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Estate Planning Archives |

Trust

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. Now from a practical...

Wills

I have been dealing with estate issues of late and it got me thinking about the different types of wills and where they fit into estate planning.  They fall into four broad categories. Simple Will – you decide who will receive your assets, possibly name a guardian for...

Assisting Family Members

Here is the way to assist your kids or grandkids with their college education: Pay tuition directly to the school. The payment is nontaxable to the student, it does not count against the $15,000 annual gift tax exclusion, and it reduces your estate. The same can be...

Your planning

Lately there seem to be a number of articles, at least were I am reading; with children having difficulties with family heirlooms or inheritance since their parent passed away and their new spouse is laying claim to all property by rule of law. I lived a bit of this...

Inherited IRA’s

There is now a tightening on the distribution timeline for inherited IRAs and workplace retirement accounts. Many need to be cleaned out within 10 years of the death of the IRA owner or 401(k) participant. The exceptions allow payouts over the beneficiary’s life...

Trust

I have a business client who owns a business and has three children.  The largest asset the owner has is the business. One child works within the business and the plans are for them to eventually take over the running of it, while the siblings dabble in the business...

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