust Account, or Totten Trust, is named after a 1904 New York state court case in which a person opened a bank account and named a beneficiary of the account after he passed. Prior to this decision, other courts invalidated this sort of arrangement. Today, Totten Trust Accounts are...
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The short answer is, “Yes.” The better question is: “Should they be acting in both capacities?”
Beneficiaries can, and often are, asked to be the Trustee, or successor Trustee, of a Trust. In cases of multiple beneficiaries, sometimes more than one beneficiary is asked to serve as Co- Trustees....
One of the goals of estate planning is to avoid the costly and time-consuming Probate Court process. That is, the legal process undertaken by your heirs and beneficiaries to change the title of property held solely in your name into the name of another. Frequently you will hear laypeople (and some lawyers)...
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Being a Trustee, especially a successor Trustee to a family member, can be a thankless job. Sometimes people are not aware they have been chosen for this responsibility until after the death of a loved one who has named them as Trustee in a revocable trust. Perhaps the Trust was created years...
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