The federal tax code is very specific about how much you are allowed to gift others in any given year or over a lifetime. If you go over that amount, you, the giver, get an unwanted gift from the Internal Revenue Service (IRS) in the form of a gift tax. However, not every gift is […]
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Most people use wills and trusts to pass accounts and property to their loved ones upon their death. These basic legal instruments can be used separately or together. For example, a revocable living trust can be used in place of a will, but the two are not mutually exclusive. A special type of will known […]
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A trustee is a person who is given control over or the power to administer a trust. This person has a fiduciary duty to the beneficiaries, which means they must put the interests of the trust beneficiaries ahead of their own. Doing so allows them to keep the beneficiary’s trust and faith in their ability […]
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While it is common for parents to make plans to support their family if a working parent is injured, incapacitated, or dies, it is also important to make plans in case these same circumstances happen to the stay-at-home parent. Stay-at-home parents make valuable non-financial contributions that would be expensive to replace. Do you have plans […]
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Life insurance policies have been a plot point in countless thrillers and true crime shows. We’ve all seen the classic whodunnit with a $1 million life insurance payout as the motive and the beneficiary as the prime suspect. But, real life isn’t a true crime show. Slayer rules, also known as slayer statutes, keep anyone […]
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A QTIP trust (qualified terminable interest property) is an estate planning tool that can help married couples mitigate some of the uncertainty about how they will provide for each other while maximizing certain tax advantages. A QTIP trust is a special trust that can be used to transfer assets in a trust to a spouse […]
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Most people think of estate planning as preparing for the inevitable—when you are no longer around to take care of your loved ones and their financial needs. Having a well-thought-out estate plan is essential, but it should also consider how you will be taken care of if you can no longer manage your own financial […]
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If you’re one of the 295 million Americans who use social media, you’ve amassed a library of posts, images, comments, videos, and other content. Your family’s social media presence may be intricately intertwined, with a web of sharing and commenting on each other’s posts. In addition to paying attention to all other aspects of estate […]
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Having the title to your home means that your name is on the deed. “Tangled Title” refers back to the scenario while you stay in a home you own (or have a proper to own) however your call isn’t at the deed. Most often, titles get tangled the person whose call is at the deed […]
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In today’s world, especially after the pandemic, nearly all business functions offer an electronic alternative. In the past, all the meetings were in the offices, now, people feel more comfortable holding most of their meetings online. In most cases, they are faster to execute, less expensive, and easier to implement. So too, documents that are […]
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