We discuss often here at Epilawg about the importance of having an estate plan in place prior to your death. However, we all know that many die without a will, or intestate, thereby causing state statutes to decide who will receive property and assets of the intestate estate. In other words, the state will decide which family […]
We often talk about new parents needing an estate plan to ensure they have guardians appointed for their minor children (see the recent article Appointing a Guardian for Minor Children). However, older parents with adult children should also be encouraged to have an estate plan in place. We find that most individuals truly understand the […]
Having a baby or adopting a child is a major life event that should cause people to start thinking about estate planning. Most specifically, creating a will to nominate a guardian if something were to happen to both parents. For many, choosing a guardian for minor children is a very difficult decision; so difficult that it prevents many […]
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 […]
Wellington R. Burt made millions off Michigan’s lumber industry and Minnesota’s iron mines. At one point, Burt ranked among the eight wealthiest men in America. He died on March 2, 1919, leaving an estate estimated, at the time, at $40 million to $90 million. For some his death marked the beginning of a long wait. […]
There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
Many people are breathing a sigh of relief now that the deadline (April 18 this year) for individual income tax returns has passed. But, did you remember to file your Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return? Gift Tax Returns were due on the same day as your individual income tax return.
Earning and handling income Older children (especially teenagers) may earn income from part-time jobs after school or on weekends. Particularly if this money supplements any allowance you give them, wages enable children to get a greater taste of financial independence. Earned income from part-time jobs might be subject to withholdings for FICA and federal and/or […]
Take it to the bank Piggy banks are a great way to start teaching children to save money, but opening a savings account in a “real” bank introduces them to the concepts of earning interest and the power of compounding. While children might want to spend all their allowance now, encourage them (especially older children) […]
Even before your children can count, they already know something about money: it’s what you have to give the ice cream man to get a cone, or put in the slot to ride the rocket ship at the grocery store. So, as soon as your children begin to handle money, start teaching them how to […]
A large piece of estate planning involves deciding how to transfer assets to children and descendants. We ask (1) At what age will your children be responsible; (2) Do you want them to inherit large sums of money at age 21; and (3) Will they be mature enough at age 30? Often times, the answers […]