ESTATE PLANNING

Look it up: A glossary of key estate planning terms

Estate planning has a language all its own. While you may be familiar with common terms such as a will, a trust or an executor, you may not be as certain about others. For…

When one trustee isn’t enough, consider appointing a trust protector

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you set up an irrevocable trust, you must relinquish control of the assets placed in…

Don’t skip out on planning for the GST tax

Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to you want to leave assets to nonrelatives who are decades…

What are your options to fund long-term care expenses?

Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or an assisted living facility…

Four ways to make an incentive trust more effective

Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and…

April 15 is the deadline to file a gift tax return

Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts…

Lines may blur when it comes to estate and family business succession planning

Owners of closely held businesses typically have a significant portion of their wealth tied up in their enterprises. If you own a closely held business with your relatives involved, and don’t take the proper…

Addressing your elderly parents in your estate plan in 5 steps

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But some members of the family can be overlooked, such as your parents or in-laws. Yet the older generation…

Is it time to review your beneficiary designations?

A will or revocable trust may form the core of your estate plan, but for many people, a substantial amount of wealth bypasses these traditional estate planning tools and is transferred to their loved…

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