In today’s digital age, estate planning isn’t just about physical assets and investments—it also encompasses your digital footprint. Whether it’s financial accounts, social media profiles, or sentimental digital content, these assets need careful consideration to ensure they are properly managed and protected after you’re gone. Understanding Digital Assets Digital assets encompass a wide range of…Read More
Estate planning is critical and essential for all couples including LGBTQ+ couples. While there isn’t a vast difference in the process of drafting estate planning documents between heterosexual couples and LGBTQ+ couples, same-sex couples face unique challenges when dealing with estate plans and end-of-life care and may need to review their current documents. Here are…Read More
In the context of estates, when a person dies, a probate or estate proceeding is often commenced in the county in the state where the decedent resided at the time of his or her death. This proceeding is often referred to as the “domiciliary probate.” However, when a non-resident decendent dies leaving real property or…Read More
Just as our parents have cared for us while we grow older, we care for them as they grow older. For adults under the age of 65 with a physical or mental disability, or with a chronic or acquired illness, a Special Needs Trust may be an effective estate planning tool. Read on to learn…Read More
Revocable living trusts help shelter estate assets from probate. They help to shield private finances from public scrutiny and provide additional control over the disposition of assets after their owner’s death. Trusts can also save money and minimize the time it takes to settle an estate. If you have a revocable trust as a part of your estate plan…Read More
Special needs trusts (also known as supplemental needs trusts) are an important part of the financial planning process for a special needs child. These trusts are designed to provide benefits to those with physical, psychiatric, or intellectual disabilities, and still allow them to receive government benefits including Social Security (SSI) and Medicaid. There are two types…Read More
Trusts are created to give legal protection for a person’s assets, to make sure those assets are distributed according to that person’s wishes and to save time, and in some cases avoid or reduce inheritance or estate taxes. Trusts Defined A trust is a separate legal entity a person sets up to manage his assets. Trusts…Read More
This is a great question and one that we hear often. Estate tax and inheritance tax are two different things. The estate tax is a tax on a person’s assets after death..In 2021, the federal government assesses a tax on all estates with a value greater than $11.7 million. Estate tax ranges from 18% to 40% once…Read More
