Recent News & Blog / Estate Planning
Business succession and estate planning: It can be complicated
For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps to ensure that the business lives on after you’re gone, you may be placing your family at risk. Contact the estate planning and business advisors at SEK with your questions.
4 estate planning documents your college-aged child should have
Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” Here are the four critical estate planning documents college-bound students should have.
Are you and your spouse considering “splitting” gifts?
Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an election to split gifts.
Opening up to SLAT opportunities
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from your first marriage.
A beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children.
Does your trust need protection?
Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life.
Avoiding undue influence claims
A primary purpose of estate planning is to ensure that your wealth is distributed according to your wishes after you die. But if a family member challenges the plan, that purpose may be defeated. If the challenge is successful, a judge will decide who’ll inherit your property.
Making funeral arrangements in advance can ease family turmoil after your death
It’s difficult for many people to think about their mortality, so it’s not surprising to learn that many put off planning their own funerals. Unfortunately, this lack of planning may result in emotional turmoil for surviving family members when someone dies unexpectedly.
Have you named contingent beneficiaries?
Although your will or revocable trust governs the distribution of many or most of your assets, certain assets — such as retirement plans, insurance policies, and bank or brokerage accounts — require you to name a beneficiary (or beneficiaries).
A blended family requires smart estate planning
If you’re married and have children from a previous marriage plus children or stepchildren from your current marriage, your family is considered a blended family.