LEGAL UPDATES

Should you set up trusts in a more “trust-friendly” state?

While it’s natural to set up trusts in the state where you live, you may be losing out on significant benefits available in more “trust-friendly” states. For example, some states: Don’t tax trust income,…

Explore all of your options when appointing the executor of your estate

The executor’s role is critical to the administration of an estate and the achievement of estate planning objectives. So your first instinct may be to name a trusted family member as executor (also referred…

Going back to basics with asset protection strategies

Asset protection trusts — both offshore and domestic — can be effective vehicles for protecting your wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for…

Get smart when tackling estate planning for intellectual property

If you own intellectual property (IP), such as a patent or copyright, you need to know how to account for it in your estate plan. These intangible assets can be highly valuable, and you’ll…

2016 charitable donations offer both estate planning and income tax benefits

During the holiday season your thoughts likely turn to helping those in need by making charitable donations. Doing so will benefit your favorite organizations and help you achieve your estate planning goal of reducing…

Family matters: Stepchildren and your estate plan

If you have unadopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Stepchildren generally don’t have any inheritance rights with respect to their parents’ new spouses…

Relocating into or out of a community property state requires extra estate planning

When a married couple lives in a community property state, the money earned and property acquired by either spouse during their marriage generally belongs to the “community.” This means that each spouse has an…

Family mission statements promote a harmonious estate plan

Typically, much of the estate planning process focuses on money. But the most successful estate plans are founded on relationships. Building and preserving family wealth isn’t an end in itself. Rather, it’s a tool…

Have you addressed elderly parents in your estate plan?

Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to…

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