Category Archives: Trusts
When Not To Gift
One of the commonly misunderstood (or perhaps unknown) issues to be considered with regard to the gifting/transferring of one’s property is the issue of “step-up in basis.” Internal Revenue Code §1014(a) provides that the cost basis of property for the person acquiring same from a decedent is the fair market value (FMV) of the property at… Read More »
7 Reasons to Review Your Will
While we may WANT to think that preparing a will is a one-time event, life happens – along with its many curve balls; relationships, preferences, circumstances and even assets change over time. It is therefore recommended that you review your will every three to five years to make sure it still reflects your wishes and desires…. Read More »
Selecting Your Agents
When preparing your estate plan, you will have to make at least three significant decisions: who to select as the executor of your will, your agent under a power of attorney, and your agent via a health care proxy. Depending upon the complexity of your estate plan, you may also need to select trustee(s), guardian(s) of… Read More »
Can A Person With Cognitive Impairment Sign Legal Documents?
When someone begins to exhibit signs of Alzheimer’s or dementia – or perhaps even has a diagnosis of some type of cognitive impairment, they often turn to us – wondering if it’s too late to prepare estate plans and get advanced directives in place. To better understand what can and cannot be done, consider the… Read More »
SECOND MARRIAGES BRING CHALLENGES IN ESTATE PLANNING
The complexities attending second marriages often times require special attention, particularly if there are children from a prior marriage, significant age differences or medical conditions, or if one spouse has substantially more assets than the other. Like most people, you may want to assure your new spouse is provided for in the event you pass… Read More »