The internet promises ease and convenience, and estate planning is no exception. DIY download kits and online worksheets seem tempting, offering a seemingly cost-effective way to secure your legacy. However, before embarking on this self-guided journey, consider the hidden risks and limitations lurking beneath the surface of these seemingly straightforward solutions. Legal Risks One Size Doesn't Fit All: First, these generic templates lack the personal touch of an estate planning attorney's … about The Pitfalls of DIY Estate Planning ..read more

Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting … about What You Need to Know about the Corporate Transparency Act ..read more

Inheritance planning often evokes images of wills and legal documents, filed away and gathering dust until a life's journey ends. But this static perspective does a disservice to the reality: estate planning is a dynamic process, evolving alongside you through life's chapters. As priorities shift and circumstances change, so too should your plan adapt, ensuring your wishes and your loved ones' security remain protected at every stage. From Fresh Starts to Growing Families In the early … about Redefining the Journey: Inheritance Planning as a Lifelong Process ..read more

As we age, the prospect of needing long-term care becomes a harsh reality for many. Unfortunately, misconceptions often cloud the waters, particularly regarding the role of Medicare and Medicaid in this crucial aspect of senior care. While Medicare provides invaluable health insurance coverage, it's crucial to understand its limitations when it comes to extended custodial care. Understanding the Limits of Medicare Many mistakenly assume Medicare will cover long-term care, leading to … about Facing the Future: Navigating Long-Term Care and Medicaid Eligibility ..read more

The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to … about Use It or Lose It…Examining the Efficacy of the Spouse And Family Exclusion Trust or Spousal ..read more

Cryptocurrency, once confined to fringe corners of the financial world, has now risen to mainstream prominence. While its volatile nature offers the potential for significant gains, a crucial aspect often overlooked is estate planning. Failing to prepare for your cryptocurrency's future can leave your digital assets lost in a labyrinth of inaccessible wallets and forgotten passwords, depriving your loved ones of their rightful inheritance. Fortunately, navigating the uncharted waters of … about Secure Your Cryptocurrency With the Proper Estate Planning ..read more

Incapacity planning is an often overlooked but crucial aspect of estate planning. It ensures that your wishes are respected and your affairs are in order if you become unable to make decisions for yourself. State Intervention The pitfalls of adult guardianship, known as conservatorship in some states, highlight the importance of this planning. Without proper documents, a court may appoint a guardian to make decisions on your behalf. This often leads to lengthy, costly, and public … about Incapacity Planning: Avoid the Fallout From Adult Guardianship ..read more

Dynasty Trusts present a great opportunity to pass significant wealth on to future generations. If structured properly, the assets of a Dynasty Trust pass with minimal gift, estate or generation-skipping transfer tax consequences. As we approach the sunset of the temporarily doubled Applicable Exclusion Amount, practitioners and clients should consider whether a Dynasty Trust makes sense for them. Read on to learn more. … about Do You Want to Discuss Dynasty Trusts ..read more

Divorce marks a significant shift in one's personal and financial life, necessitating careful estate planning to secure your future and that of your loved ones. Here's a comprehensive guide to the steps you should take post-divorce, with a special focus on the value of a qualified terminable interest property trust if you're contemplating remarriage. Reevaluate Your Estate Plan After a divorce, it's crucial to reassess your will and/or trust. Your ex-spouse might still be the primary … about Estate Planning Steps to Take After a Divorce ..read more

Inheritance planning is a crucial process for securing your legacy and ensuring peace of mind for your loved ones. However, even with careful planning, you can overlook certain details. This blog highlights these often-missed aspects of inheritance planning, helping you create a more comprehensive and effective plan. 1.) Digital Assets and Online Accounts In today's digital age, online accounts and digital assets are often forgotten in estate plans. These include social media accounts, … about Inheritance Planning Oversights: Addressing the Commonly Missed Details ..read more