01 Jun Pet Talk – Interview with Estate Planning Attorney Dan McKenzie on Pet Trusts
If you are interested in learning more about a Pet Trusts for your beloved pets, contact us today!...
14 Feb 3 Reasons You Want to Avoid Probate
When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form...
14 Feb 5 Tragic Mistakes People Make When Leaving Assets to Their Pets
A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to...
11 Feb The Pros and Cons of Probate
In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property...
11 Dec How Often Do You Update Your Estate Plan? More Often Than Your Resume?
A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect who you are? Would it do what you...
11 Dec Wondering Whether You Need to Update Your Estate Plan?
Can we be frank? It’s unrealistic to think that a piece of paper reflecting your life at a certain time will work when your life has completely changed some years later. Is it time to update your estate plan? Think through all the changes that have occurred in your life since...
10 Dec Dispelling a Malicious Myth: Irrevocable Trusts Aren’t Irrevocable
It’s counterintuitive, we know: irrevocable trusts are revocable (and amendable). Unfortunately, irrevocability is a malicious myth. The uninformed could spend years relying on an old, out-of-date trust that could be updated and improved without too much effort. Yes, the so-called “irrevocable trusts” absolutely can be, and, often, should be, modified. In...
10 Dec Updating Your Revocable Trust: How Many “Tweaks” Are Too Many?
If your life or the law has changed since you signed your trust, it needs to be updated. Updates can be made by way of an amendment or a complete restatement. An amendment updates a specific part of the trust; whereas, a restatement, updates the entire trust. You might think...
10 Dec Is There an Income Tax Time Bomb Lurking in Your Estate Plan?
As the federal estate tax exemption has ballooned from $1.5 million ten years ago to $5.43 million today, the need for estate tax planning has drastically decreased. Instead, higher income tax rates that were ushered in under the American Taxpayer Relief Act of 2012 (ATRA) have shifted the focus of...
10 Dec The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy
Estate planning for couples in a second or later marriage can be tricky, particularly when one spouse is significantly wealthier than the other. One solution for allowing the well-to-do spouse to maintain control of his or her assets but keep the other spouse happy is the Lifetime QTIP Trust. In...