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Estate Planning

Monday, November 28, 2022

5 Reasons Why You Should Review and Update Your Estate Plan


When it comes to estate planning, consistency is the key to success. That means you should review and update your estate plan in accordance with certain changes in your life. But how will you know when those changes occur? To help you figure out what frequency works best for you, here are some reasons why you should review and update your estate plan.
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Monday, September 26, 2022

Taxable Estate: What Is (and Isn’t) Included?


While considering the financial impact of your death may seem morbid, having an estate plan in place can protect your heirs from headaches down the road and ensure that your assets are distributed according to your wishes. It is crucial to understand the various types of assets included in your estate plan and how they will be taxed.

Who must pay estate tax in 2022?

The current federal exemption for estate taxes in 2022 is $12.06M. Estate tax returns for estates valued at less than the exemption are not required to be filed with the IRS.
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Monday, July 25, 2022

Why Does My Trust Need to Be Funded?


A trust is a legal structure that many people use for asset protection and estate planning. A trust splits legal and equitable ownership of the trust assets, which protects the assets from creditors during your lifetime. It also ensures that the assets get distributed according to your wishes after you die.

Learn how trusts get formed and why your trust needs to be funded.

Structure and Function of Trusts

Trusts have complex rights and duties, which can make them confusing for many people.
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Wednesday, April 27, 2022

The Relationship Between Estate Planning and Financial Planning


Many are not clear about the differences between financial planning and estate planning. Both are important but serve separate and distinct purposes. To manage your money now and to protect your wealth in the future, understanding how financial planning and estate planning work together is vital.
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Sunday, April 24, 2022

8 Signs Your Estate Plan Needs an Update


If you have taken time in the past to create an estate plan, or you’re considering doing so now, that’s good news.

Having an estate plan ensures that the wealth you’ve worked hard to create is protected. It makes sense that your assets should be distributed as you wish.


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Sunday, March 6, 2022

A Peek into Stephen Sondheim’s Estate Plan


Are trusts just for celebrity estate planning?

New York and New Jersey estate planning attorneys assist clients from all walks of life-- from those with modest means to wealthy celebrities. Some people think that estate planning is only necessary if you are wealthy, but everyone over the age of 18 can benefit from estate planning. And as you go through different phases of life, your estate plan can be reviewed and revised as needed.
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Thursday, February 3, 2022

What Happens If Your Primary Beneficiary Dies?


It is great to have an estate plan in place. An estate plan is an important step towards protecting your wishes for yourself, your loved ones, and your assets you have spent a lifetime acquiring. An estate plan puts protections in place in the face of an otherwise uncertain future. While we can never plan for every future contingency or possibility, an estate plan can help cover a number of basis. That is why the most solid estate plans considers future possibilities and provides protections as best as possible.


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Thursday, February 3, 2022

What is a Pour Over Will?


While you may have heard of a will, you may not have heard of a pour over will. A pour over will, however, can be a valuable estate planning tool when properly employed. In particular, a pour over will can be a great safety net if you have put a trust in place to hold your assets in order to avoid the costly and time consuming proceedings involved in probate. Read on to find out what exactly a pour over will does and why it can be such a useful part of your estate plan.

What is a Pour Over Will?

In a pour over will, which is a legal document, the remaining assets in a person’s estate automatically transfer to a previously established trust when they die.


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Sunday, January 30, 2022

Why It’s Never Too Early to Start Your Estate Plan


When you think of estate planning, you generally picture someone in their mid-60s or older. If you’re below retirement age, you might think you have years to go before you need to consult an estate-planning attorney. But what if you found out there are a wide range of benefits to planning an estate far sooner?

An inability to address the future is sometimes accidental. You may be more focused on current needs and decisions while you're raising a family or starting a business. Or you may believe you haven't amassed a substantial enough inheritance, or you simply don't enjoy thinking about a day when you won't be in the picture.
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Saturday, November 27, 2021

Why Avoid Probate?


Probate is the court monitored process of administering an estate after a person has passed away. You may have heard that it can be a good idea to try to avoid probate, which can be accomplished during the estate planning process. At this point, however, you may be wondering why it can be so beneficial to avoid the probate process. There are several prominent reasons for doing this and we will discuss them in more detail here.

Why Avoid Probate?

The prospect of facing an intensive and extensive legal process in the wake of losing a loved one can seem less than appealing.


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Saturday, November 27, 2021

The Benefits of Funding a Trust with Out of State Property


In addition to estate planning basics such as a will and advance health care directives, you may want to look into adding a trust or two as well. Trusts can vary in scope and purpose, but can come with a number of benefits when properly executed. In order to establish a trust, a trustee must be appointed who is tasked with managing the trust for the benefit of trust beneficiaries. Also, the trust must be funded. This means that property must be transferred into the ownership of the trust itself.


Read more . . .


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