Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the charitable deduction—apply […]
Trusts & Trust Administration Blog
Estate Planning During Life Transitions: Marriage, Divorce, and Parenthood
Life is a series of significant milestones, each bringing its own set of joys and challenges. Among these milestones—marriage, divorce, and parenthood—estate planning plays a crucial role in ensuring that your assets are protected and your wishes are honored. Navigating estate planning during these life transitions can be complex, but understanding the key considerations can […]
Beyond Algorithms: The Irreplaceable Value of Human Touch in Estate Planning
In today’s rapidly evolving technological landscape, artificial intelligence (AI) has made significant inroads into various sectors, including estate planning. While AI-driven tools offer a glimpse into the future of streamlined and automated processes, they fall short in addressing the intricate and deeply personal aspects of estate planning. Here’s why the nuanced expertise and empathetic approach […]
The Importance of Digital Assets in Modern Estate Planning
In today’s digital age, our lives extend far beyond the physical realm. From cryptocurrencies and online banking to social media accounts and digital media collections, digital assets have become integral parts of our personal and financial landscapes. As such, incorporating these assets into your estate planning is not just prudent—it’s essential. This blog explores the […]
Protecting Your Digital Assets: Estate Planning and Avoiding Holiday Scams
The digital age has transformed how we manage and interact with our personal and financial lives. From online banking and social media profiles to digital currencies and cloud storage, our digital assets have become integral parts of our existence. As we plan our estates, it’s crucial to consider these digital possessions to ensure they’re protected […]
Is it Time to Let Go of Those Old Documents?
Sorting through documents, from medical records to financial statements, is a balancing act between necessity and clutter. So, how do you know what to keep and what’s simply junk? Here’s a breakdown: Tax Returns Save returns and supporting documents for three years, or six if it’s complex or self-employment-related, aligning with the IRS audit window. […]
Add An Estate Plan to Your Christmas List
The holidays can serve as a perfect backdrop for meaningful family discussions and for relaying relevant information between family members. Whether you already have an estate plan in place or are thinking about having a plan drafted for you, you’d be wise to use the time spent together during the holidays to get every family […]
Be Careful Relying on Life Insurance to Provide for Loved Ones
In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can […]
Year-End Estate Planning: Key Steps to Protect Your Family and Assets
As the year winds down, it’s the perfect time to take stock of your estate plan and ensure everything is in order. The end of the year often brings reflection, resolution-making, and a focus on family, making it an ideal time to prioritize your planning. Here are the essential steps to consider for year-end estate […]
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life […]
Should Your Child’s Guardian and Trustee Be the Same Person?
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you […]
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that […]
How to Pick a Trustee, Executor, and Agent under a Power of Attorney
While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one or more people to […]
Won’t My Spouse and Kids Inherit Everything When I Die?
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics will […]
Four Things Your Spouse Should Know Before You Die
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes.[1] Death is final for the departed. For the […]
Will My Revocable Living Trust Avoid Probate? It Depends.
If you have established a revocable living trust (which we will refer to simply as a trust), congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, […]
Understanding the Corporate Transparency Act
The Corporate Transparency Act (CTA) marks a significant change in how businesses and certain trusts report ownership information in the United States. If you’re a business owner, trustee, or beneficiary, it’s important to understand your responsibilities under this new law. In this blog, we’ll break down what the CTA entails, why it’s crucial, and who […]
3 Tips for Every New Homeowner
Congratulations on the purchase of your new home! Whether this is your first home or you are upgrading or downsizing from your current home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you […]
Estate Planning: Are Pensions Like Other Retirement Accounts?
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most of the savings […]
What’s Next for Your Estate Plan?
Having an estate plan is a smart way to protect yourself and your loved ones, both now and in the future. Your first estate plan is based on what’s happening in your life at the time it’s created. But life changes, and it’s important that your plan adapts as well. Sometimes we can build flexibility […]