People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of this series continues by exploring the various non-tax reasons to create a comprehensive Estate Plan.
Estate Planning
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions with which every advisor should be familiar.
Why Everyone 18 And Over Should Have An Advance Health Care Directive
In California, an Advance Health Care Directive (AHCD) protects your health care rights. You make your health care, end of life, organ donation, and even memorial/burial/cremation/spiritual decisions now so if something happens to you, your wishes will be followed by the person (agent) you choose. DIY: You Can Do It Yourself, Right Now! You have […]
Paralysis by Analysis: Procrastinating Until It’s Too Late
Do you worry about what will happen to you and your family if you become incapacitated or when you pass away? Do you feel a weight on your shoulders, knowing you should probably have some kind of plan? Or do these thoughts keep you up at night — I don’t know what to do, how […]
