The Refrigerator Estate Plan

You're ahead of most of your generation; you know that an estate plan is vitally important, especially if you own property or have children. You have been proactive, and your current and comprehensive estate plan has helped you to lower your taxes, avoid the necessity of probate, and provide peace of mind and security for your family if the worst were to occur. But if you have young children, your plan might be Read More

Tax Planning in a "Post Tax Cuts & Jobs Act" World

We've covered in great depth the effects of the Tax Cuts and Jobs Act on nonprofits, both big and small - here, here and here. But what about businesses, individuals and philanthropists? Significant Changes to Business Taxation If you own a business or are thinking about starting one, it's never been more important to consult with an experienced attorney and CPA. Relying on old rules of thumb or ignoring this Read More

Own Rental Property? Then You Need Proactive Estate Planning

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. If you own rental property, however, your Read More

Protecting Inherited IRAs

Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by creditors. In Clark v. Rameker, the U.S. Supreme Court, in a unanimous decision, held that inherited IRAs are not exempt from the beneficiary's creditors because Read More

Leaving Words of Wisdom to the Next Generation

You come into the world a blank slate, and as you grow, you gain wisdom. You've planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over your life. Let your family and friends learn from your mistakes, and profit from your successes. Living and Other Trusts You probably know that a Read More

Not Just Death and Taxes: Five Essential Legal Documents You Need BEFORE You Become Incapacitated

Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without an incapacity plan? Without a comprehensive incapacity plan in place, your family will have to go to court to get a judge to Read More