Having a comprehensive estate plan in place is essential for all adults. This is true regardless of the value of your estate or your age. If you have an estate plan in place you are ahead of the majority of Americans; however, you shouldn’t stop there. Updating your estate plan when certain life events occur is just as important as creating the plan in the first place. Divorce is a prime example of this. You will need to take the time to update your estate plan should you're marriage come to an … [Read more...]
The Type of Joint Ownership You Choose Matters
Over the course of your lifetime, you will likely co-own property at least once. You might jointly own property with a spouse, an adult child, or even a business partner. It’s important that you understand how this works. The Mendel Law Firm, L.P. set out to explain why the type of joint ownership you choose matters. Why Does It Matter How Property Is Titled? The manner in which jointly held property is titled is not something most people think much about – but they should. The type of joint … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposal re: Retirement Savings … [Read more...]
Staying Current on Estate Planning
It’s important for estate planning attorneys to stay up on the latest developments and techniques. The American Academy of Estate Planning Attorney held its semi-annual conference in Atlanta recently. Read on to learn more about the topics discussed at that cutting-edge conference. Staying Current on Estate Planning … [Read more...]
What Is a Family Limited Partnership?
It was once said, “Why work to make someone else successful when you can work to make yourself successful?” For many people, being their own boss is a dream come true. If you have managed to achieve this dream, you undoubtedly have taken measures to protect your business while you're here. However, what about after you're gone? You wouldn't want all of your hard work and sacrifice to fall apart as a result of your retirement, incapacity, or death. Including business succession planning in your … [Read more...]
You Never Know: Planning for the Unexpected
This article examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...]
Planning is Critical
It’s always important to have a plan. This is particularly true in estate planning. Did you know if you die without a Will (intestate), your state law dictates who gets your property and makes decisions for you? Read on to learn more about a heart-breaking story of someone who didn’t plan ahead. The consequences will devastate you. Planning is Critical … [Read more...]
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...]
