What is a QTIP Trust? A Guide for Protecting Your Loved Ones and Your Legacy
You might be thinking, “QTIP? Quality Tip?” It sounds like a product for your ears, but a QTIP Trust actually stands for Qualified Terminable Interest Property Trust. Despite its complex name, it’s a highly useful estate planning tool that helps balance the financial needs of a spouse while preserving assets for future beneficiaries—often children. Let’s […]
Estate Planning Red Flags: Common Parental Missteps
I’ve seen firsthand the consequences of inadequate estate planning. Many parents overlook crucial aspects of securing their family’s future regardless of age. Whether you’re a new parent, think you’re too young for estate planning or haven’t updated your documents in years, this post is for you. Let’s explore some common estate planning mistakes and how to […]
What Is The Difference Between A Revocable And Irrevocable Trust?
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different […]
The Election Won’t Change the Government’s Plan for Your Family and Assets… You Need an Estate Plan!
As we round out another election season, focusing on how government policies might affect our families and finances is natural. However, as any experienced estate planning lawyer will tell you, a crucial aspect of your family’s future remains constant regardless of who’s in office: the need for a personalized estate plan. The Government’s Default Plan Here’s […]
Understanding the ‘Step-Up in Basis’ When Selling Inherited Assets
Inheriting an asset can be a mixed blessing. While it might signify a meaningful bequest from a loved one, it also comes with its own tax implications. One of the most significant tax features to understand when inheriting property is the “step-up in basis”. We often encounter clients who are unaware or confused about how […]
Facing the Future: Five Essential Tips for National Estate Planning Awareness Week
National Estate Planning Awareness Week, observed from October 17-23, 2023, is an annual reminder of the importance of planning for the future. This week prompts us to think critically about what lies ahead and how we can ensure the protection and well-being of our loved ones. Estate planning might sound complex and overwhelming, but it […]
How to Order a Death Certificate After a Loved One’s Passing
The loss of a loved one is always a challenging time. Amidst the emotional turmoil, there are several practical tasks that must be undertaken. One of the foremost among these is obtaining the deceased’s death certificate. I’m here to guide you through the process to make it as straightforward as possible. Why Do You Need […]
Estate Planning Considerations for Families with a Wide Age Gap Between Children
When there’s a significant age difference between your children, estate planning can require extra attention to detail. You’re not only considering their immediate needs but also forecasting the challenges each child may face at different life stages. Let’s discuss the nuances you should consider in such situations. 1. Education Funding If one child has already […]