It’s not always obvious which type of trust is the best for an individual, says a recent article titled “Which is Best for Me: A Revocable or Irrevocable Trust?” from Westchester & Fairfield County Business Journals.

In a revocable living trust (RLT), the creator of the...

The first two essential estate planning documents are the durable power of attorney for legal and financial matters, followed by a healthcare power of attorney. Next is the last will and testament.  However,unlike the first two, the last will is not used until after death, explains the recent article titled “Completing...

Laws about intangible assets used to be a legal niche practice area. However, today’s estate planning attorney addresses digital assets as much as tangible assets, according to the article “How to Start Digital Estate Planning in 2023” from yahoo! Social media, emails, websites, photos and even the contents of a hard...

When someone dies without having updated their estate plan for many years, the executors often face a difficult task of administering a disorganized and incomplete estate. At best, the executor needs additional time and resources to organize the estate. At worst, says a recent article titled “Estate plans require maintenance” from...

Despite the hard lessons learned during the COVID pandemic, surveys repeatedly show most Americans still don’t have an estate plan in place. According to the article “Five benefits of estate planning” from The Aspen Times, a comprehensive estate plan ensures your assets are distributed according to your wishes when you die,...

Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, a recent article titled “Getting an Inheritance? Here are 4 Things to Consider”...

To understand a tax reimbursement clause, you must first understand what a grantor trust is, and how it works. A grantor trust means the person creating the trust, also called a trustor or grantor, is responsible to pay the income tax on income earned by the trust. According to the article “Tax...

If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 check list: How to organize your estate plan,” most people take their estate plan and put the binder...

The purpose of a Beneficiary Defective Inheritor’s Trust is to allow an individual with a federal estate tax problem to maintain control of the assets to the maximum extent allowed by law. The assets placed in a BDIT will not be included in the individuals tax estate when they pass away. This type of...

For many families, a plan for the future includes an Achieving a Better Life Experience, or ABLE, account to allow those with disabilities to set aside extra money without interfering with their federal aid. All but four states—Idaho, North Dakota, South Dakota, and Wisconsin—provide ABLE accounts, according to a recent article titled