Blog Category - Estate Planning Page 15

Name: Strauss Attorneys PLLC
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Nov

Art and Collectibles in your Estate

I have collected art throughout my life; some of it is quite valuable. Is it included in my estate for tax purposes? Just like any other asset, art work or other collectibles are included in valuing your estate for estate tax purposes. The value that is included is the fair marke...

Nov

How does an irrevocable insurance trust work?

An insurance trust, like any trust has three parties. The grantor or trustmaker is the person creating the trust. The trustee is the person selected to manage the trust. The trust beneficiaries are the person(s) you name who will receive the trust assets after you die. The truste...

Nov

Three Myths about Estate Planning

1. I’m too young to worry about estate planning. Reality: If you’re young, you need to map out an estate plan to protect your loved ones, minor children in particular. 2. My estate isn’t large enough to need estate planning. Reality: If your estate is fairly small it will likely ...

Nov

Should we discuss our estate plan with our children?

This is a delicate decision that depends on your family, the relationship between you and your children, the relationships your children have with each other and whether or not you are treating your children equally. If the goal is to avoid hard feelings, and if one child is give...

Nov

We both have children from prior marriages, how can our estate plans protect them?

It is extremely disturbing to hear about situations where one spouse received property from the other then left it to his or her own family excluding the spouse’s children. Sometimes this happens inadvertently through lack of planning or bad planning rather than a deliberate inte...

Nov

The Most Important Love Letters You’ll Ever Write?

Many people have the misperception that estate planning is simply preparing for what happens at death and is only necessary for the wealthy or affluent. To the contrary, estate planning is as much about passing values to loved ones as it is about passing material possessions. Thu...

Nov

What can I do to provide for my pets?

Many of our clients have expressed concern about providing for their pets if they are unable to care for them. People execute wills so that family members or other loved ones are provided for this includes their pets. If you are fortunate enough to have a friend or relative who w...

Nov

Planning Opportunities Available to Affluent Families

With the $5. 12 million per person federal tax exemption ($10. 24 million for married couples), most of the estate planning “talk” these days has been on the planning opportunities available to wealthy families. However, the need for estate planning affects everyone! According to a...

Nov

70 percent of intergenerational wealth transfers fail

Recently, a Forbes article claimed that “70% of intergenerational wealth transfers fail. ” This conclusion was reached in a new Williams Group study examining the long-term effects of wealth transfers in 3,250 families. According to the study, “Failure” means situations where the ...

Nov

Pre-Need Funeral Contracts — What You Need to Know

Most, if not all, funeral homes offer pre-need funeral arrangements. Pre-need simply means you pay for your funeral arrangements in advance. The allure of the pre-need arrangement is the sense of security it provides to those who wish to leave as little of a burden as possible on...

Nov

Financial Power of Attorney

As you begin the process of estate planning, one of the considerations you should make it who you would like to handle your affairs and make decisions on your behalf if you become unable to do so for yourself. Some of the tools available to do this include living wills and variou...

Nov

Grantor Trusts

Why should I want a “Grantor Trust” ? A Grantor Trust is a Trust that is ignored for tax purposes. Back when Federal Income Tax Rates were much higher, wealthy individuals would establish many trusts for their descendants to push income in to the lower brackets. The t...

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