What is the Purpose of an ILIT?
Life insurance is a sophisticated financial product, with as many variations and permutations as there are creative insurance companies (there are many) and creative insurance planners (there are even more).
What Taxes Have to Be Paid When Someone Dies?
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
How Do You Gift Your House to Your Children during Your Lifetime?
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
Do I Have to Pay Off Husband’s Debts after He Dies?
Losing your spouse is a painful, confusing time, but add to that repeated calls from an aggressive debt collector and a bad situation suddenly can get even worse.
Is It Necessary to have a Medical Power of Attorney?
Selecting medical powers of attorney is an important step that aging parents should take to ensure they get the care they wan,t if they are unable to advocate for themselves.
When Should a Trust Be Reviewed?
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
Who Should I Name as Trustee?
You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
Estate Planning when So Much Is Uncertain
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Can You Refuse an Inheritance?
What happens if you are named an heir in an estate but you don’t want it? Does it go the person’s children if you reject the inheritance?
How to Approach Parents about Estate Planning
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. However, because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off—and even more pleasing to avoid them altogether.