Recent News & Blog / Estate Planning
Ease the burden of being a member of the Sandwich Generation with these action steps
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a time-consuming and financial burden.
If you’re married, ensure that you and your spouse coordinate your estate plans
Estate planning can be complicated enough if you don’t have a spouse. But things can get more difficult for married couples.
You’ve received a sizable inheritance: Now what?
If you’ve received, or will soon receive, a significant inheritance, it may be tempting to view it as “found money” that can be spent freely.
Don’t overlook these two essential estate planning strategies
When it comes to estate planning, there’s no shortage of techniques and strategies available to reduce your taxable estate and ensure your wishes are carried out after your death. Indeed, the two specific strategies discussed below should be used in many estate plans.
Avoiding challenges to your estate plan
A primary goal of estate planning is to ensure that your wishes are carried out after you’re gone. So, it’s important to design your estate plan to withstand potential will contests or other challenges down the road.
An estate planning “road map” can act as a catchall for your final thoughts
No matter how much effort you’ve invested in crafting an estate plan, your will, trusts and other official documents may not be enough. Consider also drafting a “road map.” Essentially, it’s an informal letter that guides your family in executing your plan according to your wishes.
To file or not to file a gift tax return, that is the question
If you made gifts last year you may be wondering if you need to file a gift tax return.
Provide your heirs the option of creating an inheritor’s trust
Even though it may not be top of mind when you’re developing or revising your estate plan, it’s important to consider how bequeathing assets to your family might affect them. Why? Because when your heirs receive their inheritance, it becomes part of their own taxable estates.
Joint ownership isn’t right for all estate plans
Generally speaking, owning property jointly benefits an estate plan. Indeed, joint ownership offers several advantages for surviving family members. However, there are exceptions and it’s not the solution for all estate planning problems.
Is your revocable trust fully funded?
A revocable trust — sometimes known as a “living trust” — can provide significant benefits. They include the ability to avoid probate of the assets the trust holds and facilitating management of your assets in the event you become incapacitated.