Choosing a Trustee: Navigating the Complexities and Key Considerations
Everything You Need to Know About Beneficiary Designations
In this episode of Legacy Lessons, Shawn R. McClelland, Partner in our Tax, Trusts, and Estates Practice Group, walks us through one of the most common estate planning questions families face: Should I create a will, or do I...more
It is a common misconception believed by many that having a will avoids probate. Not only is it false, it really could not be further from the truth. Rather, a will is a tool that is often used during the probate process and...more
You likely have created revocable or irrevocable trusts, or a few of both, in your estate plan. Ideally, these have been properly drafted with plenty of flexibility so that they can continue to meet your wealth planning goals...more
Why is the end of the year a good time to consider trust and estate planning for business owners? Do you own real property or have other investments outside your business interests? Have you given any thought to what would...more
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
Revocable trusts - Don’t forget to fund the trust throughout your lifetime - Many estate plans are built around revocable trusts (sometimes called “living trusts”). These trusts allow you to 1) avoid the time, expense...more
Isn’t it interesting that success is built into business succession. Still, most US companies do not have a business succession plan in place. What is business succession planning and how does it enhance your own success and...more
Trusts come in many variations, rendering them often difficult for non-attorneys to follow and comprehend. Indeed, this variation can often be seen in the nomenclature used for trust arrangements, which includes terms such...more
The services following the death of Her Majesty Queen Elizabeth II might have many of us thinking about our own estate planning. One striking piece of information about Her Majesty was that she had planned out many...more
In the next webinar in our Estate Planning 101 series, wealth preservation attorney Whitney Patience O’Reilly will discuss the basics of trusts. She will review the differences between revocable and irrevocable trusts and...more
Yes, sometimes your estate plan can be changed AFTER you die to alter bequests made in Wills and Revocable Trusts. (For ease, “will” is used throughout this article.) This is done to change ownership of assets and/or to...more
Q: What is estate planning? Johanna Wise Sullivan: Estate planning entails planning for the care of your family and your assets in the event of your death or incapacity as efficiently and seamlessly as possible. This includes...more
The "Setting Every Community Up for Retirement Enhancement Act of 2019" ("SECURE Act"), which Congress passed at the end of 2019, included changes that may significantly affect how your retirement accounts fit into your...more
As estate planners, we have seen it all over the years. What we have learned is that people make some common mistakes. Whether due to procrastination, lack of follow through, or ignoring their own mortality! This article...more
In your experience, what’s the most costly mistake people make when preparing estate plans, and what can they do to fix them? That’s the question we recently put to attorneys writing on JD Supra....more