Estate Planning

Estate Planning is the process of determining how your wealth and assets should be transferred to the heirs of your choice: your children, grandchildren, friends, families, charitable causes, etc. and then deciding which legal tools and structures to use to best meet your estate planning goals.

Estate planning is not simply reducing or eliminating taxes and avoiding probate.  Only after establishing how you want your estate’s assets to be distributed should you consider ways to reduce taxes and avoid probate. From there, good estate plans deal with a host of other issues. Now, with all but a few estates exempt from the federal estate tax, those other issues are, or should be, at the forefront of estate planning.

An estate plan is to ensure that you are taken care of the rest of your life and that your wealth is transferred to the people you want to have it. A good estate plan ensures these goals are accomplished with as much efficiency and as little cost as possible. An estate plan addresses the management and distribution of an individual’s property and financial obligations after he or she dies with financial tools such as wills, revocable living trusts and power of attorney.

For a comprehensive overview of Estate Planning, please start with our article:

 

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Estate Planning

Estate Planning for Those with Special Needs: The Special Needs Trust

August 24, 2020

In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for Those with Special Needs. There are other important provisions for proper estate planning in this scenario, so let’s dive right in. Living trusts become more important to those with chronic illness or conditions. These trusts allow a co-trustee to manage trust assets […]

how-to-save-your-estate-plan

How To Create an Estate Plan for Those with Special Needs

August 16, 2020

Estate planning typically focuses on healthy people and their families. Many families, however, have one or more members with chronic illnesses or conditions. That changes the estate planning equation. The person with the illness or condition might be the estate owner or a loved one of the owner, especially a child. In either case, the […]

private-annuity-trusts-new-rules

How To Create a Trust for Your Heirs (Part 2)

August 3, 2020

In last week’s edition of Retirement Watch Weekly, I presented How To Create a Trust for Your Heirs. There are a few more important provisions and clauses for setting up beneficiary trusts, so let’s get right to it. Matching Trust: This is another clause designed to pay out trust principal only when the beneficiary has […]

Estate Planning

Will vs. Trust: Which is Better?

July 27, 2020

“By failing to prepare, you are preparing to fail,” said inventor, diplomat and founding father Benjamin Franklin in describing the importance of planning for the future. It is only natural for people to want to maintain some level of control over the assets that they worked so hard to accumulate throughout their life. Creating a […]

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types-of-trusts-and-reasons-for-using-them

How To Create a Trust for Your Heirs

July 27, 2020

“Great Fortunes Lost” was an article in Fortune magazine years ago. It described how various individuals, usually heirs, lost or squandered very large fortunes. Some of the individuals lost more than money. They lost their health or wasted their lives because of the effects wealth had on them. It’s nice to leave enough to make […]

trustee-strategies-for-the-21st-century

What is a Grantor Trust?

July 21, 2020

A grantor trust is one in which the grantor retains control of its income and assets. Grantor trusts are a type of living trust that is created during the lifetime of the individual who creates it. The grantor typically is self-appointed as the trustee to maintain control over the assets. The grantor can then name […]

survival-guide-for-family-limited-partnerships

Estate Planning for the Growing Unmarried and Single Population

July 20, 2020

In last week’s edition of Retirement Watch Weekly, I presented Estate Planning for “Modern Families.” There’s a lot more ground to cover, so let’s dive right back in – starting with estate tax implications for single people. Under the estate and gift tax, singles do not have the advantage of the marital deduction. An unmarried […]

overlooked-estate-planning-moves

Heirs and Beneficiaries – Why Traditional Estate Plans Won’t Work for Modern Families

July 14, 2020

The make-up of the modern family has changed quite a bit over the years. Therefore, traditional estate plans won’t work well for many families these days. A traditional plan is for couples who are in their first and only marriage and have only kids from that marriage. Different plans, tools, and strategies might be needed […]

October 2020:

Congress Comes for your Retirement Money

A devastating new law has just been enacted, with serious consequences for anyone holding an IRA, pension, or 401(k). Fortunately, there are still steps you can take to sidestep Congress, starting with this ONE SIMPLE MOVE.
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