Our Estate Planning Blog
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability.
Estate planning is not just about saving taxes, it is also about managing and protecting your assets against future creditors, both for you and for your beneficiaries.
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
Using the equity in your residence is a method many people use to raise cash. There are several methods that a homeowner may use to tap into this income vein, but some may be better suited than others. One popular option—that often fills the airwaves with commercials—is the reverse mortgage. However, while popular, this may not be the best choice for many homeowners.
Congress passed an important retirement-savings law called Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.
Some marriages end in noise and pain. Other marriages drift away quietly with the signing of documents and only a hint of acrimony.
James Brown died on Christmas Day 2006. However, almost 15 years later, litigation over his estate rages on. The Godfather of Soul had bequeathed the majority of his assets to underprivileged students in South Carolina and Georgia, but not a single scholarship has been given, pointed out Donald W. Beatty, Chief Justice of South Carolina’s Supreme Court.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
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