14 Essential Questions to Ask Aging Parents This Holiday
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
What Does Incapacitated Mean in Elder Law & Estate Planning?
Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a surrogate decision-maker, such as an agent under a health care power of attorney or a guardian.
6 Ways the Sandwich Generation Can Plan for The Future
Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and communication.
Should a POLST Be Part of Your Care Plan?
By creating Physician Orders for Life-Sustaining Treatment (POLST), individuals with long-lasting or terminal conditions can ensure they receive their desired treatment should their health decline.
What to Know About Creating a Living Will
Creating a living will ensures your future health care decisions and plans are respected. A living will is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself.
Inherited Retirement Accounts: Minimizing Tax Consequences
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
What Is a Gun Trust?: Estate Planning Q&A
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.
Ashes to Ashes, or Ashes to Soil? Is Human Composting Real?
As more people look to adopt environmentally sustainable practices not only in life, but now also in death, ‘green’ alternatives may become more of a norm in the future.
Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, estate tax rules, capital gains rules, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers.
Lady Bird Deeds: A Different Kind of Life Estate
If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property.
What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
8 Frequently Asked Questions on Last Wills and Testaments
Last wills and testaments (also known simply as wills) are not just for the wealthy.
Do You Need a Spendthrift Trust?
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
Do You Need a HIPAA Release?
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ privacy.
3 Common Probate Questions: Estate Planning Basics
Some assets transfer directly to heirs after a person’s death. Other assets must go through a process known as probate.
Modifying an Irrevocable Trust Through Trust Decanting
Many individuals are concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with the idea that such a trust can never be changed.
6 Facets of Estate Planning That LGBTQ+ Couples Should Know
For LGBTQ+ couples, estate planning may be more important than they realize.
Should I Explore Qualified Longevity Annuity Contracts?
A QLAC is an annuity that you purchase with funds from an IRA, 401(k), or 403(b) account and that guarantees you will receive retirement income on a set schedule.
Why You Should Designate Beneficiaries
A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, and ensuring you have listed a beneficiary for each of these.
VT Law Now Permits Nonresidents to Access Assisted Suicide
Vermont has become the first state in the U.S. to update its end-of-life choice law to make it legal for nonresidents to pursue medically assisted suicide.
Do You Need a Trust?: Estate Planning Q&A
Trusts are legal arrangements used in estate planning, alongside wills and advance directives.
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
There…
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
There…
Don’t Wait Until You’re Sick to Create an Estate Plan
While financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
When Should I Include a Pour Over Will in My Estate Plan?
If you wish to maintain control during your lifetime over the assets you place in a trust, you may choose to establish a revocable, or “living” trust – most likely, along with a pour over will.
Limited Power of Attorney in Estate Planning
Powers of attorney that only allow an agent to do certain things are commonly referred to as a limited power of attorney.
What Does Having Power of Attorney With Dual Agents Mean?
Many power of attorney forms allow for a variety of options in designating who may act as your agent. Depending on the rules of your state, this can be one person or more than one person.
Are Wills Public Record?: Estate Planning Q&A
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record?
Estate Planning for Your Digital Legacy
Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of comprehensive estate planning.
What to Know About Being a Health Care Proxy
When you assume the role of surrogate decision-maker, it is crucial to understand the patient’s wishes and values.
Estate Planning Basics: What Is a Beneficiary to a Will?
People create wills to establish what happens to their money and assets when they pass away. In these documents, they can name beneficiaries – individuals who will receive those assets upon the person’s death.
3 Things to Know About Being an Executor
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
Estate Planning Basics: What Is an Executrix?
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away.
Estate Planning: An At-a-Glance Overview
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is an essential tool at any age.
What Is a Qualified Personal Residence Trust (QPRT)?
The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person’s estate and to their heirs while reaping lower transfer tax consequences.
Appointing an Executor? Here’s What an Executor Cannot Do
If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role seriously. As part of your decision-making, you may also consider the things they would be prohibited from doing.
Who Can Override a Power of Attorney (POA)?
Powers of attorney can be overridden. However, the “who” and “how” depends on whether the principal is of sound mind.
Medicaid Funeral Assistance May Help Pay for Funeral Costs
Many people are unaware that there is coverage to help families lay their loved ones to rest. Depending on your state, Medicaid may cover some funeral costs and other final expenses.
Does Power of Attorney End at Death?
Although every state’s laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of attorney ends upon a person’s death.
What Does the Term “Decedent” Mean?
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations.
Step-Up in Basis and Why It Matters in Estate Planning
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you.
What Are the Benefits of Having a Testamentary Trust?
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
Support a Charity – and Your Loved Ones – With a CLAT
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
5 Smart Estate Planning Strategies for High-Net-Worth Families
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all solution for estate planning
Utilizing a 1031 Exchange to Avoid Capital Gains Taxes
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you.
Alternatives to Traditional Funeral Arrangements
After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many alternatives to a traditional funeral service and burial.
What Not to Include in Your Will
You may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should avoid.
What Is a Life Estate?
A life estate often comes up in discussions of estate and Medicaid planning. It is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.
Do Frequent Flier Miles Expire When You Do?
Accumulated frequent flier miles can be valuable assets, but what happens to those miles after somene dies? Can a spouse or other heirs inherit them, or do the miles simply evaporate like a contrail?
What Is the Difference Between a Springing and Non-Springing Power of Attorney?
You may have heard of the terms “springing” and “non-springing” power of attorney and wonder what they mean.
No Will? You’re Putting Your Kids at Risk
As the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications.
Four Provisions People Often Forget to Include in Their Estate Plan
Even if you’ve created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have a big impact later on.
How You Can Help Your Loved Ones by Planning Your Funeral Arrangements
Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from incurring extraneous costs.
How Long Should I Hold on to Important Documents?
There are some documents that you will want to hang on to forever and some that you should keep for a few years.
Don’t Yet Want Your Heirs to Know About Your Assets? Use a Quiet Trust in Your Estate Plan
In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable – and this is where a “quiet” trust may be helpful.
Be Cautious of Generic Health Care Proxy Forms
If you have ever been admitted to the hospital, you have likely been asked to sign a health care proxy form.
What You Should Consider Before Scattering a Loved One’s Ashes
Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming, and knowing what you are allowed to do to fulfill your loved one’s wishes is important — but it can also be confusing.
How Changes to Portability of the Estate Tax Exemption May Impact You
The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
The Ins and Outs of Estate Sales
Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute, quickly and efficiently, those items that you do not want or need.
Is a Grantor Retained Annuity Trust Right For You?
Grantor Retained Annuity Trusts (GRATs) are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes.
What Is an Executor?
An executor, also called a personal representative, is the person responsible for managing the administration of a deceased person’s estate.
Three Estate Planning Options for Your Art Collection
Collecting art or other valuable items can be a passion for many people. Once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
How to Deal with an Estranged Child in Your Estate Plan
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan.
Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
Using a Roth IRA as an Estate Planning Tool
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Can My Family Inherit My Season Tickets?
Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets is not always simple.
Why Small Business Owners Need an Estate Plan
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone.
5 Rights That Trust Beneficiaries Have
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
How to Protect the Identity of Your Deceased Loved Ones From Theft
We’ve all been warned about protecting ourselves from identity theft, but one group of victims can’t take action to defend themselves—the dead. There are steps that you can take to discourage identity thieves from targeting a deceased loved one.
What to Do About an Unwanted Inheritance
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
When a Non-Grantor Trust Might Be Useful
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances.
What Will Happen When the Gift and Estate Tax Exemption Gets Cut in Half?
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively affected when it decreases.
You Can Just Say No: Declining to Act as an Agent Under a Power of Attorney
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
How Much Should a Trustee Be Compensated?
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the complexity of the trust.
Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage unproductive activities.
5 Estate Planning Tips for the Non-Traditional Family (Which Odds Are Includes Yours)
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if not, it’s not as simple and you have a lot of company.
Who Makes Health Care Decisions If You Can’t?
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions.
A Way to Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate.
Decisions to Make for Your Power of Attorney
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one.
Are There Special Tax Rules for a Gift or Inheritance from a Foreign National?
If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it.
The Benefits of Including an LLC as Part of Your Estate Plan
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes.
The 6 Biggest Estate Planning Mistakes
While you likely have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated, without proper planning your best intentions may not be enough.
Do You Need a Lawyer to Write a Will?
You aren’t technically required to hire a lawyer to draft a will, but failing to do so could lead to costly problems for your family and other heirs.
Passing on Assets Outside of Probate: PODs and TODs
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. POD and TOD accounts are one way to accomplish this.
How to Use Intrafamily Loans as Part of Your Estate Plan
When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation.
Make Sure Your Estate Plan and Other Essential Documents Are Safe from Disasters
In the event you lose your house in a natural disaster or through another calamity, it is important that your estate planning and other important documents are beyond reach and easily retrievable.
What Is a Fiduciary and What Are Its Obligations?
When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary.
Can a Marriage Be Annulled After One Spouse’s Death?
Marriage is supposed to be “until death do us part,” but after one spouse dies, is it possible to have the marriage annulled? It can be done, but only in certain circumstances.
New Tax Proposals Mean Some Should Review Their Estate Plans
A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for people with with larger estates — over $3.5 million.
Don’t Just Hope for an Inheritance; Get It in Writing
It is important to get any agreements about inheritance in writing. Providing services to someone does not automatically entitle you to a portion of their estate.
How to Protect an IRA From Heirs’ Creditors
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?
6 Things to Ask Before Agreeing to Be a Trustee
Being asked to serve as the trustee of the trust of a family member is a great honor. But being a trustee is also a heavy responsibility. Here are six questions to ask before saying “yes.”
Using a Minority Valuation Discount to Reduce Estate Taxes
While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy.
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
What Happens to Your Online Content When You Die?
More and more of the music, movies, and books we own exist only online, in digital form. What happens to these collections after the owner’s death? You may be surprised at the answer.
What Is a Directed Trust and What Are Its Benefits?
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may.
Passing Assets to Grandchildren Through a Generation-Skipping Trust
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children.
Why Your 18-26-Year-Old May Need Some Estate Planning – HFM Investor Success Podcast
Parents of 2020 seniors and parents of young adults should listen to this podcast so their child is prepared in the event of an unforeseen emergency or crisis.
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re planning your estate, among other things, you decide who should inherit your assets. You choose your beneficiaries, typically your children, grandchildren, or other close relatives. But what if all the beneficiaries you’ve
chosen and all their descendants have died? Then it would fall to the “contingent remainder” beneficiary.
