Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
Understanding and Manipulating Estate and Gift Taxes
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
What Are My Options for Making Charitable Gifts in My Estate Plan?
For many people, charitable gifting is an important part of their daily lives. If you are among them, you may hope to make charitable gifting part of your estate plan as well. Charitable gifting can be handled in several different ways in your estate plan. The type of beneficiary, size and complexity of the gift, and the amount of control you want to have over how the gift is used will all impact how you make charitable gifts in your estate plan. With all of that in mind, let me offer some … [Read more...] about What Are My Options for Making Charitable Gifts in My Estate Plan?
The FTC Funeral Rule: Understanding Your Right
The loss of a loved one, even if anticipated, is never easy to handle. The hours and days that follow are typically marked by heightened emotions, lack of sleep, and general confusion. In short, not the best conditions for making critical decisions; yet that is precisely what surviving loved ones must often do. To prevent funeral and burial service providers from taking advantage of survivors during this time, the Federal Trade Commission (FTC) enacted the “Funeral Rule.” To ensure that you … [Read more...] about The FTC Funeral Rule: Understanding Your Right
10 Ways an Estate Planning Attorney Can Help You
To the average person, estate planning and related topics are typically unfamiliar. Unfortunately, this often means that people do not realize how an estate planning attorney can help them or when they need the assistance of one. In fact, most people are surprised to learn how many different ways in which an estate planning attorney might be able to help them. To help make sure you get the support, guidance, and assistance you need when you need it, the Beverly estate planning attorneys at … [Read more...] about 10 Ways an Estate Planning Attorney Can Help You
How to Choose the Right Fiduciaries for Your Estate Plan
During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Although you may not realize it at the time, among the more important decisions you will make are those that involve choosing the fiduciary positions within your estate plan. To help make sure you make the right choices, the Beverly estate planning … [Read more...] about How to Choose the Right Fiduciaries for Your Estate Plan
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
What You Need to Know about Alzheimer’s Disease
Sadly, there is a very real possibility that you will be faced with an Alzheimer’s diagnosis – either yours or that of a loved one -- at some point during your lifetime. If that happens, will you know what to do? There is no way to fully prepare for the emotional impact of Alzheimer’s; however, there are things you can do to prepare for the medical, legal, and practical ramifications of the disease in case you or a loved one is diagnosed. With that in mind, the Beverly estate planning attorneys … [Read more...] about What You Need to Know about Alzheimer’s Disease
Estate Planning For Women: How Is It Different?
All adults should have at least a basic estate plan in place given the numerous benefits an estate plan offers. For women, however, estate planning can take on heightened importance. The North Andover estate planning attorneys at Legacy Care Law Firm discuss what you need to know about estate planning for women. Why Is Estate Planning More Important for Women? Statistically, women are more likely to outlive their spouses, ultimately leaving them to be the ones to pass down the … [Read more...] about Estate Planning For Women: How Is It Different?
