Gloomy Skies Create a Perfect Storm for Wealth Transfer Opportunities
Our portfolios have taken a fairly serious hit in the first half of 2020. Not only has the stock market pulled back in response to the global pandemic, but it is plagued with volatility, which seems to coincide with all of the unpredictability we are experiencing these days [...]
What Are the Rights of Creditors and Surviving Family Members in Probate?
After a loved one passes away, it can be a very emotional, overwhelming time. The last thing on the family’s mind may be settling the deceased’s estate. But unfortunately, the clock is ticking and certain actions must be taken promptly to make sure that beneficiaries and creditors get what they are entitled to [...]
How to Use Estate Planning to Ease the Tax Burden on Your Family
Nothing in life works as well when you have to do it at the last minute. Your term paper is never as good when you write it at 3 am the morning it is due, a fire sprinkler system isn’t very useful if you are trying to install it while your house is on fire, and changing the oil in [...]
Can You Amend an Irrevocable Trust?
Imagine that you are the creator or a beneficiary of an irrevocable trust whose terms are no longer satisfactory. You might think that there is nothing you can do since the trust is irrevocable. But surprisingly, you would be wrong. Even though the name of the trust itself makes it sound ironclad, the good news is that there are a [...]
What Is a Private Trust?
To start with the basics, a trust is a legal device that lets a person designated as a “trustee” (who is usually an unrelated third party) take care of, and provide direction for, assets that are placed into a trust fund. Importantly, the trustee holds and makes decisions about the trust funds for the benefit of a beneficiary.
What Is a Generation-Skipping Transfer?
When considering giving gifts to family members, you should consider the possible tax consequences of those gifts. Nothing ruins a grand gesture quite like a hefty tax bill. So, when an estate planner looks to minimize the tax burden on certain gifts, your planner should not forget to minimize the impact of the generation-skipping transfer (“GST”) tax.
How Does Florida’s Anti-Lapse Statute Work?
When you create a last will and testament, you designate those beneficiaries who will receive your property and other assets when you pass away. You make the assumption that those named as beneficiaries will, of course, outlive you. However, what happens if a beneficiary does not outlive you?
What Is a Health Care Surrogate?
A health care surrogate is someone who is appointed to make health care decisions for you in certain circumstances. Traditionally, you would designate in writing a competent adult who would receive medical information on your behalf and who would make medical decisions for you when you might become unable to make them for yourself.
Charitable Planning During the COVID-19 Pandemic
As the saying goes, “giving is the greatest act of grace.” One day last week, on May 5th to be exact, was designated as “Giving Tuesday,” a day dedicated to encouraging people to donate to charities and companies that are supporting COVID-19 relief efforts.
Has The Coronavirus Changed the Need for Estate Planning?
The coronavirus pandemic has not changed the need for estate planning. In fact, it has made estate planning all the more necessary. While it is never a bad time to get the peace of mind you need by planning for your, and your family’s, future, the current pandemic makes it clear that good planning is the smart and necessary thing [...]