Estate Planning
Post Archive
How To Use 529 Plans To Leverage A Wealth Transfer
The 2017 Tax Act improved 529 plans, adding provisions that allow plan balances to be used to pay K-12 tuition. Prior to 2018, 529 funds could only be used to post-secondary educational expenses. Here are some new wealth transfer strategies that 529 plans can now fulfill. Intro to 529 plans First, a couple of basics…
Read MoreDo You Still Need An Estate Plan If There Is No Estate Tax?
Lindsay Garland is a regular contributor to Forbes. This article was originally published on Forbes on March 23, 2017. One of the pieces of Donald Trump’s campaign platform that attracted a lot of attention was his pledge to repeal the federal estate tax. Or, as he calls it, “the death tax.” Now that he is President Trump,…
Read MoreImplementation: Avoiding Common Estate Planning Mistakes
You met with your attorney. You signed a will, trust, or beneficiary designations that direct your assets in the manner you want. But there’s still one key piece missing – titling your accounts correctly, updating your beneficiaries, and following through on implementing your plan. One of the common misconceptions when working through an estate plan…
Read MoreEstate Planning Tip: Creditor Protection for IRAs & Beneficiaries
This article was originally published on Forbes on December 9, 2016. Individual Retirement Accounts (IRAs) are great tax-deferred savings vehicles, but tax deferral isn’t the only benefit IRAs offer. One potential benefit is creditor protection in the event of a bankruptcy. But when you pass away, are your beneficiaries protected? Investors should know how their assets…
Read MoreWhy Do I Need A Will for Estate Planning?
Jim and his wife had a falling out. During a lengthy legal process, their divorce was not yet finalized when Jim passed away suddenly. He assumed his house, bank account, and investments would all be left to the kids, but depending on the state, those assets could be left in part or in whole to…
Read MoreEstate Planning Strategies: How Your Financial Advisor Can Help
I’ll bet most people look forward to meeting with their attorney about as much as they look forward to a root canal. Working with an estate attorney is often one of the first – and sometimes only – legal relationships many families experience. And it can be a daunting experience to build effective estate planning strategies. However the truth is, just meeting with…
Read MoreDon’t give up on your GRATs for Estate Planning!
Effective estate planning is often a long, ongoing process, and it doesn’t happen overnight. It’s difficult to remain focused on the long term benefits of different strategies, especially when they don’t work 100% of the time. One strategy we often recommend for clients to potentially reduce their taxable estate is a grantor retained annuity trust,…
Read MoreWhen to Adopt an Adult as an Estate Planning Strategy
For many, the idea of legally adopting another adult sounds like an odd concept. Under what circumstances could something like that actually make sense? In reality, there are a variety of scenarios where one might consider adult adoption. Some cases include if you want to formalize a family relationship or care for someone of diminished…
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