Beneficiary designations allow certain assets to bypass an individual’s will or trust and, instead, transfer the assets directly to loved ones. IRAs, certain employer sponsored retirement accounts, life insurance policies,
Life insurance is a key component of estate planning, providing liquidity to pay estate taxes, debts, and other obligations. However, if you own the policy directly, the life insurance proceeds
It’s typical that when estate planning, families consider different strategies to provide financial security to their loves ones and mitigate tax liability. These include making gifts during your lifetime or
A quiet or “silent” trust is one of the more nuanced tools available when estate planning. As its name suggests, a quiet trust keeps beneficiaries (most often children or young
A custodial account is often a very useful option when considering opening an investment account for your minor child or grandchild when helping them save for the future. Until the
An estate plan and a succession plan work hand in hand to help support a smooth transition for both personal and business affairs for a family business owner. Estate plans
Make no mistake, serving as an executor (or a “personal representative” in some states) is an honor. But the title also includes significant responsibilities. So, if a family member or
As its name suggests, a living trust (also known as a revocable trust) is in effect while you’re alive. It’s a legal entity into which you title assets to be
As the federal gift and estate tax exemption increases, the number of families affected by gift and estate tax liability decreases. With the passage of the One Big Beautiful Bill
Including a letter of instruction in your estate plan is a simple yet powerful way to communicate your personal wishes to your family and executor outside of formal legal documents.
