Estate Planning For Owners, Investors And Creators Of Art (Part 2)
In the last post, I wrote about some of the complexities of art in estate planning as well as some strategies to consider if art assets are a part of your estate plan. Here are some things to consider when it comes to tax implications and valuation in relation to art assets. Tax Implications And …
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Estate Planning For Owners, Investors And Creators Of Art (Part 1)
When it comes to the world of art, its value goes beyond simple aesthetics or price. Art realizes a legacy for artists, collectors, investors, and dealers as well as for their loved ones. Stories of individuals such as James Gandolfini, James Brown, and Doris Duke serve as cautionary tales of what can happen when there …
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Charitably Inclined? Consider Pairing a Donor-Advised Fund with Your Estate Plan
If you are prioritizing charitable giving in your estate plan, you may want to consider using something called a donor-advised fund (DAF) which has become more popular in recent years. The value of DAF grants made to qualified charitable organizations increased 9% to $52.16 billion in 2022, and the number of accounts increased 2.9% to …
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What is Undue Influence in the Context of a Will Contest?
One way that a party may challenge a will during a will contest is to assert that undue influence was exerted over the decedent by the party who benefits from the disputed will. This raises the question: What is undue influence, and what proof is needed to demonstrate its presence? Appellate courts have explained that …
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2024 Estate Planning Opportunities
The beginning of a new year is an excellent time to take a new look at your current estate plan or to create one for the very first time. Here are some specific opportunities to consider in 2024: Increased Estate, Gift, and Generation-Skipping Transfer Tax Exemptions The estate, gift, and generation-skipping transfer tax exemptions increased …
What Does Incapacitated Mean in Elder Law & Estate Planning? (Part 2)
In the last post, I shared about how incapacity is defined and what may cause it. Here are ways incapacity relates to specific estate planning documents: Power of Attorney A power of attorney is a legal document that is used to appoint someone you trust to make decisions for you. With a health care power …
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What Does Incapacitated Mean in Elder Law & Estate Planning? (Part 1)
You’ll likely come across the term “incapacitated” while planning with an attorney for your future and addressing challenges that may come along with aging. In this post, I’ll write about how incapacity is defined as well as what can cause it, and next week I’ll write about what this concept means in relation to elder …
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Estate Planning Pitfall: You Didn’t Retitle Assets to be Included in a Trust
Using a trust as part of your estate plan can be beneficial in a number of ways, including maximizing tax code provisions to shield assets from gift and estate taxes, protecting assets from creditors or ex-spouses, or helping heirs be more responsible with their inheritance. Revocable living trusts can be a vital part of your …
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Is Estate Planning One of Your New Year's Resolutions? Nine Questions to Get You Started (Part 2)
In the last post, I shared 9 questions you can ask yourself to begin creating your estate plan. After you have answered these questions, here are the next steps you can take to get your estate plan in writing: The Next Step Although the specific documents you use to create your estate plan may vary …
Is Estate Planning One of Your New Year's Resolutions? Nine Questions to Get You Started (Part 1)
People often start the New Year with goals for themselves for the year such as improving their health or writing a book. Making a last will and testament or other estate planning documents is also a common goal at the start of the year. How can you begin this process? To begin, it’s important to …