Category: Estate Planning

Lessons in Estate Planning: Four Types of Wills Wills are among the most important tools in the estate planner’s toolbox. You have probably heard about them, but did you know that Wills can take several forms? Here are four commonly used Wills. Simple Wills When most people think about Wills, this is the one they …

Estate Planning for Blended Families Every family should have an estate plan of their own, one created by an attorney who focuses on this area of the law. For blended families—families with children from a previous marriage—estate planning is even more critical. Why? For one reason, the interests of a current spouse and any mutual …

Choosing Between a Living Trust and a Will Planning for one’s death or incapacity is something many people put off.  After all, who wants to think about these unpleasant occurrences? This often proves to be a critical mistake.  Without a plan in place, your family and loved ones are subjected to chaos and distress at …

Most of us think that we have created a comprehensive estate plan if our plan covers all occurrences that may arise after our death. Unfortunately, this is a dangerous mistake. Estate planning is not limited to death planning. There are several ways in which your estate plan can drastically impact you and your loved ones’ …

No aspect of estate planning brings out as much emotional decision-making as the division of assets.  Many people think, “I love you”, so I will leave you everything.  In order to understand why “I love you”  wills are, contrary to their name and not the most caring of estate planning gestures, it is important to …

For many estate planning clients, their retirement account represents the majority of their wealth.  Typically these accounts are held in “tax qualified plans” such as a 401(k), or an IRA.  Because they are not subject to income tax until withdrawn — typically at age 70 1/2 — they provide the ability to accumulate large amounts of wealth during one’s lifetime.  In addition, …

Generally, if you are domiciled in the United States (US) at death, your estate is subject to US estate taxes. The determination of domicile is subjective. If you are a permanent resident, however, and have a green card, you will undoubtedly be considered domiciled in the US.  But does that mean that you are treated the same as a …

Estate Planning and Elder Law Attorneys are often asked by clients whether a reverse mortgage is the right choice for them. The answer of course is that it depends on the circumstances. Are you over the age of 62? Do you have substantial equity in your home but limited cash resources to pay bills?  Do …

I applaud those of you who have taken the time to do an estate plan and protect your assets for yourself and your children. But is it enough to simply place those documents in a safe deposit box at a bank or fireproof safe (“Security Box”) within your home and think that you are done? …

Now that the estate tax exemption has been stabilized at $5,000,000 and a husband and wife can actually give up to $10,000,000 at death (plus an indexed amount tied to inflation), to their loved ones, tax free, many people believe that estate planning is no longer necessary. This of course is a myth. Although tax …