Recent News & Blog / Estate Planning
The advantages of a living trust for your estate plan
If you own substantial assets, you may want to consider setting up a living trust to bypass the probate process. Discover how a living trust can help you avoid probate, protect your privacy and simplify the transfer of your assets. Contact our estate planning advisors and tax consultants with questions.
Asset protection: How to shield your wealth from lawsuits and creditors
Without proper asset protection planning, a single lawsuit or debt issue could jeopardize years of financial progress. The last thing you want to happen is to lose a portion of your wealth, thus having less to pass on to your heirs, potentially jeopardizing their livelihoods. Fortunately, there are legally sound strategies to shield your property, investments and other valuable assets from such risks. Contact us to learn more.
Have you made arrangements for your pets in your estate plan?
Including your pets in your estate plan ensures they’ll continue to receive care if something happens to you. Unless you arrange for their care and support after your death, they’ll go to the residuary beneficiary in your will. Here's how to address your pets in your estate plan.
After a person dies, his or her debts live on
It’s important to realize that a person’s debt doesn’t just vanish after his or her death. An estate’s executor or beneficiaries generally aren’t personally liable for any debt. The estate itself is liable for the deceased’s debt. This is true regardless of whether the estate goes through probate or a revocable trust is used to avoid probate. Contact our estate planning advisors for details.
If you’re married, ensure that you and your spouse coordinate your estate plans
Unintended consequences can result if you and your spouse fail to properly coordinate your estate plans. By working on your estate plans together, you and your spouse can take full advantage of the marital deduction and applicable gift and estate tax exemptions. This can help minimize the overall tax burden on both estates. Contact our estate planning consultants with questions.
Why choosing the right trustee matters
When drafting a trust, you must appoint a trustee. This can be an individual or a financial institution. Several qualities help make someone an effective trustee. Read here to know what to look for in a trustee. Contact our estate planning advisors for guidance.
Members of the “sandwich generation” face unique estate planning circumstances
Members of the sandwich generation find themselves simultaneously caring for aging parents while supporting their own children. Not surprisingly, they face unique financial and emotional pressures. Consider these next steps to aid in these challenges. Contact our estate planning advisors to learn about additional estate planning techniques for your unique situation.
The GST tax and your estate plan: What you need to know
To share wealth with grandchildren, great-grandchildren or other remote generations, special planning may be required to keep generation-skipping transfer (GST) taxes to a minimum. Contact our estate planning advisors with questions.
Need to modify an existing irrevocable trust? Decant it
“Decanting” an irrevocable trust allows a trustee to use distribution powers to transfer assets from one trust into another with different, often more favorable, terms. While the original trust must be irrevocable, meaning its terms typically can’t be changed by the grantor, decanting offers a lawful method for trustees to update those terms under certain conditions. Contact SEK's estate planning advisors for details.
Sharing your estate plan’s details with family has pros and cons
When it comes to estate planning, one important decision many people struggle with is whether to share the details of their plans with family members. There’s no one-size-fits-all answer; it largely depends on your goals and your family dynamics. Contact our estate planning advisors for more information.