October 6, 2021 •
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It can be easy to overlook, but an estate plan is essential for nearly everyone, whether you have a lot of money or just a little. An estate plan tells your heirs and the courts how to divide up your assets. However, it also helps protect your loved ones from unnecessary hassle and expense – as well as potentially months, even years, tied up in the court system settling your estate.
Read MoreSeptember 28, 2021 •
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A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Read MoreSeptember 9, 2021 •
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I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
Read MoreSeptember 9, 2021 •
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Kelly Clarkson had reason to celebrate on Wednesday after learning that a judge has upheld the prenuptial agreement in her bitter divorce battle with ex-husband Brandon Blackstock.
Read MoreSeptember 1, 2021 •
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A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you're trying to shield your wealth from taxes or pass it on to your children.
Read MoreAugust 24, 2021 •
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A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Read MoreAugust 24, 2021 •
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Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust.
Read MoreAugust 20, 2021 •
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If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, any familial connections, any interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
Read MoreAugust 18, 2021 •
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Should I terminate these trusts and just have my children as beneficiaries of my investment accounts and life insurance?
Read MoreAugust 17, 2021 •
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The conversation about being prepared for the passing of a partner can be difficult to have but navigating the issue can be more complicated for LGBTQ+ families.
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