Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor. There are two main problems with naming a minor as the … [Read more...] about Be Careful Not to Name Minors as Your Beneficiaries
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How an Irrevocable Life Insurance Trust Can Be Used to Avoid or Reduce the Estate Tax
With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal estate tax, as well as any … [Read more...] about How an Irrevocable Life Insurance Trust Can Be Used to Avoid or Reduce the Estate Tax
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents. Although such products are convenient, using them could create serious and expensive legal problems for heirs. These digital services appear to offer a cost-effective and easy alternative to … [Read more...] about The Hazards of Do-it-Yourself Estate Planning
What You Can’t Do With a Will
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. A will is a legally-binding statement directing who will receive your property at your death. It is … [Read more...] about What You Can’t Do With a Will
Moving to a New State? Be Sure to Update Your Estate Plan
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. The Constitution of the United States requires that states give “full faith and credit” to the laws of other … [Read more...] about Moving to a New State? Be Sure to Update Your Estate Plan
Generation-Skipping Trusts: How to Pass Assets to Grandchildren
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children. A generation-skipping trust allows you to “skip” over the … [Read more...] about Generation-Skipping Trusts: How to Pass Assets to Grandchildren
