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The toughest decision in estate planning: naming a guardian for your minor children.

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Over the years, I have found the hardest client decision in estate planning is often deciding who should be the guardian of any minor children. Sometimes, the lack of a clear choice prevents parents from even starting the planning process. Here are some thoughts that might help in the decision making process. Evaluating potential candidates Here are some …

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Getting sentimental over your tangible personal property

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As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that make up tangible personal property, such as jewelry, antiques, photographs and collectibles, may be the most difficult to plan for because of their significant sentimental value. Without special planning on your …

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Are you holding a joint title to property with a family member or friend?

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Joint ownership advantages There are two potential advantages to joint ownership: convenience and probate avoidance. If you hold title to property with a child as joint tenants with “right of survivorship,” when you die, the property is transferred to your child automatically. You don’t need a trust or other estate planning vehicles and it’s not …

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What’s the difference between the two types of power of attorney?

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When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power …

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With a flick of the switch: Build an on-off mechanism into your estate plan

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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. When planning your estate, it’s critical to balance estate tax …

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Put pen to paper: How a letter of instruction can benefit family harmony

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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 your loved ones with vital information about personal and financial …

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Build flexibility into your estate plan with powers of appointment

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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 scheduled to drop to its pre-2018 level of $5 million (indexed …

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