An estate plan is a cornerstone of any comprehensive financial strategy. On a practical level, it can help ensure that your assets are distributed in keeping with your wishes. It can also provide you with a significant emotional benefit. Simply knowing that your affairs are in order can give you peace-of-mind that your legacy will
As estate planners, we have seen it all over the years. What we have learned is that people make some common mistakes. Whether due to procrastination, lack of follow through, or ignoring their own mortality! This article discusses a few of the major pitfalls we frequently see. Trust us: the best way to avoid these mistakes,
Clients often ask, “Why do I need a trust?” This question comes up even more frequently since Congress passed the Tax Cuts and Jobs Act of 2017, which increased the federal estate tax exemption amount from approximately $5 million per person to $11 million per person or $22 million per couple. Those amounts are adjusted
The estate planning market was originally conceived to handle the distribution of assets (mainly real estate) among the descendants of deceased rich people. There were two objectives to this exercise. Firstly, estate planning helped structure the distribution of wealth among the deceased’s spouse, children and other friends and relatives. The second objective was tax planning.
Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death. A successful estate plan also includes provisions allowing your family members to access or
If estate planning were just cold, hard numbers, it wouldn’t be one of the financial tasks that people avoid the most. Not only does creating an estate plan force you to confront your own mortality, but it also forces you to decide who gets your assets, whether all heirs should be treated equally and who