On this blog, we typically provide basic, broad-based information about estate planning topics, because most people are not very well informed at all. In this piece, we are going to come from a different approach in an effort to provide some tips about some more savvy concerns that lie just beneath the surface. Don’t Underestimate Estate Administration Far too many people are completely unprepared from an estate planning perspective. Time flies, and this is not something that many people … [Read more...]
Staying Current on Estate Planning
It’s important for estate planning attorneys to stay up on the latest developments and techniques. The American Academy of Estate Planning Attorney held its semi-annual conference in Atlanta last week. Read on to learn more about the topics discussed at that cutting-edge conference.Staying Current on Estate Planning … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
Census Report: Burlington Senior Population Exceeds National Average
As elder law attorneys, we are very significantly impacted by an emerging demographic phenomenon. During the years after World War II, there were an inordinate number of babies born in the United States. These are the baby boomers, and over recent years, they have started to reach their senior years. Because of this, there is a rapidly aging of the population underway.Across the country, seniors comprise about 14 percent of the population. Here in the Burlington area, it is 16.4 percent … [Read more...]
Estate Planning Tips Gone Awry
There are some folks that have a tiny bit of knowledge, and this can be dangerous, especially when they want to share it with others. This dynamic can definitely enter the picture when it comes to estate planning estate planning tips.At the end of the day, there is no substitute for qualified legal counsel, but some families pay a heavy price to learn this lesson. Downloads and Worksheets Several companies on the Internet sell downloads and worksheets that you can use to create different … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
Interesting Turn in Aretha Franklin Estate Case
Aretha Franklin was the undisputed “Queen of Soul” for decades, and she helped to make history on multiple different levels during her 76 years on the planet. She passed away in August of 2018, and from an estate planning perspective, there are some lessons to be learned from her inaction. The Condition of Intestacy Estate planning attorneys will always hammer home the fact that it is very important to have an estate plan in place to avoid intestacy. This is the condition that exists when … [Read more...]
A Hypothetical Conversation Between an Inheritance Planning Attorney and a Client
We speak with a lot of people that have inheritance planning questions, and we find that many of them share the same concerns. It is possible to provide some basic principles in a relatively brief and concise manner. As a result, we have decided to create a blog post that simulates a typical conversation that we would often have with a client. Just about everyone should use a last will as an estate planning centerpiece, right? This is actually the most widely held misconception within the … [Read more...]
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust.Making Trusts More Flexible … [Read more...]
Vermont State Estate Tax: Property Counts
We have an office in Essex Junction, Vermont, and it is important to understand the potential implications of estate taxes when you live in our state. There are a relative handful of states in the union that impose estate taxes on the state level, and Vermont is one of them.Before we get into some of the details, we will look at the federal estate tax parameters. The estate tax exclusion is the amount that can be transferred before the remainder of the estate would be taxed upon transfer. In … [Read more...]
