An often overlooked part of an estate plan relates to something most people care about deeply during life: Where will my pets go when I pass away?
Although many people consider their pets to be a part of the family, legally pets are considered personal property. They should be included in a client’s estate plan
A good friend of mine called me in a panic the other day. She and her husband were leaving town for vacation and were worried about not having their estate plan in order. She asked how to name guardians for their four minor children, should she and her husband die.
This is a question estate
Have you considered who will have control of your body after death? In some instances, the disposition of remains may work out as planned even if the default rules set by state statute apply. In other instances, while you may hope to be dust in the wind, you may instead be pushing up daisies.
Missouri
Many people do not realize the importance of correctly designating the beneficiaries of their retirement accounts (IRAs, 401(k) plans, etc.). Because retirement accounts are funded with pretax dollars, there can be significant tax consequences when required minimum distributions are taken, depending on the beneficiary named.
The minimum required distributions are calculated based on the life
If you are one of the countless parents sending a child to college this year, you have a lot on your mind. Packing clothes, buying dorm room accessories and learning how to do laundry are probably only a few of the items on your child’s college checklist. Odds are that signing estate planning documents is
As discussed in an earlier post, trusts and estates may be subject to a 3.8 percent tax on net investment income over certain threshold amounts. Net investment income may include trade or business income from passive activities — those in which the taxpayer does not “materially participate,” according to Section 469 of the code.
To help fund the Affordable Care Act, a 3.8 percent net investment income tax took effect in 2013. The tax, known as the NIIT, is imposed against individuals, trusts and estates on non-business income from interest, dividends, annuities, royalties, rents and capital gains above certain thresholds.
For the tax year 2016, the threshold for trusts
Asset protection can be a valuable tool when building an estate plan. For married couples, state law may offer an additional layer of asset protection by virtue of mere property ownership rules.
Tenancy by the entirety, or TBE, is a special type of property ownership designation that is similar to joint tenancy. There are distinct
Prince Rogers Nelson, an American music legend better known simply as Prince, died unexpectedly April 21 at his home near Minneapolis. The cause of Prince’s death is still unknown, but that mystery is not the one gaining most of the headlines these days. Instead, more attention is being focused on Prince’s estate.
Prince died apparently
Most people think once they have signed their trust, they are done with the estate planning process. However, an estate plan is not complete until the trust has been funded. Many of the goals behind creating a trust (probate avoidance, privacy, management of assets upon death or incapacity, asset protection) are only achieved to the