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. Do you need to get rid of yours?
Life Estate versus Right of Occupancy Trust: Which Is Right for You?
Planning for the future of your home can be complicated, especially when you want to ensure that a loved one can continue living there after you are gone. Two common tools for accomplishing this are life estates and right of occupancy trusts. Which is right for you?
Caution: Your Traditional Asset Protection Plan Is Set Up to Fail
You probably have one or more types of traditional asset protection planning currently in place. The problem is, in many cases, the type of planning you have right now may not be enough to fully protect you and your family. What is asset protection planning and why does it often fail?
Lists You Need to Get Your Affairs in Order
Your finanicial plan and your estate plan are deeply intertwined. Trying to create an estate plan withour a clear picture of your financial is like planning a journey without knowing your beginning point. You should create an inventory of your assets and keep it updated!
Money Isn’t Everything in Estate Planning
Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of family traditions can be built into your estate plan alongside your wishes regarding the distribution of your money, property, and belongings. After all, what really makes a family is its values and traditions—not the finances that are left behind.
Lessons from Warren Buffett’s Estate Plan: Generosity, Adaptability, and Transparency
Buffett, who eschews a family dynasty and is committed to giving his wealth away, also has lessons to teach about estate planning. His own estate plan, which he updated most recently in 2024, has evolved over the years to accommodate changing circumstances while staying true to his most deeply held beliefs. Is it time to follow Warren Buffett’s lead and revise your plan?
Beware of Trust Scams—and How to Spot Them
While legitimate trusts can be powerful tools for estate planning, asset protection, and tax efficiency, fraudulent trusts misuse these principles to deceive individuals. The IRS pays close attention to potential trust tax evasion schemes, and taxpayers who fall victim to a trust scam could potentially face civil and even criminal penalties, making it crucial to create a trust only with a qualified, reputable estate planning attorney.
Estate Planning for Collectors and Hobbyists
Whether you are a collector of classic cars or comic books, an artist or craftsperson with a studio full of valuable equipment, a musician who owns prized instruments, or someone who never outgrew their vintage toys and board games, estate planning helps to preserve your cherished items and make them part of your legacy.
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.
Handling a Loved One’s Debts After They Die
As a general rule, a person’s debts do not go away when they die. While nearly half of Americans think they will pass on their debts when they die, you can take proactive steps now to protect your loved ones from inheriting or becoming responsible for your debts.
The Passing of James Earl Jones
James Earl Jones, the famed actor, who passed away in September at age 93, had a decades-long career in film, television, and theater that earned him a place among the greatest performers of our time. His legacy also includes a collection of properties in upstate New York, a net worth in the tens of millions of dollars, and a deal ensuring that future generations of moviegoers will enjoy his iconic voice.
Be Careful Relying on Life Insurance to Provide for Loved Ones
Most life insurance policies provide flexibility in how the death benefit is paid, but policies do not actually pay out in every situation. If you have life insurance policy coverage, you need to understand the scenarios that can nullify it to ensure that your loved ones receive the financial protection the policy is intended to provide.