Transfers that skip a generation of heirs are subject to the generation-skipping transfer tax (GST). Its primary design is to prevent wealthier individuals from avoiding estate and gift taxes by transferring large amounts of assets to their grandchildren, bypassing their…
The thought of death, especially your own, is uncomfortable. Add to that the issue of what will happen to our assets after our deaths and it’s little wonder why so few people have created wills and other estate planning documents.…
An estate planning attorney that understands your business interests, your family relationships, and your business interests is essential to creating a successful strategic estate plan. Do not overlook the importance of synergy among your family members in creating an effective…
Planning for your child with special needs as they enter adulthood has practical and legal aspects. Begin well before their birthday to ease the transition and ensure they continue receiving their government benefits as an adult. If they require life…
Frequently called a living will, an advance health care directive specifies what action you want medical professionals to take in the event that you are incapacitated. A living will is crucial for all adults because accidents or a sudden onset…
Americans over the age of 65 establish wills and estate plans at a faster rate than their younger counterparts. Still, a significant number — 19 percent of those over age 72 and 42 percent of those between 53 and 71,…
Probate sounds expensive and complicated, but it is simply a standard legal procedure formalizing how assets pass from a deceased person’s estate to their chosen beneficiaries or heirs. Whether or not you require probate depends on the type of property…
Trusts set up for loved ones with disabilities are typically supervised by the grantor (the individual who creates and funds the trust). However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit…
During probate, a will is formally recognized, a personal representative (executor) is formally named or validated, and assets are distributed to the intended beneficiaries following the death of the testator. It also requires paying the decedent’s outstanding debts and federal…
There is no one who wants to think they may be incapacitated by illness or trauma. It happens to people every day, unfortunately. With this knowledge, many people like to prepare in advance for the kind of treatment they want…