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 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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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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Funding a Revocable Trust

Have you properly funded your revocable trust? If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available … Continued

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Planning for Tax Policy Change

Tax law uncertainty requires an estate plan that can roll with the changes Events of the last decade have taught us that taxes are anything but certain. Case in point: Congress is mulling abolishing gift and estate taxes as part of tax reform. So how can people who hope to still have long lifespans ahead of … Continued

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Legacy Planning – Dynasty Trusts

A dynasty trust keeps on giving long into the future With a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust you can extend the estate tax benefits for several generations, and perhaps indefinitely? A dynasty trust can … Continued

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The Digital You

We spend a lot of time in our lives accumulating things. A house, car, antiques, collectibles, books, music, and photos and other family heirlooms. From a transfer perspective, these items are easy to address. Either they go to a person or charity or they are sold and the proceeds are then distributed. What about the … Continued

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Intro to Estate Planning Documents

How to Start a Will  Well-crafted, up-to-date estate planning documents ensure your wishes will be carried out. They also can help ease the burdens on your family during a difficult time. The will Do you have questions about wills? Maybe you are unsure what a will does? A will is a document executed in front … Continued

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