How the Corporate Transparency Act May Impact Your Estate Plan
How the Corporate Transparency Act May Impact Your Estate Plan. Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If you have an entity (corporation, limited liability company, family limited partnership, etc.) as part of your existing estate plan, this is important information you will need to know to ensure that you comply with the new law.
Sometimes Stuff is the Most Important Part of Your Estate Plan
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to be addressed. When looking to start or continue your estate planning journey, ask yourself the following questions about your personal property.
Estate Planning for Expatriates
Expatriates who live and own assets (accounts and property) in more than one country need an estate plan that reflects their international life. This may require working with estate planning attorneys in each country where they have assets.
Death Cleaning
If you do not declutter your house, somebody else will have to do it when you die. This is part of the thinking behind Swedish death cleaning, a morbid-sounding practice that is actually quite liberating, both for ourselves and our loved ones.
How Far in Advance Can I Begin My Estate Planning?
When to start planning for your estate depends on your goals and the size and complexity of your estate. If your estate involves business interests, multiple properties, significant investments, or complex family dynamics, creating a comprehensive plan may require more time.
What Do I Do If I Want to Undo My Revoked Will?
When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.
What Happens to My Leased Car If I Die Before the Lease Term Ends?
A lessee, however, does not own their vehicle. They drive it under a car lease agreement that is a binding contract. The contractual obligations of a lease can affect an estate plan, so lessees should understand what is in the fine print of their contract and what happens to a lease after their death.
Beware of Unequal Contributions When Purchasing a House
A home is the largest single investment that most people make. When buying a home with another person, the co-owners must decide how to hold the title so that it aligns with their wealth-building and estate planning goals. Learn about the different types of ownership and how they affect your planning!
How Business Executives Can Set and Meet Their Estate Planning Goals
As a business executive, you are used to strategizing and creating goals as part of your job. But have you devoted time to strategizing and creating goals to protect yourself and your loved ones?
Should the Trustee of My Trust Be Different during My Incapacity Than at My Death?
There are certain characteristics you should look for in any trustee. They should be trustworthy and responsible, capable of making wise financial or investment decisions, and interested in carrying out your wishes as expressed in your trust document. Depending on your particular circumstances, it may be prudent to name different trustees to serve at your incapacity and at your death. On the other hand, some may prefer to have the same trustee serve in the event of both incapacity and death.
You Can Benefit from Giving Gifts
You Can Benefit from Giving Gifts. A benefit of working hard is sharing the fruits of your labor with your loved ones. However, gift or estate tax consequences may impact high net worth clients when they share their wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high net worth clients and their loved ones. The following three types of trusts may assist high net worth clients in sharing their wealth in a tax-advantageous way.
Could a Testamentary Trust Be What Your Loved Ones Need?
There are pros and cons to probate, and after weighing them, some people may prefer to establish a testamentary trust, which is a trust created through a will—even if this means that the person’s money and property must go through probate before the trust is funded and money is given to beneficiaries.