There are numerous mechanisms that can be used by large estates to reduce the impact of estate tax. Of the many different types of trust, the spousal lifetime access trust (SLAT) is gaining in popularity because it provides partners with a way to put their assets into a trust while still providing for their spouse.…
While every situation and estate plan is unique, there are a handful of common mistakes you can avoid with proper planning. Whether you’re doing your first estate plan with a small estate or you’ve built a substantial enterprise and large estate, you can take the time to avoid common estate mistakes. Being Clear About Your…
As part of the probate process, businesses who extended you credit over your lifetime have an opportunity to come forward with your debts and be paid out of your estate. If no one opens your estate to probate, after a period of time, a creditor can apply to probate a debtor’s estate. In general, however,…
When you leave assets to your family and friends in probate, you’re thinking more about the enjoyment or benefits they will get from those assets, not how long the probate process takes. Mistakes could cause your assets to be distributed incorrectly or tie your entire estate up in probate for a long time. These are…
For some, incorporating religious beliefs in their estate plan is an important aspect of the project, even beyond the financial considerations and other practical concerns. There are a number of ways the law allows you to incorporate your beliefs and other steps you can take to direct your funds according to your preferences. End of…
A major reason many people have a lawyer handle their estate planning and administration is to ensure that their goals are carried out exactly as they want. One problem you want to avoid is having someone challenge your will and your dispositions. Not everyone has standing to raise a challenge to your estate plan; only…
Having a grandchild can be an incredibly rewarding experience, grandparents having a chance to rediscover the joy of babies and children and truly savor the experience. Many new grandparents often want to consider changes to their estate plan to take into consideration their new grandchild and ensure the resources they have amassed over their lifetime…
If you’re planning to give large gifts to your children or grandchildren, it’s important to understand how gift tax works and how that plays into your estate. You don’t want the person you’re trying to help to end up with an unexpected tax burden. Lifetime Gift Tax Exemption Estate tax laws change, so it’s important…
One question that may come up during the probate of an estate is whether the marriage license is a valid license, especially in a situation where children are challenging the will of a parent who remarried after their birth. Regardless of how long a couple was legally married, the death of one spouse triggers the…
One way many estates ensure that there is enough liquid cash on hand is through life insurance. Cash can be used to pay estate taxes, give children the resources to manage the property they inherit, give a business partner the ability to buy out the estate’s interest in a business, or to provide for children…