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Estate planning insights and legal resources.
Four Important Considerations If You Win the Lottery
On February 14, 2023, California state lottery officials named the winner of the largest lottery prize in United States history: Edwin Castro won an eye-popping $2.04 billion in a November 2022 lottery drawing, choosing a lump sum payment of $997.6 million instead of annual payments over three decades. A lottery player in Maine recently won
December 18, 2023
Five Things to Know Before Including a Limited Liability Company in Your Estate Plan
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What is a limited liability
December 18, 2023
Estate Planning Issues for the Modern Family
As the name suggests, ABC’s TV show Modern Family depicts the relationships and experiences between a fictional extended family. Throughout the course of the series, the show addresses many issues that families deal with each day. For a close-knit family such as this fictional one, estate planning is crucial to ensure that everyone is protected
December 18, 2023
Estate Planning for Expatriates
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least part-time. While moving overseas is often a lifestyle decision, the practical
December 18, 2023
Estate Plan Lessons from DeMuth v. Commissioner
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to
December 18, 2023
Difference Between Transfer on Death and Payable on Death Designation
Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set up. However, they do
December 18, 2023
Could a Testamentary Trust Be What Your Loved Ones Need?
One of the main reasons that a person creates a revocable living trust (a trust established during a person’s lifetime that they can amend or revoke) instead of relying on a will to transfer their money and property to their beneficiaries is to avoid probate. Probate is the court process during which a person’s will
December 18, 2023
How a Community Property Trust Could Save You Money in Taxes
When it comes to your family’s legacy, every dollar you can save from taxation counts. One way to keep your accounts and property out of the hands of the Internal Revenue Service (IRS) is to form a community property trust. How Does a Community Property Trust Work? Community property trusts can save you money on
December 18, 2023
Collecting Debts on Behalf of Your Deceased Loved One
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved one
December 18, 2023
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that
December 18, 2023
Blindsided: The Michael Oher Conservatorship Controversy Explained
Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He played eight seasons in
December 18, 2023
Bills and Services to Cancel—and Keep—When a Loved One Dies
A loved one’s passing is challenging on many different levels. In addition to the emotional difficulty of processing someone’s death, there are also the many tasks that must be dealt with, such as going through their various accounts and taking the necessary steps to cancel them or transfer ownership. Most people subscribe to multiple digital
December 18, 2023