IRA Assets: When Should They Be Given in Trust?
You accumulated substantial retirement assets in an IRA. Most likely, it will be beneficial to leave your retirement account to your spouse, if you are married, by beneficiary designation. Your spouse can elect to hold the asset as an inherited IRA or treat it as their own. Generally, surviving spouses receive protection from creditors when …
Estate Tax and Marriage: The QTIP* Election
Generally, an estate will be subject to federal estate tax if its value exceeds the exemption amount (set by Congress) in the year of death. However, if a married person leaves her estate to her spouse at death pursuant to a well-crafted document, then the spousal gift can avoid federal estate tax at the time …
Finding Love Later in Life: Succession Planning
Estate planning attorneys get to meet couples who fall in love later in life, and it is truly inspiring. We can help craft a plan that respects their wishes, whatever those wishes are. Here are a few examples: Did you fall in love later in life? There is no reason to curtail celebration for fear …
Why You Need a Will: Intestacy Nightmares
We often hear people say, “My kids and spouse are my legal heirs. I don’t need a will, because they will get my assets anyway.” Everyone needs a will. If you do not have a valid will, then probate takes longer and costs more in legal fees, even in a perfect circumstance. The court must …
Business Owners: What is Your Succession Plan?
One of the best things about estate planning law, for the attorney, is meeting entrepreneurs and professionals. The same successful business owner who creates a lucrative enterprise is often the same person who has no backup plan in place for incapacity. This is best illustrated by examples. Example 1: A 50-year-old man owned a successful …