LEGAL UPDATES

The pros and cons of a SCIN

Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques also have a significant drawback: mortality risk. For…

A SLAT offers estate planning benefits and acts as a financial backup plan

The most effective estate planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your assets beyond your control? What happens if your financial fortunes take a turn for…

Fortify your estate plan against undue influence claims

Of course, you expect the declarations in your will to be carried out, as required by law. Usually, that’s exactly what happens with wills. However, it’s possible your will could be contested and your…

Use the proper tools to fix a broken trust

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to change it? Depending on applicable state law,…

Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes

A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child the beneficiary of such…

If charitable giving is part of your estate plan, consider a donor-advised fund

Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal rewards from your generosity and may be able to claim a deduction on your tax…

Recent U.S. Supreme Court Decision Concerning Arbitration

On May 21, 2018, the United States Supreme Court decided a significant case involving arbitration clauses in employment agreements. The court ruled that employees may be compelled to arbitrate wage-and-hour claims on an individual…

Your original will: Does your family know where to locate it?

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do….

Provide for your spouse, then your kids, with a QTIP trust

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern…

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