Estate Planning

Prenuptial agreements, or “prenups,” seem to have developed a bad reputation over the years. Allegations of dooming a marriage or preparing for a divorce before the marriage has even begun have become intertwined with the concept of a prenup. A prenuptial agreement, however, can be an extremely valuable legal tool. While there may be controversy surrounding prenups, we invite you to look past the common misconceptions surrounding them. Prenups have many uses, even in the Read more . . .

If you have a rather sizeable estate, it can be incredibly important to consider all of your estate planning options as the federal estate tax can take a large chunk of your estate’s value away from your heirs. The federal estate tax exemption will allow you to avoid some taxation as the exemption amount is subtracted from the value of the estate and only the remaining amount will be subject to the federal estate tax. In 2019, the federal estate tax exemption was at $11.
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While trusts may be often discussed as being included in an estate plan, the tax consequences of a trust are not always addressed. This is unfortunate because trusts can have significant tax implications for both grantors and beneficiaries. Here, we will address how irrevocable trusts are taxed.
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Testamentary capacity is essential to making a valid will. In fact, testamentary capacity refers to the mental capability of a person to establish a formal will. For a person drafting a will, referred to as the “testator,” having testamentary capacity is a requirement for the will to be recognized as valid.
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Having an estate plan in place means that you have taken a valuable step towards protecting a future you want for you and your family. In order for an estate plan to be most effective, however, it needs to remain updated so that it always falls in line with your most current wishes. This means that you should take time to revisit your estate plan, especially after major life events, in order to make sure that it still reflects what you want for you and your loved ones.
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Life in the times of the COVID-19 pandemic sometimes seems dominated by fear and anxiety. The potential of life-threatening illness looms in the air and many people feel lost as to what they can do to regain some sort of control over this new life. This can be especially true for parents that are sending their college-aids kids off to school. While campuses have made major efforts to put protections in place geared towards keeping staff and students as safe and healthy as possible, there is still that fear of what could be. One way to help find some peace of mind and regain a sense of control is to evaluate what legal tools you have in place to protect your college kid should some kind of health crisis befall them.
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When you hear people talking about estate planning, you may associate it with your parents or your grandparents. You may think about it as something that wealthy individuals do to protect their assets and figure out where their money will go after they die. Estate planning is about so much more though.
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A personal representative, otherwise referred to as an “executor” or “administrator,” of an estate plays a vital role during the probate process. This individual carries the responsibility of administering and distributing the decedent’s estate. Oftentimes, the personal representative is named in the decedent’s will. Other times, there is no named personal representative of the estate. When this happens, who is responsible for Read more . . .

The executor plays a crucial role in the probate of a decedent’s estate. As executor, the person assuming this position must manage the estate of the decedent throughout the probate process. The executor must inventory and manage property of the estate.
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When properly crafted, an estate plan has so much more to offer than simply a way to distribute assets to your family and loved ones. There is an extensive range of estate planning tools that are often overlooked, but can provide many benefits to those who choose to access them. For instance, a 529 Savings Plan may not be something you would consider as an estate planning tool, but it certainly can be. A 529 plan is named for the Internal Revenue Code section that authorizes them. It is a tax-advantaged investment vehicle that allows for tax-sheltered growth.
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Estate planning is something everyone should do as soon as possible. It is an important process that puts critical legal tools in place to protect you and your loved ones. There will be many difficult decisions you will have to make during the estate planning process.
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