Monthly Archives: December 2020

Estate planning is rarely as easy as people think it will be. Even after appointing the trustee of an estate or a personal representative, there are often other nuanced decisions that must be made about how your estate plan should be handled. Failure to properly address these challenges now could lead your loved ones to face countless obstacles after you pass away or become incapacitated. Fortunately, by completing some additional assignments now, you can avoid many of these obstacles. The following reviews just some of the strategies that you can follow to achieve your estate planning goals. Sign Any Documents You Can Now You should make sure you have signed all of the documents signed by your bank and financial lender that you can now while you are fully competent. Even when power of attorney documents are involved, a person is still required to sign these documents. Signing these documents now increases the odds that the distribution of your assets will proceed as smoothly as possible after you pass away and that your loved ones will receive assets as quickly as possible. Beneficiaries, however, should still be prepared to wait at least six months and often as long as a     Read More

As the presidential election approached, there was substantial discussion about what estate planning actions should be taken before the end of the year. Behind this decision is the notion that, provided the Democrats win the Presidency and take a majority of the Senate, there very well could be a substantial reduction in both the amount of estate and gift exemptions. The following reviews some critical estate planning issues that you should consider as 2020 comes to a close. Exemptions Will Eventually Change Despite current exemptions, there are still many individuals who have taxable estates. Even if the exemption does not immediately revert, it is still set to switch back to its pre-2018 levels in 2026. Individuals with exempt estates can benefit from making tax-exempt gifts now. For people who would not owe exemptions at death now but who would at the time of their death, it is important to consider that there are multiple ways to structure estate planning transfers, including trusts.  Beneficiaries Can Claim Trusts To transfer assets, you might decide to utilize trusts, but remember that trust beneficiaries can disclaim gifts to trusts. In such cases, trusts can utilize terms for alternative dispositions. Some unanswered questions persist, however,     Read More