Estate Planning
A trust is essentially a contract between two people, one who is the grantor of the trust and the other the trustee or beneficiary. These can be the same individual, the grantor of the trust can also be the trustee. That’s contrary to contract law where generally you cannot enter into a contract with yourself,…
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It is a common assumption between spouses that at the death of the first spouse to die, the surviving spouse will inherit all the deceased’s property. This is usually not the case. If the individual or the deceased spouse has any children, whether from the first marriage or by the marriage to the surviving spouse,…
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We can demonstrate the importance of estate planning by comparing two estates with different approaches to estate planning. On one side of the continuum, we have an individual who has assets but no estate planning. On the other end of the continuum, we’ll have someone who has assets of the exact same nature, but they…
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In a perfect world, you should review your estate planning documents every time there is a life event, such as a, Birth, Death, Marriage, Divorce, or Retirement. You also want to review them with the acquisition or sale of a significant asset, like that of a business. These are times to pull out your estate…
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Determining what the objectives are, implementing a plan that meets those objectives in a way that conforms to the laws of the tax code and treasury regulations is important when planning any estate. To accomplish this, our approach is to sit down to listen to the client. The first question we ask is, “Tell us…
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Estate planning encompasses a wide variety of subject matter, from how your assets may be titled and who is the beneficiary of your insurance to IRAs and 401(k)s, to the creation of business entities, the establishment of buy-sell agreements, the creation of trusts and gifting during your lifetime. The process allows you, rather than a…
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According to the National Alliance on Mental Illness, 19.1% (nearly 1 in 5) of U.S. adults experience mental illness annually. Historically, discussions surrounding mental illness were taboo and off-limits. However, thanks to the hard work of mental health professionals and a generally greater awareness of the causes of mental illness, some, but not all, of…
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