Does Your Family Know About Your Estate Plan?

A Guide for How Much to Share and With Whom It’s the thick of tax season and you’ve probably been working on (or recently finished) your income tax returns. Most of us don’t feel comfortable sharing the details of our tax returns, unless we have to – for example when applying for a mortgage. But your estate plan, an important part of having your affairs…

Planning Your Summer Vacation? 5 Things to Consider Now

Hopefully with the last of the season’s Nor’easters behind us, winter will soon start to thaw and flowers will begin to bud. This can only mean one thing: summer vacation planning season is here. As vacation planning kicks into high gear, here are a few important things to add to your vacation readiness checklist. Guardian nomination – if you have minor children If it’s just…

How Remodeling a Client’s Trust Can Retain Assets Under Management while Saving Clients Money

It’s a common misconception that clients can take a “set-it-and-leave-it” approach to trusts. Just as homes or office buildings must be remodeled or updated from time to time, a trust-centered estate plan can often benefit from a remodel or refresh. Although the principle of trust-centered estate planning has stood the test of time, there are many reasons that may necessitate a remodel for an old…

Last-Minute Opportunities Before the New Tax Law Takes Effect

(Below is an article about last minute planning considerations in light of the new tax act written by my colleague Andreea Olteanu, JD of WealthCounsel.) With 2017 coming to an end and sweeping tax reform legislation (Act) having been signed into law, some last-minute opportunities should be considered while the current law still applies. There are steps that taxpayers can take before the Act takes…

Have You Considered a Dynasty Trust for Your Family’s Estate?

Why You Should Think Twice Before Ruling One Out When most people hear the term “dynasty trust,” they assume it’s something for only the wealthiest of families. However, dynasty trusts are not as out of reach as you might think, and can be used by many more families of a greater wealth spectrum than currently use them. Demystifying dynasty trusts Dynasty trusts keep your wealth…

How to Protect Your Child’s Inheritance from His or Her Untrustworthy Spouse

Parents who develop an estate plan often do so to provide for their heirs financially. Many want to make sure hard-earned assets, family heirlooms, or closely held businesses stay within the family. Indeed, a common question is what cost effective options are available to protect a children’s inheritance from a spouse in the event of untrustworthiness or divorce. Thankfully, there are many ways to structure…

3 Ways Your Trust Can Help a Loved One With Mental Illness

When a loved one suffers from a mental illness, one small comfort can be knowing that your trust can help take care of them through thick and thin. There are some ways this can happen, ranging from the funding of various types of treatment to providing structure and support during his or her times of greatest need. Let’s explore a few ways your trust can…

Tools You Can Use to Leave Words of Wisdom to the Next Generation

You come into the world a blank slate, and as you grow, you gain wisdom. You’ve planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over your life. Let your family and friends learn from your mistakes, and profit from your successes. Living and Other Trusts…

The Difference between Lifetime and Deathtime Planning… and Why a Comprehensive Plan Must Include Both

According to a March 2017 survey by Caring.com, six out of ten Americans have no will or any other kind of estate planning. Many said they’d get around to it, eventually. When they’re old. (The survey did find that the elderly are much more likely to have some plan in place.) It’s all too clear that most of us think “estate planning” is a euphemism…

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