While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
Estate Planning
The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
The Intersection of Asset Protection Planning and Estate Planning – Part I
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Death and Your Digital Footprint
As more and more individuals get comfortable in the digital world, Estate Planning has evolved to address the collection and transfer of digital assets. The widespread use of a legacy contact and password managers gives owners of digital content control in determining what happens to the digital information after they die. Read on to learn more. … [Read more...] about Death and Your Digital Footprint
What Happens If I Die Without a Will in Vermont?
Every adult should have at least a rudimentary estate plan in place; yet, over half of all Americans do not. This is the case despite most of those without a plan acknowledging the need for one. Often, failing to understand why an estate plan is so important is the problem. To help you understand the importance of creating at least a basic estate plan, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC explain what happens if you die without a Will in Vermont. Last Will … [Read more...] about What Happens If I Die Without a Will in Vermont?
How Do I Trust Thee…Part II
When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of … [Read more...] about How Do I Trust Thee…Part II
What Makes a Will or Trust Invalid
Clients often worry about the execution of their plan after death. Sometimes, individuals fail to see their complicity in the destruction of their plan. Numerous ways exist to invalidate an Estate Plan. A qualified Estate Planning attorney takes safeguards to protect the plan. Read on to learn more. … [Read more...] about What Makes a Will or Trust Invalid
How Do I Title Thee…Part 1
We often consider Estate Planning documents such as a Will, Trust, Property Power of Attorney, and health care documents to be the building blocks of an Estate Plan. While a necessary and important part of Estate Planning, thinking of the documents as the starting point for an Estate Plan skips several important steps. This article is the first in a two-part series. The first part examines the various ways to hold title to assets and the second part examines the effect that title may have on an … [Read more...] about How Do I Title Thee…Part 1
10 Things You Can Do to Make Your Estate Plan a Success
If you go to the time and trouble of creating an estate plan, you want that estate plan to accomplish all your goals work as intended. Your attorney will provide you with advice and guidance during the creation of your estate plan; however, there are also things you can do to help your estate planning attorney to increase the overall success of your plan. Toward that end, an Essex Junction estate planning attorney at Unsworth LaPlante, PLLC explain ten things you can do to make your estate plan … [Read more...] about 10 Things You Can Do to Make Your Estate Plan a Success