We hear about it in the news, someone famous has disinherited a family member, or even more exciting, the whole family! Sometimes we even hear from the disgruntled “non-beneficiary” with an explanation or a tell-all critique of the person who did the disinheriting. But we rarely hear about it with the perspective that Mary Beth Caschetta […]
When I heard about the scandal at Penn State, I never imagined that it would lead to an Epilawg article on estate planning. But somehow, the topic of federal tax planning worked its way into this news story. An article on InvestmentNews.com reported that in July of 2011, Joe Paterno transferred his interest in the […]
As reported on Forbes.com, September was World Alzheimer’s Month. It hasn’t been officially extended to October but the topic is so relevant that we should continue to consider the impact of the disease on our society. In particular, the impact of the disease on individual sufferers and their families. Here are a few relevant points […]
Regardless of the size or complexity of your estate, there are no guarantees that your beneficiaries will agree with the terms of your estate planning documents. For that reason, I suggest that everyone read this article by Ashlea Ebeling on reducing the likelihood of estate litigation. I particularly like #4 “Transfer a Business with a Contract”. If […]
List of Assets and Information with their Estate Planning documents. The list should include the following items: The institutions that hold your bank accounts and life insurance policies, The contact information for tax and financial advisors, The location of important documents (deeds, contracts, business or entity formation documents), List of debts and/or receivables, Any information […]
Similar to transferring a home, cabin, or other piece of real property into a revocable trust, individuals who have inherited or purchased farmland in Minnesota may want to transfer their farmland into a revocable trust. The reasons vary depending upon the situation, however, the major reason for transferring farmland into a trust is for estate […]
Revocable trusts have many benefits. They typically allow for a smooth transition of assets when an individual dies, they can avoid the probate process, and they may incorporate transfer tax planning techniques such as disclaimers, QTIP trusts, and GST provisions (to name a few). While these benefits are great, the unsung heroes of the revocable […]
One consistent goal of estate planning clients who have children is to ensure financial stability for their children in the event that both parents die. These same parents often recognize that their children may not be mature enough to manage assets in a responsible way. To address this issue, trusts are created to ensure that […]
No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after […]
A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
A Family Partnership is an entity designed to hold family assets such as marketable securities, real estate, and operating businesses. The Partnership Agreement can be drafted to allow for lifetime transfers of Partnership interests as well as transfers upon an individual’s death to his or her descendants Using a Family Partnership may