Recent News & Blog / Estate Planning
A family business owner needs both an estate plan and a succession plan
For family business owners, an estate plan and a succession plan often work in tandem, ensuring that both personal and business affairs transition smoothly.
If you’re asked to be an executor, be sure you’re up to the task
Make no mistake, serving as an executor (or a “personal representative” in some states) is an honor. But the title also includes significant responsibilities.
Using POD or TOD accounts may result in undesirable results in certain situations
Payable-on-death (POD) and transfer-on-death (TOD) accounts are attractive estate planning tools because they allow assets to pass directly to named beneficiaries without going through probate.
Should a living trust be part of your estate plan?
As its name suggests, a living trust (also known as a revocable trust) is in effect while you’re alive. It’s a legal entity into which you title assets to be managed during your lifetime and after your death.
Income taxes can negatively impact your estate plan
As the federal gift and estate tax exemption increases, the number of families affected by gift and estate tax liability decreases.
2 options for creating a charitable legacy: Lifetime gifts and charitable bequests at death
Estate planning is about more than just distributing assets; it’s an opportunity to reflect your values and legacy. Here are two options for making charitable contributions while creating a charitable legacy. Contact our estate planning advisors with questions.
The One, Big, Beautiful Bill Act provides certainty for estate planning
The One, Big, Beautiful Bill Act permanently makes advantageous changes to the federal gift and estate tax exemption amount. Here’s the story. Contact our estate planning consultants for details on two strategies (a spousal lifetime access trust and a special power of appointment trust) that take advantage of the newly permanent exemption amount while you keep control of your assets.
When moving out of state, review your estate plan
When moving to a new state, it’s a good idea to review your estate plan to ensure it complies with your new home state’s laws and accurately reflects your current circumstances. Contact our estate planning consultants with questions.
4 reasons why avoiding probate is a smart estate planning move
Probate is a legal procedure in which a court establishes the validity of a will, determines the value of an estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to heirs. While it may sound straightforward, probate can come with several drawbacks that make it worthwhile to avoid when possible. Here’s why. Ask our estate planning advisors for further information.
Stop procrastinating and get to work on your estate plan
For many people, creating an estate plan falls into the category of important but not urgent. As a result, it gets postponed indefinitely. However, not having an estate plan can have dire estate tax consequences in the event of your unexpected demise. Contact our estate planning advisors today to get started.