The spread of the coronavirus has wreaked havoc on financial markets around the world. While nobody would seek out such a decline, it could provide opportunities for some people. This is the second of a two-part series on strategies to consider under these circumstances. This first article looked at gifting and electing alternate valuation. This second article looks at the Grantor Retained Annuity Trust, or “GRAT,†and how that strategy might be used in these troubling times. Let’s look at a … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Economic Fallout from Coronavirus May Provide Opportunities
The spread of the coronavirus has wreaked havoc on financial markets around the world. While nobody would seek out such a decline, it could provide opportunities for some people. This is the first of a two-part series of articles on strategies to consider under these circumstances. This first article looks at gifting and electing alternate valuation. The second article will look at the Grantor Retained Annuity Trust, or “GRAT,†and how that strategy might be used in these circumstances. The … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
Whom Do You Want to Get Your Assets?
It’s important to consider whom you’d want to get your assets when you die. Most of us have an idea of whom we’d choose. But, it’s also important to consider who should get those assets if your preferred recipient isn’t around. Life is full of odd twists and turns. Unfortunately, sometimes people don’t die in the order you’d expect. (The deaths of Kobe Bryant and his daughter Gianna in a helicopter accident demonstrated this.) Let’s look at an example of the importance of naming contingent … [Read more...] about Whom Do You Want to Get Your Assets?
Planning for the Sandwich Generation
People are living longer and are having children later in life. Due to this combination of demographic factors, many more people are in the “Sandwich Generation.†Someone in the Sandwich Generation has elderly parents while they still have minor children. All too often, they are torn between their caregiving responsibilities for their children and for their parents. Here is an article regarding the Sandwich Generation which may be of interest. If you’re part of the Sandwich Generation, how do … [Read more...] about Planning for the Sandwich Generation
Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
Estate Planning is essential for many reasons, which are set forth in prior articles. Links to these articles are set forth at the end of this article. This series focuses on how an Estate Plan could be challenged. This series shows the importance of doing Estate Planning in the right way. The first article in this series focused on formalities. The second article in the series examined undue influence. The third article in the series looked at fraud. This article will focus on testamentary … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
This week we're sharing a blog from the office of Mike Wakshull, a forensic document examiner. Blog Author: Mike Wakshull, MS, CQE, CISA, PMP You see an unfamiliar signature on a will or trust that was allegedly signed by a deceased relative. You suspect the signature on a trust or will is not legitimate. There are steps you can take before engaging the expense of hiring a forensic document examiner to determine whether the signature is legitimate. Many people’s signatures change over … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
Preparing for Coronavirus
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. There’s a new virus that’s emerging, novel “coronavirus,†also called “COVID-19.†It first appeared in Wuhan, China in late 2019 and reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. At this point, the virus has infected near 100,000 people … [Read more...] about Preparing for Coronavirus
Reasons an Estate Plan Could Be Challenged: Part 2 – Undue Influence
Estate Planning is critical to making sure your wishes are carried out. This series focuses on how an Estate Plan could be challenged. This series will show the importance of doing Estate Planning in the right way. The first article in the series looked at formal requirements. This second article focuses on undue influence. Undue influence consists of someone taking unfair advantage of another, especially when they hold real or apparent authority over them. An example of this is a caregiver … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 2 – Undue Influence
Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
Estate Planning is essential for many reasons, which are set forth in prior articles. Links to these articles are set forth at the end of this article. This series will focus on how an Estate Plan could be challenged. This series will show the importance of doing Estate Planning in the right way. This article will focus on the formalities of an Estate Plan. Different documents in an Estate Plan have different requirements and those requirements vary from state to state. Typically, for any … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
Beneficiary Designations and Other Non-Probate Transfers
Beneficiary designations and other non-probate transfers are an often-overlooked part of estate planning. They are overlooked by clients and sometimes even by professionals.  When planning what would happen to your assets at death, most of us think, “oh, that’s simple, I need to do a Will to take care of that!†But, that’s just part of the process. You almost certainly have assets that are controlled by beneficiary designations or other non-probate transfers. Let’s look at an example. Mary … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
