Affluent families have long worried about preserving wealth and ensuring its smooth transfer through generations. In estate planning, the generation-skipping transfer tax (GST) plays a significant role. The US government established the GST to prevent individuals from avoiding estate taxes…
A person's estate planning strategy should aim to minimize their beneficiaries' taxes while protecting their assets. The qualified personal residence trust (QPRT) is a valuable tool in this area. This specialized trust enables individuals to transfer their primary residence or…
Succession and estate planning can be challenging for farm and ranch property and related livestock, equipment, and other personal property. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
The thought of dying or becoming seriously ill or injured is not on the minds of many young parents. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay…
SECURE (Setting Every Community Up for Retirement Enhancement Act) introduced the first major changes to retirement legislation since 2006's Pension Protection Act. The impact of the SECURE Act on some retirees, near-retirees, and their future beneficiaries may significantly affect you,…
In the event of your death, a will addresses who will inherit your assets and properties according to your wishes. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your executor…
As your mental capacity decreases and your health declines, it can become more difficult for you to make sound financial and healthcare decisions. Putting these five must-have legal documents in place before life becomes too difficult to handle is crucial…
Even though probate carries a stigma of having a bad reputation, thoughtful estate planning can minimize or avoid it. In reality, most heirs will have to navigate the probate process to some degree after losing a loved one. Understanding what…
Throughout probate, a will is formalized, a personal representative is appointed to administer the estate, and assets are distributed to intended beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws…
Advanced Directives are legal documents that guide medical and health care decisions for patients who are incapacitated and cannot decide for themselves. Advance directives, sometimes called "living wills," protect individuals in the event that they are unable to make decisions…