Tag - estate planning

25Jan

Prenuptial Agreements

Couples are often wary to bring up the dreaded P word when discussing their nuptials. After all, who wants to ostensibly discuss a divorce when there is an impending marriage to consider. Oftentimes the desire to avoid the topic is rooted in a fundamental misunderstanding of the use and benefit of a prenuptial agreement. These agreements are not only helpful in a divorce setting, but from a planning perspective, they can be essential to carry out an effective estate plan....

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05Oct

How to Avoid the Death Tax

As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Taxes come in a wide variety of flavors (e.g., income taxes, property taxes, sales taxes, and gift taxes). But, perhaps one of the most misunderstood taxes is colloquially called the “death tax” – more appropriately called the “Estate Tax.” Critics call out the inherent unfairness of a tax that appears to tax assets that have already been taxed at least once...

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21Jun

Selling the Family Business to Children

Parents that have built a successful business and have raised capable children might find the proposition of selling the family business to the children compelling. As with so many decisions in life, this proposition comes with pros and cons, but properly structuring the transaction is always vital. At the outset, the parents must take a hard look at the business and the real prospect of a qualified heir apparent to take over the business. The reality is that only 30% of...

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23May

How Do Blended Families Structure Their Wills?

When people come together and vow to spend the rest of their lives together in wedded bliss, they sometimes bring to the relationship a child or children from a previous relationship. Maybe after the union, the couple shares a child of their own in addition to the children from previous relationships. This is the typical “his, hers, theirs” family scenario. This article looks at some planning issues to consider when structuring a Will for a blended family. The threshold question is...

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20Sep

New Transfer on Death Deed Avoids Probate and Seamlessly Transfers Land

One of the challenges facing an individual that owns property outside of his or her state of residence is the fact that a person’s estate generally must go through probate in the state of residence and any state where the deceased person owned real property. A relatively new law is making it simpler and less costly to avoid a secondary (aka “ancillary”) probate through the use of a Transfer on Death Deed. Each state is governed by its own laws. This can make planning for assets outside...

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20Sep

The Private Family Foundation

Financially successful individuals often contemplate the highest and best use of their assets. In some cases, those same individuals have decided that the natural objects of their bounty (i.e. the children) already have enough resources or that mom and pop have otherwise adequately provided for their children. Alternatively, some of the successful individuals have no apparent heirs to inherit the assets. If these same successful individuals are charitably-minded, the private foundation is an excellent option to fulfill the individual’s objective....

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27Jun

The Challenges of Timeshare Ownership

We have all been there. We take a glamorous vacation to Florida or Hawaii or Arizona or Mexico, and we are presented with the deal of a lifetime: a timeshare. Proponents of the timeshare declare it is an affordable way to own a slice of a dream property. Furthermore, often the owners can exchange their ownership to allow them to visit other luxury properties at other locations, domestic and abroad. It sounds like an easy decision to invest in the...

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