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I completed an estate plan for a client on December 30, 2021. This particular client had first contacted me over two years ago. When we first spoke, the client had a lot of questions on how to proceed. I answered the questions to the best of my ability, and then the client wanted to talk to their insurance agent, CPA, investment advisor, … [Read more...]
Simplifying Your Estate Plan Doesn’t Mean Estate Planning is Simple
I recently had a client apologize to me for laughing at and questioning my legal fee for a certain document. This struck me as quite odd. I had simply explained how a certain document could accomplish her goal, and let her know how much it would cost to create the document to accomplish what she wanted. Perhaps because I had explained a somewhat … [Read more...]
What You Need to Know About the SECURE Act
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) changed the rules concerning retirement accounts. The SECURE Act became effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required … [Read more...]
The Danger of Unmet Expectations in Estate Planning
A couple of years ago, I heard someone talking about relationships. The speaker asked what the number one cause of divorce was. Answers like, “money,” or “lack of communication,” or “infidelity” all came up, but none was correct. Instead, the speaker replied that the number one cause of divorce was “unmet expectations.” The speaker went on to … [Read more...]
Are Trusts Taxed? [Answered]
I get asked the question above on an almost weekly basis. The short answer is that if you put your assets into a trust, you still get taxed. A trust is not a magical way to avoid all taxes on assets, despite persistent myths to the contrary. A trust can help to minimize taxes, but not eliminate taxes completely. The IRS publishes a list of … [Read more...]
Four Fundamental Estate Planning Documents: Part 4 – The Living Will
When I talk with clients about estate planning, I often need to start with the basics, giving them a good solid foundation. I am not sure I have done that yet on my blogs, so I am excited to do a four part series where I talk about the basic, foundational documents of every estate plan. Hopefully this will set a good foundation for you. In my … [Read more...]
The 3 Roles in a Trust, and Why They’re Important to Understand Before Sitting Down With Your Estate Planning Attorney
A couple of weeks ago I was discussing a trust with a client, and thought I had explained what a trustmaker, trustee, and trust beneficiary were. While I was talking about how only one of their kids would act as the Trustee, the client reacted with haste, exclaiming, “WHAT DO YOU MEAN ALL OF MY CHILDREN WILL NOT BE ON THE TRUST? THAT’S NOT WHAT I … [Read more...]
