A revocable living trust is a powerful estate planning tool, but contrary to common belief, it doesn’t directly reduce federal estate taxes. Instead, it can be part of a broader tax-efficient strategy while offering other critical benefits.
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Pension and retirement accounts often form a large portion of an individual’s wealth and should be accounted for in an estate plan. The benefit and beneficiary rules applicable to different types of retirement accounts vary and should be discussed with an estate planning attorney, especially with the recent passage of the SECURE Act.
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Every day we make hundreds of decisions from what to eat for breakfast to where we go on vacation. With each passing day, there are more choices to be made. But what will happen if you can’t make decisions for yourself? Before that time comes, there is one important decision you need to make. Who do you want to serve as your guardian or conservator?
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For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning ensures a seamless transition of ownership upon the potential occurrence of many different events, such as the business owner’s retirement, disability, or death.
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Sometimes pet owners can get a bit creative when providing for their pets. In this week's article, take a look at 3 famous cases involving pet trusts and the important lessons we can learn from them.
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Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen to it upon your death.
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