All Posts Tagged Tag: ‘trust’

Your Family Deserves a Trust

As the saying goes, one should hope for the best but plan for the worst. Some of our clients come to us asking for a “simple will”, because they want to leave “everything to their spouse and then to their children equally” and they hope for the best. Our job is to plan for other possibilities and that means recognizing that death may not be the worst case scenario.

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I Just Need a Simple Will…

Friends, this just is not ever the case. We love simple and elegant solutions to complex problems as much as anyone, but the cold, hard truth is that no mere Last Will & Testament can provide for all the legal and financial challenges our loved ones will face upon our death or incapacity.

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Legal Checklist for Parents

It’s that time of year again. Vacation time is over and the kids are going back to school. You’ve done all sorts of things to prepare them for their first day and fought the traffic to get them there on time. They walk away with lunchbox in hand, barely realizing they are entirely dependent on you for everything they have.

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Life Insurance Proceeds can be Taxed up to 40% if not Structured Properly

Life Insurance is an excellent, asset-protected tool for estate planning. For example, if your estate will contain substantial “hard” assets, such as business interests or real estate, the cash proceeds of a life insurance policy can allow your heirs to pay your estate taxes without having to liquidate any assets. And your beneficiaries can receive the proceeds of your life insurance policy tax free.

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Buy-Sell Agreements: Protect Your Ownership Interest in the Event of Death

Business owners often have concerns over what would happen to their ownership interests when an owner dies. Some of these concerns include whether the owner’s descendants will inherit economic interests, voting rights or both. These concerns can be dealt with by entering into a properly drafted Buy-Sell Agreement that can be included in or be separate from an operating, partnership […]

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Life Insurance Beneficiaries

The person(s) you designated as beneficiaries of your life insurance policies get paid when you die, typically your spouse and children. However, by making the policy payable directly to a carefully drafted trust you can ensure the money is protected from their creditors, poor spending decisions, and the influence of others who may express a sudden interest in “helping” them…

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Adding Trusted Persons to Bank Accounts

Adding trusted persons to bank accounts and property titles with rights of survivorship often does not result in an easy ownership transfer upon death, due to the risks of increased taxation, disinheritance, litigation and other problems relating to the joint owner’s illness, untimely death, divorce, debt or poor judgment. A good trust will achieve the same objectives while avoiding virtually […]

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In Case of Incapacity

Life insurance is usually a “no brainer”, but Americans are 5 times more likely to become disabled than to die prematurely. Attorneys can help address how things are handled and who is in charge of what in the case of incapacity by going beyond a simple will. However, you still need a good financial advisor to help you get the […]

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Holding Title to Assets as Joint Owners…

Holding title to assets as joint owners with rights of survivorship might avoid probate but, among a host of problems it could create, the property could still be tied up in a guardianship if one of the owners becomes incapacitated.

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Estate Tax Exemptions

Don’t let your spouse’s estate tax exemption die with them! No estate tax return is due for estates below the soon to be reduced $5 million tax exemption threshhold. Without filing a return, however, a married couple can lose the benefit of the excess exemption, because it does not automatically carry over to the surviving spouse. And even that will […]

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