This case shows the importance of having a Will and your estate documents professionally drafted. This case is merely the tip of the iceberg as to what can go wrong and how your desires may not be followed in the end. https://lnkd.in/gJk34KrRead More
A few excellent examples provided in this article between the current policies and what would happen to an estate/farm/business under the 99.5% Act and STEP Act if the bills are passed. Bottom line: a major negative impact on small businesses, estates, and farms Tax on Farm Estates and Inherited Gains | Farms.com Read More
Biden Plan Estate Planning Advisory for 2021 (natlawreview.com) Overview of Biden’s Estate, Gift, and Generation-Skipping Transfer Tax Plan, the likelihood of implementation, and possible retroactivityRead More
“Your estate plan needs to be structured to achieve the results you want under today’s law. Also, it should be flexible enough to adapt to changes in the law that take effect before you’re able to revise the plan.” https://lnkd.in/eusaB6SRead More
Great points in this short article. “An estate plan is the best love letter you can write to those you love.” Without one, “a court could end up deciding who takes care of your kids, state law determines who inherits your stuff, and the distribution may not be as you would want.” In terms of...Read More
The major reasons for wanting to form an irrevocable trust. As the article states, caution is needed as “an irrevocable trust that protects you from estate taxes is usually not Medicaid-compliant, and was most likely not set up with a permissible trustee to allow the creditor protection an asset protection trust affords.” Definitely be aware...Read More
Great questions to think about: Does your Will match your wealth transfer wishes? Are your assets titled correctly and have you set up the appropriate beneficiary designation forms? Have you established and funded all necessary trusts? You don’t have to be a celebrity to have an estate but without the proper planning, the mistakes can...Read More
