Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family.
What is An Asset Protection Trust?
An asset protection Continue reading
One common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed Continue reading
Whether you are a physician or not, you probably know that the practice of medicine is a profession fraught with liability. It’s not just medical malpractice claims either – employment related issues, careless business partners and employees, contractual obligations, and personal Continue reading
In the United States, certain states collect a death tax based on the value of the deceased person’s estate and who inherits it.
Which States Collect a State Death Tax?
As of January 1, 2015, the following states collect a death tax: Connecticut, Delaware, District of Columbia, Hawaii, Continue reading
Payable on death accounts, or “POD accounts” for short, have become popular for avoiding probate in the last decade or so.
What is a POD Account?
A POD account is a type of bank account authorized by state law which allows the account owner to designate one or more beneficiaries to Continue reading
Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include a trust protector who will have Continue reading
The Obama administration recently released its budget proposal for the 2016 fiscal year. As in past years, this budget proposes changes to the laws governing federal estate, gift and generation-skipping transfer (GST) taxes. Several of these changes would raise revenue by limiting Continue reading
Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your life.
What Happens Without an Incapacity Plan?
Without Continue reading
Today many estate plans contain trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important for the trust creator to consider including powers of appointment Continue reading
What you don’t know about Social Security benefits can hurt you and your spouse for the rest of your lives. Here are three traps to avoid when taking your benefits.
The Key Takeaways