Issues with Siblings in Estate Planning
The Wall Street Journal recently had an article entitled “Sibling Rivalry Complicates Estate Planning.” I find that this issue often comes up in estate planning and other matters. The article highlights a dispute over the estate of Jimi Hendrix. When Jimi Hendrix died in 1970, he did not leave a will. His estate had been […]
Selecting the Right Trustee
A typical misconception about estate planning is that people who are considered older should be concerned with them and that there is always time to go and create a will or trust. The problem with that thought process is that estate plans are much more than the passing of assets to another person. Estate plans […]
Estate Planning is Not Just About Estate Taxes
MSNBC recently wrote about the wealthy not creating estate plans because many of their estates fall under the estate tax exemption. In 2015, the estate tax exemption is $5,430,000 per person (meaning $10,860,000 per couple). Prior to the 2000s, estate planning was focused on estate taxes; however, with the higher exemption limits, most families will […]
Holding Title as Joint Tenants
Joint Tenancy is a type of ownership of real estate by two or more persons in which each owns an undivided interest in the whole property. Joint tenancy is often touted as one method of estate planning; however, there are consequences you may not be aware of that could not make it the best option available. When a joint tenant dies, the interest in the property is then vested into the interest of the […]
End of the Year Estate Planning Reminder #2
Before 2014 comes to a close, it is important for those with extra cash or assets on hand to consider using the annual gift tax exclusion of $14,000 per year per recipient. A married couple can give $28,000 to any person without filing a gift tax return. Gifts must be made and checks deposited by […]
Year End Estate Planning Reminder #1
The end of the year, combined with the holidays and seeing family, is as good as a time as ever to review your estate plan or get an estate plan. This week I plan to write about some reminders that you should think about as the end of the year is close in order to […]
Using Joint Tenancy as an Estate Planning Tool
I often hear from clients and potential clients that they want to add a relative’s name to a piece of real estate as “joint tenants” in order to avoid probate. Although this is probably the cheapest estate planning tool you can do in the short term, it is the least favorable for most circumstances for […]
Estate Planning for Childless Couples
The Wall Street Journal recently had an article entitled “Estate Planning for Childless Couples” that emphasizes the importance of different estate planning tools for your personal situation. I often tell people who do not have children that estate planning may have even more important repercussions for them than people with children because if you die […]
6 Estate Planning Moves You Should Make in Your 30s
Daily Finance has an interesting article for estate planning that should be addressed in your 30s. Estate planning is often equated with older people; however, there can be some estate planning moves that you can make as you are younger that might make sense. In addition to having a will, a revocable living trust, a […]
Using a 529 College Savings Account for Estate Planning
Marketwatch has an interesting article on how you can use a 529 College Savings Account as part of your estate planning process. Estate planning is all encompassing so it is important to use a variety of tools to give gifts, minimize taxes, and make your wishes known. The article discusses the importance of using a […]
