Gift and estate tax consequences can threaten this goal of sharing wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high-net-worth clients from excess taxes. The following three types of trusts may assist high-net-worth clients in sharing their wealth in a tax-advantageous way.
Many families choose to include a payable-on-death (POD) or transfer-on-death (TOD) designation in their estate plan. Both these designations allow the assets in the account to pass to a chosen beneficiary when the original owner dies. POD and TOD accounts have many benefits.
In modern estate planning, digital accounts such as PayPal, Venmo, and Apple Pay must be considered every bit as much as bank and retirement accounts. Digital accounts can be conveniently closed upon the account holder’s death, provided they plan ahead.
While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together with an experienced estate attorney, we can craft a comprehensive legacy plan that will help you meet your financial goals.
Although your documents should be thorough and provide all necessary information, some things should NEVER be mentioned in your documents, for security purposes. Here are three things you SHOULDN'T include in your estate planning documents.
Trustee(s) are in charge of handling all aspects of your trust. So, it is important to select your trustee(s) carefully. By better understanding the responsibilities of a trustee, you'll be better equipped to select the right person for the job.
There will come a time when someone needs to take over (either because of illness or death). When that time comes, it can be helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee manage accounts and property and another trustee handle distributions to beneficiaries.
The family’s first inclination when encountering piles of old books might be to donate them to charity or throw them away. But getting rid of a book collection without first assessing it could be a mistake.
Your retirement account may be one of the most valuable things you own. Many people choose to name their children as the beneficiaries of these accounts. They think it is a way to easily transfer their wealth if something happens to them. But, that assumption is only partially true. Some factors make this type of transfer more complicated than you might think, especially if your child is a minor.
If you have a minor child that depends on you, you need an estate plan. Who will care for your child if you're unable to? And how will your child be financially supported? An estate plan allows you to address these concerns surrounding your child's care and custody. You can also provide instructions about how your money and property should be used for their benefit.
