Recent News & Blog / Estate Planning
Assets with sentimental value require extra planning
Personal items — which may have modest monetary value but significant sentimental value — may be more difficult to address in an estate plan than big-ticket items. In some cases, the legal fees and court costs can eclipse the monetary value of the property itself. Contact the estate planning advisors at SEK for help with your estate.
Making will revisions by hand is rarely a good idea
To avoid the time and expense associated with formally updating your will, it may be tempting to simply make the change by hand and initial it. But this is almost always a bad idea. For one thing, handwritten changes are highly susceptible to a challenge. Even worse, depending on the law in your state, handwritten changes may not be binding.
Watch out for “income in respect of a decedent” issues when receiving an inheritance
Most people appreciate inheritances. But in some cases, they may turn out to be too good to be true. “Income in respect of a decedent” (IRD) may create a surprise tax bill for those inheriting certain types of property. Fortunately, there may be ways to minimize the IRD tax bite. Contact the CPAs and tax advisors at SEK for your tax questions.
New option for unused funds in a 529 college savings plan
Many parents begin saving with 529 college savings plans when their children are young. What if you have a large 529 plan balance but your child doesn’t need all the money for college? There’s a new 529-to-Roth IRA transfer. Contact the CPA's and business advisors at SEK for more information and tax tips.
Lines may blur when it comes to estate and family business succession planning
If you own a closely held business and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at risk. One challenge of transferring a family business is distinguishing between ownership and management succession. Contact the CPAs and business advisors at SEK to learn how to protect your family business and ensure the right estate planning.
Take care of a loved one who has special needs with a special needs trust
Special needs trusts (SNTs) benefit children or other family members with disabilities that require extended-term care or that prevent them from being able to support themselves. An SNT is an irrevocable trust that may provide peace of mind that your loved one’s quality of life will be enhanced without disqualifying him or her for Medicaid or Supplemental Security Income benefits. Contact the CPAs and tax advisors at SEK for more details and estate planning tips.
4 ways to address elderly parents in your estate plan
An estate plan typically includes accommodations for your spouse, children, grandchildren and even future generations. Yet the older generation may also need your financial assistance. Contact the CPA's and business advisors at SEK to answer your questions about estate planning for your and your parents.
A power of attorney is a critical component of an effective estate plan
While much of your estate plan focuses on actions that take place after death, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself during your lifetime. This is why including a power of attorney in your estate plan is a must. Contact the CPA's and business advisors at SEK for additional details.
Comparing inter vivos and testamentary trusts
Trusts are used to accommodate asset transfers beyond dispositions in a will. There are two main types: the inter vivos trust and the testamentary trust. The choice between an inter vivos or testamentary trust often depends on your estate planning objectives, including tax implications and whether you want to avoid probate or maintain control over assets. Contact the CPA's and business advisors at SEK to answer your tax questions and for more tax tips.
Where should you keep your estate planning documents?
You’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist, and how to find and access them, your well-laid plans can be derailed. Contact the CPA's and business tax advisors at SEK with your questions about estate planning, tax planning and other tax tips.