Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think
Legal Education
The Toll of Serving as Fiduciary
Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great … [Read more...] about The Toll of Serving as Fiduciary
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Estate Planning – Something You Shouldn’t Do Yourself
It’s tempting to think that by taking the time to hand-write your Will or preparing a do-it-yourself plan, you can avoid many of the issues that arise with a Will. In fact, the opposite may be true. By handwriting your Will or preparing a do-it-yourself plan, you may be creating more issues for your family. Read on to learn more. … [Read more...] about Estate Planning – Something You Shouldn’t Do Yourself
The Evolution of our Unified Estate and Gift Tax System
Many individuals think that if their estate is below a certain amount that they need not be concerned with Estate Planning. As this article demonstrates, because the Estate Tax evolves constantly, it’s important to talk with a professional to create a plan to accomplish your goals. Read on to learn more. … [Read more...] about The Evolution of our Unified Estate and Gift Tax System
The Intersection of Legacy Contacts and Estate Planning
As more and more individuals get comfortable in the digital world, Estate Planning has changed to address the collection and transfer of digital assets. The widespread use of a legacy contact allows owners of digital content to determine what will happen with it after they die. Read on to learn more. … [Read more...] about The Intersection of Legacy Contacts and Estate Planning
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive
Tax Planning for 2022
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2022
It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. Read on to learn more. … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
