Irrevocable Life Insurance Trusts (ILITs): Why Now?
Currently, the federal estate, gift, and generation-skipping transfer (GST) tax exemption equals $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the decedent’s re…
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Pandemic fatigue - many people right now are feeling weary and wondering when everything will get back to “normal.” How about instead of waiting around for “normal” to happen, we live our best lives in the here and now?
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Kevin stands at the door of Winnie’s nursing home room, tears streaming down his face. The medical staff just finished inserted a feeding tube into Winnie – an act Kevin knew she didn’t want. Unfortunately, Winnie couldn’t express her wishes…
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Did you know, Baby Boomers represent nearly 20 percent of the American public? The baby boom generation is comprised of those Americans born 1946-1964, and according to the US Census Bureau (Bureau of Census), their numbers are estimated to be 73 mil…
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Gray divorces are happening more often for Americans aged 50 or more. The term gray divorce generally refers to the baby boomer generation and affects all classes and education levels. Research shows that splitting during middle age is particularly d…
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The sudden rise of the coronavirus, COVID-19, has left many unprepared and confused. There are numerous reports of shortages of antibacterial hand sanitizer, disinfecting wipes, and even toilet paper. While we can’t predict when something like COVI…
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Were your documents signed in the 80s or 90s, or the early 2000s? If so, your documents are likely terribly out of date. Federal estate taxes, gift taxes, and generation-skipping transfer taxes went through major changes during these years.
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Who should you choose to be your successor trustee? If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs. Eventually, someone else will need to step in when you are no…
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Transfer on death or payable on death accounts sound great at first glance - exactly because they are so easy to set up. However, there may be problems ahead for your beneficiaries if their circumstances change in any way.
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As an Estate Planning Attorney, obviously the proposed repeal of the estate tax is a huge unknown for me and my clients as we look at long-range planning. As an attorney who advises small businesses and a small business owner myself . . .
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