Second marriages can present unique challenges when it comes to estate planning, particularly if you or your new spouse have children from previous marriages. Let’s take a look at some of the factors, tools, and strategies to consider when planning for a second marriage. Prenuptial Agreements You’ve been married before, so you’re a little bit… Read More »
Posts Categorized: Estate Planning
Ruling from the Grave
I just read a recent Wall Street Journal article titled, “Trying to Control Your Heir’s Behavior from the Grave Often Backfires.” It was a short read, but it raised a number of issues for me. Here are some of my thoughts: Powder keg of emotions I think the article misses a major point. Most of… Read More »
Did Jeffrey Epstein Use Estate Planning to Cheat His Alleged Victims?
Two days before millionaire and convicted sex offender Jeffrey Epstein, 66, hung himself in a federal jail cell, he wrote a will. The 21-page document was filed one day later in St. Thomas in the U.S. Virgin Islands, and it placed his entire fortune (estimated at $577.7 million) into a trust, according to the New… Read More »
Tax-Deferred Growth, Creditor and Divorce Protection – What’s not to like?
One of the most valuable assets people often want to pass down to loved ones is a tax deferred retirement account. The most common way to pass assets down is via the beneficiary designations on IRAs, 401Ks, life insurance, and annuities. On the face of it, the intent is good; but the strategy is flawed…. Read More »
Holiday Gatherings Are a Great Time to Discuss Estate Plans
The Winter Holidays offer great opportunities to get loved ones together for laughter, fellowship and conversation. These family gatherings might give you the best opportunity to have a conversation with everyone in one spot, about your estate plan. With relatives often living in different cities or states, it can be difficult to get everyone under… Read More »
How the New TCJA Tax Law Affects Life Settlements
Everyone involved in estate planning needs to think about the implications for life settlement options. Two pieces of the new tax law, the Tax Cuts and Job Act of 2017 (TCJA), have a significant impact on life settlements: the increased estate tax exemption and the clarification of the income tax treatment for life settlements. TCJA… Read More »
Deaths of Bourdain, Spade Offer Cautionary Tales
When fashion designer Kate Spade and chef/author/storyteller Anthony Bourdain each committed suicide in early June, they left behind grieving family and fans from around the world. They also left behind complicated estates. Both Spade and Bourdain were separated from their spouses, and at least in Bourdain’s case it was a permanent separation, according to a… Read More »
Partridge Family Star Disinherits Daughter
Pop music icon and ’70s television star David Cassidy passed away in November of organ failure at the age of 67. In his will , the late Partridge Family star left $150,000 in assets to his son, Beau, and his music memorabilia was left to his three half siblings, according to The Blast. What’s shocking… Read More »
Multi-Billion Tortilla Fortune Secure, but Was 2nd ‘Wife’ Treated Fairly?
Many of our clients marry, divorce, remarry, etc. You depend on us as advisors to help protect your assets for the benefit of loved ones. Sometimes, it’s helpful to tell you a story about what could go wrong if you don’t update your plans when you make major life or relationship changes. There’s the old… Read More »
Do Trustees Have a Duty to Decant?
The irrevocable trust is a powerful protection tool. If written properly by an experienced estate planning attorney, it can secure your wealth and property for intended loved ones for generations to come. But you can’t anticipate everything – including whether an heir will divorce and possibly expose a large portion of trust assets to an… Read More »