Estate Planning Tips – Irrevocable Life Insurance Trusts

Life Insurance is an often overlooked tool used in your estate plan to provide for your loved ones while providing peace of mind to you. While life insurance alone will provide funds for you named beneficiaries, we sometimes go a step further by creating an irrevocable life insurance trust (ILIT) to hold the policy. This … Continued

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Planning for Blended Families – Yours, Mine and Ours

Estate Planning for the Blended Family Every family is different. Those with adopted children, stepchildren or serving as a guardian face unique concerns when creating an estate plan. The law treats adopted children much different than stepchildren or a child (or grandchild) where you may be serving as guardian. The good news is you have … Continued

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Beneficiary Deeds 101

There is a simple and effective way to avoid probate of your residence. A beneficiary deed allows you to retain ownership of your house while designating who should receive the property upon your death. It doesn’t affect your mortgage or title until something happens. It’s a smart tool for you to consider in your estate … Continued

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Planning for Incapacity

Properly planning for incapacity requires specific estate planning strategies Most estate plans focus on what happens after you die. But without arrangements for what will happen in the event you become mentally incapacitated, your plan is incomplete. If an accident, illness or other circumstances render you unable to make financial or health care decisions — and … Continued

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How to Handle Power of Attorney Issues

Power of attorney abuse: What you can do about it A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is that it’s susceptible to abuse by scam artists, dishonest caretakers or greedy relatives. … Continued

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Caring for your Parent? Consider these Estate Planning Options.

5 estate planning tips for the sandwich generation The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally … Continued

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Factoring your Home in your Estate Plan

A joint home purchase can ease estate tax liability If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax … Continued

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How to Reflect Your Charitable Deductions in Your Tax Returns

Follow IRS rules to ensure you receive your charitable tax deductions If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some … Continued

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Using Trusts with Your S Corporation

Only certain trusts can own S corporation stock S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders. In an estate … Continued

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Do You Need to File a Gift Tax Return?

If you made gifts last year, you may (or may not) need to file a gift tax return Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With … Continued

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