Even if you have an estate plan in place that’s tax-smart now, changes in tax law or your financial circumstances down the road could turn your plan on its head. The good news is that you can build an “on-off switch” into your estate plan.…
You may consider your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing…
There are several tools you can use to build flexibility into your estate plan. Flexibility is especially important now because of an uncertain estate planning environment. The federal gift and estate tax exemption currently is an inflation-adjusted $11.58 million (the highest it’s ever been) but it’s…
In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. The original vs. a photocopy Many people mistakenly believe that a…
Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your…
COVID-19 has brought estate planning to forefront for many people. Whether you are a front-line first responder, a parent with college age children or you have one or more aging parents, this crisis as probably caused to wonder: “What if ….” In a prior post…
Covid-19 Update I understand the last few days and weeks have probably caused you some anxiety not just about the volatile financial markets, but also – maybe primarily- about your health and the health of those you love and care about. I’m an estate planning lawyer…
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be…
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s just as important to have a plan for making critical financial and medical decisions if you’re unable to do so yourself. A crucial component of this plan…
Have you coordinated your payable-on-death accounts with your estate plan? Payable-on-death (POD) or Transfer-on-death (TOD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one…