Author Archives: Phillip A. Baumann
Nearly 40 Percent of Wealthy Americans Have No Estate Plan
According to a recent survey from cable news network CNBC, more than one-third of America’s wealthiest individuals have not taken the proper steps to plan financially for their passing. The survey included 750 millionaires and found that 38 percent of participants had not created a will or otherwise acted to protect their investments or provide […]
What are the Limitations of a Will?
Having a will is the important first step of the estate planning process. Wills ensure that your wishes are known and carried out after you pass away. However, there are certain limitations that restrict what a will can accomplish, including the following: Wills cannot bestow certain properties to a beneficiary: Typically, a will cannot be […]
How to Determine Who Should Be Your Personal Representative
Choosing a personal representative (some states still call him or her an executor) can be a major decision when it comes to estate planning. This individual is responsible for handling the finalization of your financial affairs, along with carrying out the wishes you’ve outlined in your will and other documents. When you are deciding whom […]
Should You Have a Special Needs Trust?
Special needs trusts are available to financially provide for individuals — typically children — who have a mental or physical disability. If you think your loved one may need additional protection after your passing, a special needs trust may be a wise decision for your estate plan. Who can benefit from this type of trust? […]
What are the Major Steps of the Probate Process?
Probate is a process by which a deceased person’s estate is settled and finalized. Although this involves probate court, the bulk of this process is administrative and handled outside of the courtroom. In fact, it is rare for a person administering an estate to go to the courthouse for any reason. The following are the […]
Estate Plan Considerations for Same-Sex Couples
Although an estate plan is an important part of any individual’s financial affairs, same-sex couples may have additional considerations to keep in mind when planning for the future. Through a sound estate plan, these couples can handle both legal and non-legal issues so that they remain protected in case one party passes away. Legal considerations […]
Can You Create a Trust for a Minor?
As families explore the various ways to manage their estates and care for their children, they may consider the benefits of a trust. Trusts are essentially legal arrangements in which property is transferred for the future use of a beneficiary. These estate planning tools are becoming increasingly popular, as they offer a number of tax […]
Learning the Basics on Trusts
When it comes time to begin making arrangements for your estate, you might find that there is a great deal of information to go through and understand. With so many types of estate planning tools available, each with its own relative benefits, you may be wondering what the best option is for you. Increasingly, Americans […]
Modifying or Terminating a Trust: a Primer
Most people associate estate planning with setting up a will, but depending on your circumstances and the value of your estate, there might be more to it than that. In fact, it might be possible to better protect your loved ones and your assets through a living trust. This represents an increasingly popular estate planning […]
The Federal Estate Tax May Be Permanent
As you may be aware, there is a federal estate tax in place for high-value estates, placing significant burdens on those who are subject to the tax. Many critics refer to this as the “death tax” and argue that it places an unfair burden on individuals who are already dealing with the death of a […]