An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may
Planning for Your Digital Legacy Read more »
Whether you are a physician or not, you probably know that the practice of medicine is a profession fraught with liability. It’s not just medical malpractice claims either – employment related issues, careless business partners and employees, contractual obligations, and personal liabilities add to the risk assumed by a physician in private practice. Unfortunately, in
Four Liability Planning Tips for Physicians Anyone Can Use Read more »
A SLAT is an irrevocable trust created by one spouse for the benefit of the other spouse, who is the beneficiary of the trust. SLATs can be used to protect the assets held by the trust from creditors and to minimize the federal estate tax. In a typical SLAT, the creditors of the donor spouse
Spousal Limited Access Trust (SLATs) Read more »
There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your
How A Living Trust Helps Your Family Read more »
As an estate planning attorney, I am following the news about the Build Back Better Act (the Act) and how it could affect my clients. This news story is a moving target, as Congress is likely to make changes to the legislation, and there is no guarantee that it will even pass. The Act’s tax
Estate Planning and the Build Back Better Act Read more »
Why You Should Include Estate Planning in the Preparation You may have been running around for weeks, getting your new college student off to school. It’s exhilarating, and your heart likely is bursting at the seams. You’re probably prouder than you can say, but you’re a little afraid, too. How can you make sure your
Kids Going Away To College? Read more »
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must
Which Life Events Require An Immediate Estate Plan Update? Read more »
You don’t need to have a summer house in the Hamptons or a private art collection big enough to rival MOMA to consider yourself the owner of an estate. In fact, virtually anyone who owns anything has an “estate” in the eyes of the law. Although the term may conjure images of expansive country properties,
If I Don’t Have an Estate, Do I Really Need an Estate Plan? Read more »
It’s clear why you might want to avoid court involvement in your estate for financial reasons, knowing that probate can quickly get costly and time consuming for those involved. But there is an emotional component to it as well. Your assets are just that: yours. And the idea of them being discussed and deliberated on
How to Build Freedom From Court Interference Into Your Estate Plan Read more »
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step is fraught with risks. This is especially true given the litigious nature of our society. As a result, many entrepreneurs employ asset protection strategies.
Asset Protection for Entrepreneurs Read more »