Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax. Overview of Current Federal Estate, Gift, and GST Tax Laws
Read More »Caution: Writing Your Own Deed to Avoid Probate Can Lead to Unintended Consequences
One common way to avoid probate of real estate after the owner dies is to hold the title to the property in joint names with rights of survivorship with children or other beneficiaries. This is accomplished by adding the names of the children and certain legal terms to a new deed for the property and […]
Read More »Is a Revocable Living Trust Right for You?
Revocable Living Trusts have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations. But for some, a Revocable Living Trust may not be necessary to achieve their estate planning goals or may even be detrimental to achieving those goals. What Are the Advantages of a Revocable […]
Read More »Three Liability Planning Tips for Physicians that Anyone Can Use
Whether you are a physician or not, you probably know that the practice of medicine is a profession fraught with liability. It’s not just medical malpractice claims either – employment related issues, careless business partners and employees, contractual obligations, and personal liabilities add to the risk assumed by a physician in private practice. Unfortunately, in […]
Read More »When is an Estate Subject to State Death Taxes?
In the United States, certain states collect a death tax based on the value of the deceased person’s estate and who inherits it. Which States Collect a State Death Tax?
Read More »Is a Payable on Death Account Right for You and Your Family?
Payable on death accounts, or “POD accounts” for short, have become popular for avoiding probate in the last decade or so. What is a POD Account?
Read More »Does Your Estate Plan Protect Your Adult Beneficiaries?
If you think you only need to create discretionary lifetime trusts for young beneficiaries, problem beneficiaries, or financially inexperienced beneficiaries, then think again. In this day and age of frivolous lawsuits and high divorce rates, discretionary lifetime trusts should be considered for all of your beneficiaries, minors and adults alike. What is a Discretionary Lifetime […]
Read More »How to Easily Integrate Asset Protection Trusts into Your Estate Plan
Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust?
Read More »Five Changes Proposed in President Obama’s 2016 Budget That Could Affect Your Estate Plan
The Obama administration recently released its budget proposal for the 2016 fiscal year. As in past years, this budget proposes changes to the laws governing federal estate, gift and generation-skipping transfer (GST) taxes. Several of these changes would raise revenue by limiting the tax benefits achieved by using certain estate planning techniques, while others would […]
Read More »It’s Not Just About Death and Taxes: The Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning is about more than your legacy after death, avoiding probate, and saving on taxes. It must also be about having a plan in place to manage your affairs if you become mentally incapacitated during your life. What Happens Without an Incapacity Plan?
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