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Monday, 15 April

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Not disclosing all of your assets helps no one

Robert Tighe

Posted By: Robert Tighe

Posted February 27, 2021 / No comments

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during

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Now or later: When’s the right time to transfer your wealth?

Keith Orr

Posted By: Keith Orr

Posted February 11, 2021 / No comments

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage

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What does a trustee do?

Timothy King

Posted By: Timothy King

Posted January 21, 2021 / No comments

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it’s critical to understand the role of a trustee. The trustee’s duties  The trustee is the person who has legal responsibility for administering the trust on behalf of the interested

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Year-end tax planning strategies must take business turbulence into account

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 28, 2020 / No comments

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches

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Unusual year steers year-end tax strategies

Timothy King

Posted By: Timothy King

Posted October 22, 2020 / No comments

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty

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Is a noncharitable purpose trust right for you?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 9, 2020 / No comments

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable trust is the more common of the two, but an NCP trust could also be a formidable tool to help achieve your estate planning goals. Defining an NCP trust Historically, trusts were required

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Why it’s important to plan for income taxes as part of your estate plan

Timothy King

Posted By: Timothy King

Posted October 6, 2020 / No comments

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted

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Oh, no, your original will is missing!

Keith Orr

Posted By: Keith Orr

Posted August 28, 2020 / No comments

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. The original vs. a photocopy Many people mistakenly believe that a photocopy of a signed will is sufficient. In fact, most

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Because of COVID-19, college-aged children need a basic estate plan

Cynthia Petschke

Posted By: Cynthia Petschke

Posted August 9, 2020 / No comments

It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop — consider having your child “pack”

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Concealing a trust could run afoul of state law

Keith Orr

Posted By: Keith Orr

Posted June 11, 2020 / No comments

You may have good intentions in keeping a trust a secret from its beneficiaries. Perhaps you have concerns that, if your children or other beneficiaries know about the trust, they might set aside educational or career pursuits. Be aware, however, that the law in many states forbids this practice by requiring a trust’s trustee to

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