Estates & Trusts
The HSA: A healthy supplement to your wealth-building regimen
In addition to helping to reduce health care costs, a Health Savings Account can positively affect an estate plan because its funds grow on a tax-deferred basis, potentially building wealth for heirs.
Read MoreOpening up to SLAT opportunities
Estate tax planning can become complicated when multiple parties are involved. For example, you have a spouse from a second marriage and children from your first marriage. Spousal lifetime access trusts, or SLATs, are designed to benefit your children or other heirs, while paying income to your spouse during his or her lifetime.
Read MoreWhat estate planning strategies are available for non-U.S. citizens?
If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen. Residency is a complicated subject and estate tax planning can get complicated if you or your spouse is a nonresident alien.
Read MoreA beneficiary designation or joint title can override your will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. To ensure that your estate plan reflects your wishes, review beneficiary designations and property titles regularly, particularly after significant life events.
Read MoreDefined-value gifts: Plan carefully to avoid unpleasant tax surprises
It can be risky to make gifts of hard-to-value assets, such as interests in a closely held business or family limited partnership (FLP) because of the prospect of unexpected tax liability. A defined-value gift may be the answer.
Read MoreClarity Counts When it Comes to Estate Planning Documents
If you’re planning your estate, precise language is critical in your planning documents. A lack of clarity may be an invitation to litigation. Learn more about the implications of ambiguous language from the dispute that arose after musician Tom Petty’s death.
Read MoreOwning Real Estate in More Than One State May Multiply Probate Costs
Avoiding or minimizing probate is important if you own real estate in more than one state because each piece of real estate titled in your name must go through probate in the state where the property is located.
Read More