Blog

Oct. 18, 2022

When it comes to estate planning, one of the most important concepts to understand is step-up basis. What is step-up basis, and when does it apply? Why does it matter? In this blog post, we will answer these questions and provide some examples to help you better understand this important concept.

Oct. 11, 2022

An asset protection trust (APT) is a legal arrangement that can help protect your assets from creditors and lawsuits. This type of trust can be very beneficial for high-net-worth individuals, business owners, and other individuals who want to protect their assets in case of unforeseen events. In this article, we will discuss what a APT is and who can benefit from having one.

Oct. 4, 2022

A life estate deed is a legal document that allows you to give someone else ownership of your property during your lifetime, while retaining the right to live there yourself. You can also transfer a life interest to an individual in your Will or Trust, which would allow that individual the right to live in the property for the rest of their lives, and then when they pass away, the remaining interest in the property goes to other people you designate in your Will or Trust.

Sept. 27, 2022

A QDOT, or qualified domestic trust, is a special type of trust designed to hold assets for the benefit of non-citizen spouses. Under federal law, non-citizen spouses are not entitled to the same inheritance tax exemptions as citizens, which can result in significant tax liability upon the death of the citizen spouse.

Sept. 20, 2022

A spendthrift trust is a legal arrangement in which a trustee is appointed to manage the assets of a trust for the benefit of a person who is unable to manage their own finances. This type of trust can be very helpful for people who are prone to overspending or who may have a history of bad financial decisions.

Sept. 13, 2022

The December 2017 tax bill temporarily doubled the "basic exclusion amount" for federal estate and gift taxes, from $5 million to $10 million. These figures are indexed for inflation from 2010, so that in 2022, the exclusion amount is $12.06 million, which means that with proper planning a married couple could transfer as much as $24.12 million to their children and grandchildren without incurring estate or gift tax. However, the 2017 measure will "sunset" at the end of 2025, and unless Congress takes further action, the exclusion amount will revert to somewhere between $6 million and $7 million in 2026.

Sept. 6, 2022

While it is natural to think of leaving your estate outright to your children and grandchildren, in many cases it may be better to place your assets into a trust for their benefit, and give an independent trustee the discretion to make or withhold distributions as circumstances might require.

Aug. 30, 2022

If you or your spouse eventually need long-term care, your income and assets will be used to determine whether you qualify under Medicaid, since Medicare, which is available to anyone who turns 65, covers only health care. Nursing home or in-home care services are not covered by Medicare, but by Medicaid.

Aug. 23, 2022

Many relatively young people do not want to think about wills.  It raises the eerie question of one’s potential untimely death.  Moreover, many young parents do not have that many assets, or think they don’t, so one might think that it is unnecessary to set out a document distributing their worldly possessions.

Aug. 16, 2022

Life insurance is a key part of estate planning for families with young children. Like any part of estate planning, it can be uncomfortable for parents of young children or even older minor children to think about. The idea of life insurance is that you can be assured that your family’s needs are provided for even in the event of your death.