
Family Wealth and Estate Planning Articles
Estate Planning for Individuals Living Outside the United States
Posted by Robert Ingrasci on January 09, 2025
Estate planning for individuals living outside the United States involves understanding domicile and residency, navigating tax implications, and considering asset location and jurisdiction. It also requires awareness of marital deduction rules, succession laws, and the importance of professional advice to ensure a comprehensive and compliant estate plan.
Selecting a Guardian: Frequently Asked Questions
Posted by Amanda Wojtkowski on January 03, 2025
Choosing a guardian for your child involves designating someone in a legally valid legal document who can take on the responsibility if you pass away or become incapacitated. It's important to select a trustworthy person with the necessary time and resources, and to consider the child's best interests, including their living arrangements and relationship with the guardian.
A Comprehensive Estate Plan Includes an Advanced Health Care Directive
Posted by D’Marie Kleeman on December 27, 2024
An advance health care directive allows you to outline your medical care preferences in case you become incapacitated. This document is a crucial part of your estate plan, ensuring that your health care decisions are respected and followed. It includes directives like a health care power of attorney, living will, and DNR/DNI orders, which can be tailored to your specific needs and state laws.
The Importance of Drafting Your Will Now
Posted by Amanda Wojtkowski on December 05, 2024
A well-crafted, up-to-date will is essential for an effective estate plan, helping to ease the burden on your family during difficult times. Key elements to include are an introductory clause, provisions for debt repayment, specific bequests, and the appointment of an executor. Ensuring compliance with federal and state laws is crucial for the validity of your will.
Joint Trusts vs. Separate Trusts - Which is Right for Married Couples?
Posted by Isabella Newman on November 21, 2024
Married couples deciding between a joint trust and separate trusts should weigh factors like simplicity, asset protection, and tax implications. Joint trusts offer ease of management and shared control, while separate trusts provide greater creditor protection and estate tax planning opportunities. The best choice depends on each couple's financial situation, family needs, and state laws.
Navigating Spousal Inheritance Rights in Second Marriages
Posted by Isabella Newman on November 07, 2024
Spousal property rights, including the "elective share," are governed by state law and can significantly impact estate plans. Strategies such as transferring assets to a revocable trust may help mitigate the effect of these rights, but laws vary by state, making professional guidance essential for effective planning.
Long-Term Care Insurance: A Key Consideration for Estate Planning
Posted by D’Marie Kleeman on October 31, 2024
Long-term care insurance is a valuable tool for protecting your estate and finances from the potentially high costs of nursing homes or in-home care. Key considerations include your financial situation, estate planning goals, age, and health, with premiums typically rising as you age. Consulting with an advisor can help you assess the best LTC options to secure your future needs and preserve wealth for your family.
Maximizing Estate Planning with Defined-Value Gifts: A Strategic Guide
Posted by Robert Ingrasci on October 17, 2024
A defined-value gift can help maximize the current federal gift and estate tax exemption by transferring hard-to-value assets, like business interests, at a specified dollar amount. This strategy, if structured with precise language and a formula clause, can reduce tax risks by aligning the gift’s value with IRS standards. Consulting with an advisor ensures proper documentation and minimizes potential IRS challenges.
Demystifying the Probate Process
Posted by D’Marie Kleeman on October 10, 2024
Probate is the legal process of settling an estate and transferring assets to heirs, but it can expose personal details to the public and attract unwanted attention. While the process typically takes six to nine months, it can be avoided through a revocable living trust, which keeps asset distribution private and outside of probate court. Understanding the probate process and available alternatives is crucial for effective estate planning.
Achieve Multiple Estate Planning Objectives with a Charitable Remainder Trust (CRT)
Posted by Isabella Newman on October 02, 2024
A Charitable Remainder Trust (CRT) allows individuals to achieve two estate planning goals: providing income to beneficiaries and leaving assets to charity, all while receiving potential tax benefits. With options like CRATs and CRUTs, a CRT offers flexibility in payouts and contributions. However, it’s an irrevocable decision, so careful planning is essential.