The coronavirus has caused a lot of uncertainty in all our lives. While not ideal, for many, this forced downtime at home has led to a time of reflection on the things that are really important. Many people have recently reached out to me to talk about their long neglected estate planning. If you have…
If you have heard of generation-skipping trusts (GSTs) at all, you probably think of them as a way for wealthy families to shield their fortune from estate taxes. That is true as far as it goes, but GSTs can also have benefits for the less well off by protecting assets from ex-spouses and creditors and…
As the name implies, a charitable remainder trust involves the transfer of assets to a trust with the income going to an individual or individuals (which can include the owner of the assets) and with a charity receiving the assets at the expiration of the trust period. Such a trust device benefits the individuals who…
The designation of an executor for a will is one of the critical steps in effective estate planning. The executor will be the individual responsible for the administration of the estate. He or she must execute the necessary documents to submit the will for probate. Then the executor must gather all of the testator’s (person…
As a general rule, the executor of an estate does not have personal liability for the debts and obligations of a decedent. Lest executors become complacent, however, they should be aware of an important exception to that rule, which was illustrated by a recent federal court case between executors and the Internal Revenue Service (IRS).…
Most of us share the same objectives for our estate plan: 1) provide for our spouse or dependent children; 2) distribute our property; 3) plan for our disability; and 4) reduce our estate taxes. Unfortunately, most of us fail to put together a plan that achieves these goals. There are many approaches that can be…
By some accounts, 70% of adult Americans do not have a will. If you have at least gone to the trouble of making a will, consider yourself ahead of the curve and pat yourself on the back. Then come back to earth and understand that your work is not completely done. A will is not…