Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about challenges to your estate plan, consider the following: 1. Do not attempt […]
Trusts & Trust Administration Blog
What to Do If a Family Member Disagrees with Your Estate Plan – Managing Potential Disputes
Estate planning is one of the most important steps you can take to ensure your wishes are honored and your loved ones are cared for after you’re gone. However, even the most well-thought-out plans can sometimes lead to disagreements among family members. If you’re concerned about potential disputes over your estate plan, there are steps […]
AB Trusts—Do You Need to Get Rid of Yours?
If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB trust planning, which, until 2011, was the only way married couples could take advantage of both spouses’ federal estate tax exemptions. An AB trust structure […]
Successor Trustee 101: Their Crucial Role in Managing Your Trust
When creating a revocable living trust, one of the most important decisions you’ll make is choosing a successor trustee. This person (or institution) will step in to manage the trust’s assets if you become incapacitated or after you pass away. But what exactly does a successor trustee do? What Is a Successor Trustee? A successor […]
Can Love (or Greed) Break a Trust? How to Prevent Disputes After You’re Gone
When it comes to estate planning, most people hope their legacy will bring their loved ones together, not drive them apart. Unfortunately, money can complicate relationships, and even the strongest family bonds can fracture when an inheritance is at stake. Love, greed, and differing expectations can all play a role in trust disputes—but there are […]
Estate Planning That Expresses Who You Are: 5 Things to Talk About with Your Family
You intend to pass along your hard-earned money and property through your estate plan, but what about your wisdom? Ensuring that you successfully pass all of this along may call for a family meeting to discuss your finances, your legacy, and your core principles. Most families lead busy lives, with many relatives seeing one another […]
Important Legacy Questions You Should Answer in Your Estate Plan
When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan. As you dive deeper into […]
Did Matthew Perry get his estate planning right? The answer might surprise you.
He was worth $120 million, yet his probate estate only had $1.6 million. How? Because most of his wealth was protected in a trust, keeping it private and out of court. But even with solid planning, a few small missteps forced some assets into probate, making them public. So, did he do the right thing? […]
Game Plan for the Big Day: Why Estate Planning Is the Super Bowl of Financial Security
The Super Bowl is more than just a game; it’s an event that brings teams, fans, and communities together to celebrate. Just like every successful football team needs a solid game plan to win, your estate planning strategy needs a playbook to ensure your family and assets are protected, no matter what life throws your […]
Does Your Revocable Living Trust Reduce Your Federal Estate Tax Bill?
Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes—the unlimited marital deduction and the charitable deduction—apply […]
Estate Planning During Life Transitions: Marriage, Divorce, and Parenthood
Life is a series of significant milestones, each bringing its own set of joys and challenges. Among these milestones—marriage, divorce, and parenthood—estate planning plays a crucial role in ensuring that your assets are protected and your wishes are honored. Navigating estate planning during these life transitions can be complex, but understanding the key considerations can […]
Beyond Algorithms: The Irreplaceable Value of Human Touch in Estate Planning
In today’s rapidly evolving technological landscape, artificial intelligence (AI) has made significant inroads into various sectors, including estate planning. While AI-driven tools offer a glimpse into the future of streamlined and automated processes, they fall short in addressing the intricate and deeply personal aspects of estate planning. Here’s why the nuanced expertise and empathetic approach […]
The Importance of Digital Assets in Modern Estate Planning
In today’s digital age, our lives extend far beyond the physical realm. From cryptocurrencies and online banking to social media accounts and digital media collections, digital assets have become integral parts of our personal and financial landscapes. As such, incorporating these assets into your estate planning is not just prudent—it’s essential. This blog explores the […]
Protecting Your Digital Assets: Estate Planning and Avoiding Holiday Scams
The digital age has transformed how we manage and interact with our personal and financial lives. From online banking and social media profiles to digital currencies and cloud storage, our digital assets have become integral parts of our existence. As we plan our estates, it’s crucial to consider these digital possessions to ensure they’re protected […]
Is it Time to Let Go of Those Old Documents?
Sorting through documents, from medical records to financial statements, is a balancing act between necessity and clutter. So, how do you know what to keep and what’s simply junk? Here’s a breakdown: Tax Returns Save returns and supporting documents for three years, or six if it’s complex or self-employment-related, aligning with the IRS audit window. […]
Add An Estate Plan to Your Christmas List
The holidays can serve as a perfect backdrop for meaningful family discussions and for relaying relevant information between family members. Whether you already have an estate plan in place or are thinking about having a plan drafted for you, you’d be wise to use the time spent together during the holidays to get every family […]
Be Careful Relying on Life Insurance to Provide for Loved Ones
In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can […]
Year-End Estate Planning: Key Steps to Protect Your Family and Assets
As the year winds down, it’s the perfect time to take stock of your estate plan and ensure everything is in order. The end of the year often brings reflection, resolution-making, and a focus on family, making it an ideal time to prioritize your planning. Here are the essential steps to consider for year-end estate […]
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life […]
Should Your Child’s Guardian and Trustee Be the Same Person?
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you […]