Tag Archives: estate planning
How to Add an Addendum to Your Will
If you wish to do so at any point, you may amend your will relatively easily to ensure the document accounts for changing circumstances in your life. You can do so by creating an addendum, also known as a “codicil” in the estate planning world. A codicil is a short document that changes some of […]
Should You Convert Your IRA to a Roth IRA?
In some circumstances, it makes sense for individuals to pay the taxes on their retirement savings early. A Roth IRA is funded with after-tax dollars, which means all qualified withdrawals can be made tax free. In addition, Roth IRAs do not have the required minimum distributions mandated by the Internal Revenue Service that other retirement […]
Would You Benefit from the Use of a Corporate Trustee?
There are some circumstances in which a person creating a trust opts to use a corporate trustee rather than an individual, such as a friend or family member. Below are a few examples of situations in which you might consider using a corporate trustee. You’re seeking to build wealth with professional assistance Many people have […]
Tips for Choosing the Right Successor Trustee
If you draft a revocable living trust as part of your estate plan, you likely named yourself as the trustee to allow yourself to continue managing your affairs until you are unable to do so, whether due to incapacity or death. Once that point arrives, someone else will need to step in to fulfill the […]
How to Notify Trust Beneficiaries as an Estate Administrator
If you are serving as the successor trustee of a living trust, one of your primary responsibilities is to notify the trust beneficiaries of the passing of the settlor, the person who created the trust. In a simple letter to the beneficiaries, you must communicate the following basic facts: The living trust has become irrevocable […]
How Do Florida Courts Appoint Guardians for Incapacitated People?
A guardian is a legal decision maker appointed by the court to make financial or other personal decisions on behalf of a ward. There are several circumstances in which a guardian may be needed: A minor’s parents are unable or unavailable to care for the child An adult has been incapacitated due to injury or […]
Key Estate Planning Tips for the Elderly
People of all ages can benefit from some thorough estate planning, but it becomes especially important to create and adjust your estate plan as you reach old age. You need to take care of your estate plan before a situation arises in which you are unable to handle your own affairs. Below are a few […]
How a Trust Can Provide Savings on Capital Gains Taxes
In recent years, the tax rates on long-term capital gains have ranged from 25 to 33 percent when combining federal, state and local rates. While the relatively new Tax Cuts and Jobs Act will offer some changes to capital gains taxes, it’s still important to know how you can limit the effect those taxes have […]
Handling the Debts of a Deceased Loved One
The passing of a parent or other loved one is a difficult time. Not only is it an emotionally trying period of your life, but it will also pose some logistical challenges that you must overcome. One of the more complicated aspects of managing the estate of a deceased loved one is paying off all […]
Codicils Allow for Small Changes to a Will Without a Complete Overhaul
Do you need to make minor changes to a will? You can add an amendment called a “codicil” without having to revamp the entire document. This can be an ideal way to revise a will when you have simple changes, such as changing the name of an executor or swapping out any other provisions. In […]