The Intersection of Inheritance and Financial Aid
Assisting a child or grandchild in paying for his or her college education is one of the greatest gifts that can be given through estate planning. This is often accomplished through creating a 529 college savings plan or trust account. As with all estate planning maneuvers, however, these actions do not come without potential consequences. […]
Protecting the Brady Bunch
The Brady Bunch was one of the first famous blended families. Mike had three boys of his ownGreg, Peter, and Bobbyand Carol had three girlsMarsha, Jan, and Cindy. Mike and Carol married and the 6 children came together to make one, big, new family: a blended family. A blended family is a step-family. […]
Do You Know About These Trusts?
To many individuals, trust creation is a confusing proposition. This is not surprising considering just how many types of trusts have sprung up in recent years. These many different types of trusts have many different names and serve many different purposes. While it would be impractical for the everyday American have an understanding of every […]
Estate Planning for “Non-Traditional” Families
As a recent article explains, “the definition of a traditional nuclear family has been stretched considerably in the last quarter century.” Now more than ever, it is important for individuals to take the time to sit down and create an estate plan that fits his or her unique needs. Blended Families Blended families are families […]
Don’t Wait to Plan
Estate planning is for everybody. As a recent article explains, an estate plan is “a set of legal documents that allows you to leave instructions regarding your care if you can’t speak for yourself and distribution of your assets if you die.” These documents are important for everybody, no matter how rich or poor. A […]
Does Portability Eliminate the Need for a Bypass Trust?
One of the many benefits of the American Taxpayer Relief Act of 2012 is that it made portability permanent. Often used as an estate-planning vehicle, portability allows married couples to share unused portions of their federal estate tax exemption. Another estate planning tool used to achieve this result is the bypass trust. A recent article […]
Estate Planning for Special Needs Children
Parents with special needs children need to be careful when drafting their estate plans, to ensure that the plan provides adequate support for their child without causing any negative consequences. As a recent article explains, the most common way to do this is through a Special Needs Trust (“SNT”). Special needs beneficiaries often receive benefits […]
Providing For Your Family Through Trust Bank Accounts
The key purpose of estate planning is to ensure the financial security of your family after your death. As a recent article explains, one way to ensure the financial security of your family is through establishing a trust bank account. Many bank accounts are well suited for trusts, these accounts offer multiple benefits: Trust assets […]
Considering Gandolfini’s Will
Last June, “Sopranos” actor James Gandolfini died of a heart attack at the age of 51. Shortly after his death, Gandolfini’s will became public. Since then, experts have considered the wisdom of the provisions in his will. As a recent article explains, experts believe that Galdolfini’s will was so poorly drafted that it may invite […]
Do You Have An “Empty” Trust?
A Revocable Living Trust is the single most effective estate and disability planning tool. About 20% of Americans have invested in creating this valuable planning document and yet many of those do not follow through with the next important step and “fund” their trust. A trust is like an impenetrable vault. It can be fire […]