An estate plan's goal is to find strategies that combine asset preservation, tax advantages, and flexibility. One such strategy is to create an intentionally defective grantor trust (IDGT). Despite its seemingly contradictory name, an IDGT can be a valuable tool…
Guardianship and conservatorship disputes, will and trust contests, and fights over family real estate can be included in probate litigation. The most successful approach to mitigating or avoiding probate litigation risk is carefully planning for the future. Comprehensive estate plans…
Legally, firearm trusts allow individuals to own firearms in a unique way that allows them to share access to firearms with others. This approach is beneficial for those who own restricted firearms or firearms regulated by the National Firearms Act…
Knowing your family's general inheritance situation and preparing your adult children for their financial future can make a significant difference in their decision-making process, increasing their chances of success. These are practical matters of allocating resources for things like housing,…
An estate tax is imposed in the US on the transfer of assets from a deceased person's estate to heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value…
Almost everyone has heard about the probate process, which is carried out in probate court after someone passes away. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take months, or even years,…
Beneficiaries are common designations in retirement accounts, wills, and trusts, so chances are you have one. A beneficiary is an individual (or legal entity) to receive the proceeds from a financial product or vehicle when the owner passes away. What…
Even in cases of inheritance, American families often treat stepchildren the same as biological children. This is particularly true where stepchildren are part of a blended family from an early age. Biological siblings may have different feelings about a stepchild…
When you lose a spouse or long-time partner, you have a hard time focusing on anything else but the loss you are grieving. However, it is crucial to understand there are important and timely decisions you need to make regarding…
New partnerships are being formed by older Americans experiencing widowhood or divorce at record rates. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating…