Blog

This blog emphasizes the importance of estate planning for millennials. It covers key steps such as appointing decision-makers, choosing beneficiaries for employment benefits, creating a plan if unmarried, and providing for pets. The goal is to help millennials protect their future and loved ones by taking proactive steps now.

This blog emphasizes the importance of keeping your estate plan up-to-date to avoid potential consequences. It discusses reasons for the decline in estate planning, common mistakes that can lead to plan failure, and signs that indicate your plan may be outdated. The blog advises regular reviews and updates to ensure your plan reflects current circumstances and recommends seeking guidance from an estate planning attorney for a comprehensive and accurate plan.

This blog provides an in-depth look at what you need to know about DBAs (Doing Business As) for your business. It covers why companies use a DBA name, the benefits of registering a DBA, how to name or rename your company with a DBA, and legal considerations related to DBAs. It also emphasizes the importance of consulting a business attorney for legal advice on setting up and running your business.

An estate plan is a great way to ensure that you and your loved ones are protected in the event of your incapacity or death. However, it is important to know that your estate plan may need to be updated over the course of your life. Read this article to learn about common life changes that may require you to reevaluate your existing plan.

This blog discusses the intersection of wrongful death lawsuits and probate proceedings. It provides information on what constitutes a wrongful death, who can file a wrongful death lawsuit, how wrongful death and estates intersect, and how the proceeds of a wrongful death lawsuit are distributed to survivors. The blog also covers the different ways states approach the distribution of damages awarded in a wrongful death lawsuit and provides information on seeking legal help in navigating these complex legal matters.

The blog discusses the key trust and estate tax proposals outlined in the U.S. Department of the Treasury's Fiscal Year 2025 Greenbook. The proposals aim to generate additional revenue by closing estate and gift tax loopholes, modifying grantor trust rules, reclassifying appreciated asset transfers, and minimizing valuation discounts for intrafamily asset transfers. The blog highlights the potential impact of these proposals on wealthy families' estate planning strategies and emphasizes the need to stay ahead of potential tax changes.

The Corporate Transparency Act, which took effect in 2024, requires business entities to disclose important information to FinCEN. Recent litigation has questioned the constitutionality of these requirements, with some cases ruling the act unconstitutional. Despite these developments, businesses must still comply with the CTA requirements until further decisions are made. It is important for business owners to stay informed and up to date with the evolving legal landscape.

The Leno Conservatorship Proceedings shed light on the complexities and challenges of navigating legal guardianship for a loved one. The case serves as a valuable learning opportunity for individuals seeking to understand the importance of proper estate planning, communication, and proactive decision-making to protect the interests and well-being of their family members. It highlights the significance of careful consideration and preparation in managing one's affairs to avoid potential legal battles and uncertainty in the future.

Myths and Frequently Asked Questions Regarding Incapacity Planning

This blog discusses the implications for adult children living at home when their parents pass away. It emphasizes the importance of updating estate plans to address potential legal issues, such as adding an adult child to the home title or gifting a family home. The blog highlights the need for careful planning to ensure the well-being of loved ones and minimize potential conflicts among siblings.

This blog provides information on self-canceling installment notes (SCINs) and how they can be used as a tool in estate planning to transfer valuable assets with minimal gift and estate tax consequences. The blog explains how SCINs work, including the self-cancellation clause and the implications for estate tax purposes. It also discusses key considerations such as determining the term of the SCIN, selecting the right interest rate, accounting for the risk of the seller's death, and when it might be appropriate to use a SCIN. The blog emphasizes the importance of consulting with a professional to ensure that SCINs are used effectively in estate planning.

The SECURE 2.0 Act allows for unused funds from a 529 educational savings plan to be rolled over into a beneficiary's Roth IRA, tax-free and penalty-free. This presents a unique opportunity for young adults to save for retirement. This blog explains what 529 plans and Roth IRAs are, the limitations to the rollover, and why this move could be beneficial for you or your child. It also emphasizes the importance of working with a professional to understand any state tax consequences.

Myths and FAQ: Planning for Noncitizen Spouses

This blog delves into the intricacies of managing a revocable living trust, highlighting its flexibility and functionality, particularly in incapacity planning. It distinguishes between the roles of trustmaker, trustee, and beneficiary, emphasizing the dual responsibilities often held by an individual. The post outlines what you can and cannot do in these roles, including the need for retitling assets and managing them as trustee, while also noting limitations such as not being able to protect assets from creditors or avoid taxes. It further explains the transition of trustee duties upon the trustmaker's death or incapacity, stressing the need for a successor trustee. The blog concludes by encouraging individuals to consult with an estate planning attorney to create a comprehensive estate plan tailored to their needs.

One of the many benefits of marriage in the United States is the marital deduction. It allows a married person to transfer unlimited money and property to their spouse during their lifetime and at their death with no estate or gift tax. However, if your spouse is not a US citizen, these taxes may be owed. Read this article to learn more about the crucial estate planning tools you need to protect your noncitizen spouse.

This blog discusses the importance of including pensions and retirement accounts in an estate plan. It explains the differences between defined benefit and defined contribution plans, as well as the rules and options for designating beneficiaries for these accounts. The blog also highlights the impact of the SECURE Act on inherited retirement accounts, and offers guidance on how to best provide for your family's future through estate planning. Contacting an estate planning attorney is recommended for assistance with retirement account beneficiaries.

When a loved one passes away, their book collection may not be mentioned in their estate plan, leaving family members to decide what to do with them. While many books may have little monetary value, they may hold sentimental value or even contain hidden treasures. Assessing a book's value based on rarity, scarcity, and condition can help determine if it should be kept, sold, or donated. Personal items with personal significance should be included in an estate plan to avoid family conflicts. Ultimately, the decision of what to do with a loved one's book collection should consider both monetary and emotional value.

This blog emphasizes the importance of incapacity planning and outlines the five essential legal documents needed for it: financial power of attorney, revocable living trust, medical power of attorney, advanced directive or living will, and HIPAA authorization. It also stresses the need to keep these documents up to date and accessible to loved ones and trusted helpers.

This blog explores the impact of charitable giving in the United States, discussing statistics on donations, the types of charities Americans donate to, and the tax benefits of giving. It also provides advice on how to choose reputable charities, ensure tax deductions, and budget your donations responsibly. It emphasizes the importance of estate planning and seeking professional advice before making significant charitable gifts.

Intrafamily loans enable family members to lend money for various purposes like buying a home or funding a business. This blog highlights their benefits for estate planning, flexible interest rates, and the importance of proper documentation and tax considerations when deciding between gifting and lending.

The article explains the importance of selecting the right executor for a last will and testament to navigate the probate process effectively. It outlines the responsibilities of the executor, situations where discretion may be needed, and how beneficiaries can adjust asset distribution through nonjudicial settlement agreements. Legal guidance is recommended to minimize conflict and ensure the testator's wishes are carried out smoothly.

This article emphasizes the importance of choosing the right trustee for a third-party special needs trust to ensure a loved one with a disability is cared for after the trustmaker's passing. It is crucial to select a trustee with experience in special needs trusts to avoid mistakes that could jeopardize benefits. Hiring a professional trustee or seeking assistance from a special needs attorney can help fulfill the trustee's duties and maximize the trust's benefits.

This document debunks the myths that one does not have enough assets for an estate plan and that estate planning is unaffordable. It highlights the importance of having a will to determine the distribution of assets and guardianship of minor children, as well as the potential consequences of dying without a will. Additionally, it explains the differences between wills and trusts, emphasizing the flexibility and control trusts offer in managing inheritances. The document concludes by stressing the necessity of estate planning for all adults, regardless of income level, and the value of investing in a comprehensive estate plan to secure one's legacy and provide guidance for loved ones.

Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff?

While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries and professions, including attorneys and estate planning.