When it comes to estate planning, the steps you take after a divorce are not so different from the steps you’ll take after a death—many of the phone calls will be the same, many of the changes you make and details you change will be similar. This all makes sense, because a divorce is basically… Read More »
Posts Categorized: Estate Planning
Prepare Now for an Uncertain Future
There’s a useful saying that goes something like this: “Expect the best, but prepare for the worst.” Never has that saying been as useful as it is right now in regards to asset protection and estate planning. As Laura Lallos mentions in her article in the Morningstar Advisor, “Estate attorneys are trained to prepare for… Read More »
Executors and Agents: Choosing Your Own Replacement
When people think about estate planning they generally think about inheritance, or taxes, or even guardianship—but rarely are the words “executor” or “agent” the first ones that come to mind. And yet, choosing your executor or your agent is one of the most important decisions you’ll ever make. Your executor is the person who carries… Read More »
Lapse in Generation-Skipping Transfer Tax Makes Giving to Grandkids Easier Than Ever
Wealthy grandparents have a unique opportunity this year to give their grandchildren gifts of substantial value without incurring any generation skipping transfer tax. This is a huge savings opportunity!—so why aren’t more people taking advantage of it? Part of the reason may be lack of awareness. Everyone knows about the Bush administration’s year-long repeal of… Read More »
How to Keep Your Children from Squandering Their Inheritance
Most parents come into our office with one concern on their minds: protecting and providing for their children. We help these parents select loving guardians and set up solid trust or inheritance plans to ensure that their children will have everything they need. But parents often have another concern as well—how to keep their children… Read More »
How to Prepare for Dismaying Changes to Estate Tax Law
This may seem like we’re listening to a broken record, but once again Congress’ inability to act is creating uncertainty in the estate-tax-planning world. We’re little over 3 months away from a major upheaval in the estate tax, and according to the New York Times the upcoming law is likely to cause a lot of… Read More »
Planning to Live Through the 2010 Estate Tax Repeal? You Can Still Save on Taxes
It is common knowledge that 2010 is a great year for heirs. If you didn’t know about the 2010 estate tax repeal, all the media coverage of George Steinbrenner’s recent death (and his heirs’ lucky tax break) probably alerted you. Everybody is saying that 2010 is a good year to die… But what about those… Read More »
Debunking 5 Common Estate Planning Myths
There are five common myths that frustrate all estate planners—particularly because we know that not only are they patently untrue, but also because their continued circulation can be harmful. 1. Estate Planning is only for rich people. This is probably the single most common estate planning myth there is—and it is a myth. When… Read More »
A Step-By-Step Guide to Getting Started With Your Estate Planning
You’ve heard all the arguments in favor of estate planning, you know it’s the right thing to do, you want to get your planning done… you just aren’t sure how to get started. This is understandable; estate planning can feel like an overwhelming endeavor when you’re presented with everything at once. The trick to getting… Read More »
Women and Finances: How Estate Planning Can Help
When it comes to family matters, women are often the head (and sometimes the sole member) of the planning committee. Vacations, dinner parties, school activities and celebrations… many of these wouldn’t happen at all if the women of the family didn’t take the lead. Estate Planning tends to be no different: Many first phone calls,… Read More »