Irrevocable trusts can provide a variety of benefits, including gift and estate tax savings, creditor protection, and the ability to control how assets are distributed. To preserve these benefits, however, it’s critical to respect all trust formalities. Case in point Here’s an example of just how critical this can be: In U.S. v. Tingey, a...
4 Tools for Addressing Incapacity in your Estate Plan Estate planning is often associated with death. But it’s just as important for your plan to address incapacity associated with illness, injury, advanced age, or other circumstances. Unless you specify how financial and health care decisions will be made in the event you become incapacitated, there’s...
3 Reasons an Estate Valuation can be Beneficial With the gift and estate tax exemption currently at $5.43 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, here are three reasons to determine the value of your assets: 1. You may...
Close to retirement? Then you need an exit strategy If you own a business, your most valuable asset is likely your closely held interest in that company. And if you’re nearing retirement, you need an exit strategy. The good news is that there are many options for you to consider. Here are just a few....
