In estate planning and wealth transfer, people sometimes seek strategies that preserve their assets as well as provide them with financial benefits for life. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals…
An individual can own firearms in a unique way through a gun trust, which enables them to share access to firearms with others while still complying with the law. This approach is beneficial for those who own restricted firearms or…
Those who have pets understand how much joy and comfort they provide. Since you love them, you give them the best life you can. But what if you were suddenly unable to care for them? Who would care for your…
There are astronomical costs associated with nursing home care if you become seriously ill or injured. You might also know that Medicare would cover only a minimal amount of those costs. Private insurance doesn’t seem like a good bet if…
A generation-skipping transfer tax (GST) applies to transfers that skip a generation of heirs. 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 children.…
It is crucial to plan your estate regardless of your gender identity or sexual orientation in order to protect your assets, your wishes, and the people you love. Estate planning allows you to designate your partner, whether you are married…
Experiencing the loss of a loved one can be emotionally draining. Receiving an inheritance and dealing with the death of a loved one brings mixed emotions. The loss of a loved one is sad but the influx of funds can…
During probate, a will is recognized, a personal representative (executor) is named and assets are distributed to beneficiaries based on the terms of the will. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state…
An estate plan that is comprehensive requires careful thought and discussion with your spouse. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be challenging if you…
Parents who are aging will often lose their ability to make informed and meaningful decisions regarding their lives due to cognitive decline. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury,…