In this day and age, we live more of our lives online than ever before, from banking and sharing memories to even building businesses and storing important documents in the cloud. However, few of us stop to think about what happens to all that when we’re gone. Digital accounts don’t just disappear on their own, and sadly, without proper planning,…[...]

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There may come a day when an adult isn’t able to make decisions on their own. Some adults may have powers of attorney designations in place for people to make their health care and financial decisions. If there’s no power of attorney in place, an adult guardianship is necessary.  An adult guardianship gives the guardian the legal right to make…[...]

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If you’re planning to leave wealth to your grandchildren, there’s a tax you should understand first. The generation-skipping transfer tax (GSTT) can surprise families who try to pass assets down more than one generation. Understanding how GSTT works The GSTT applies when you transfer property to someone at least 37.5 years younger than you, often your grandchild. This tax exists…[...]

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Revocable trusts offer flexibility and control in estate planning. Unlike irrevocable trusts, you can modify or dissolve a revocable trust at any time. This provides you with the ability to maintain control over your assets and ensure smooth estate distribution after your death. Flexibility to modify your trust One of the main benefits of a revocable trust is the ability…[...]

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Probate can be a difficult process. It involves managing a deceased person’s assets and debts. This process can become even more complex when family relationships are not traditional. Evolving family structures Family structures have changed a lot. Many people experience divorce, remarriage, and blended families. These changes create complex relationships. A person might have step-siblings, half-siblings, and children from different…[...]

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When your will eventually goes through probate, disputes may arise if someone believes you were under undue influence. Undue influence occurs when someone pressures or manipulates a person into making decisions about their estate that do not reflect their true intentions.  Taking steps to prevent these claims can help ensure that the will stands as written and reduces the likelihood…[...]

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Life changes over time, and your will needs to reflect those changes because major events can affect your plans. Keeping your will up-to-date helps protect your loved ones and avoids confusion. What major life events are suitable occasions for updating your will? Certain life events should prompt you to review and possibly update your will: Marriage or divorce: After getting…[...]

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Reducing estate taxes is a priority for many families looking to preserve wealth for future generations. A family limited partnership (FLP) can be a valuable estate planning tool, offering tax benefits while maintaining control over assets. Understanding how an FLP works and the tax advantages it provides can help families make informed decisions about wealth management. Understanding a family limited…[...]

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Using a trust as part of your estate plan can provide tax benefits for your family during the probate process. However, effective use of a trust can also bring certain tax benefits directly to you during your lifetime.   Different types of trusts offer opportunities to manage income, reduce taxable estate value and take advantage of tax deductions. Establishing the right…[...]

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A qualified personal residence trust (QPRT) is a powerful estate planning tool that helps individuals reduce the taxable value of their estate while retaining the right to live in their home. This strategy can save families significant amounts in estate taxes, making it a popular choice for homeowners with high-value properties. The basics of a QPRT A QPRT allows a…[...]

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