Tax Reform and Limited Liability Companies

President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. Tax reform offered sweeping changes for individual taxpayers and business entities, like limited liability companies. Limited Liability Companies Are Popular, Now More Than Ever For years now, the limited liability company has been one of the most popular business entities to form. As pass-through entities, limited liability companies Read More

Comparing Tenants by the Entirety with Joint Tenants with Right of Survivorship

It may seem simple to determine who “owns” real estate. After all, the state maintains property records that are open to the public, and the owner’s name typically appears in those records. However, there are different types of property ownership. Each type has its advantages and disadvantages. For example, tenants by the entirety and joint tenants with right of survivorship are both types of joint property Read More

3 Reasons to Sign a Living Will

Most estate plans include a Will, maybe a trust, a durable power of attorney, and an advance directive. Your advance directive may or may not include a Living Will. It’s totally your choice. However, there are significant reasons to sign a Living Will. In this article, we will consider those reasons and what may happen if you decide not to add a Living Will to your estate plan. #1 – So your loved ones won’t have to Read More

The Connection Between Estate Planning and Retirement Planning

Retirement planning is about money. People need to plan ahead in order to have enough money for retirement. Estate planning is about more than money. However, a major part of estate planning does involve taking care of your money and other assets. When thinking of the connection between estate planning and retirement, trusts may be the first place to start. Estate Planning and Retirement Planning Provide Income for Read More

Durable Power of Attorney: Can Your Agent Make Medical Decisions for You?

Author Mark Twain famously said, “The difference between the almost right word and the right word is really a large matter – ‘tis the difference between the lightning-bug and the lightning.” He was referring to words, but the concept works in other situations. Sometimes two things are similarly named but are actually very different. In estate planning, you have the durable power of attorney and the health care power Read More

Would a Family Incentive Trust Work for Your Family?

Parents tend to worry about their children’s behavior. As children become adults, those worries change from wondering if the kids did their homework to hoping they will make sound financial decisions. One way to encourage fiscally responsible behavior is through a family incentive trust. But, what can this trust do that a parent’s chore charts and withheld allowance did not? What is a family incentive trust? Like Read More

Wealth Transfer Strategies for Baby Boomers

Baby boomers – an iconic slice of American history. Making up almost 20% of the United States population, baby boomers are reaching retirement age in large numbers. As they retire and eventually pass away, they stand to pass on more than a good name or a quirky family legend. In fact, baby boomers are expected to transfer up to $68 trillion in wealth to their heirs in the coming decades. In this article, we will Read More

3 Questions About Estate Planning to Ask Yourself

As you consider this important step – preparing an estate plan – you may spend some time reflecting on your life and property. Ask yourself the following questions about estate planning before talking to your attorney. #1 - Do I need an estate plan? This one is easy to answer – absolutely! Whether your estate will be large or small, an estate plan provides instruction and guidance to your family. The personal Read More

New Year, New Estate Plan

We’re well into the New Year. How are your New Year’s resolutions going? If you’re like most people, you made resolutions related to health, fitness, family, or financial well-being. Estate planning may not have entered your mind as the New Year was rung in, but that doesn’t mean it is not as important as your goal to start painting or lose 20 pounds. In fact, because estate planning affects you and your family, Read More

Myth Busting: 3 Beliefs About Trusts That Just Are Not True

Myths have abounded in the world since ancient times. However, over time myths have evolved from stories about Zeus and Poseidon to commonly-held-though-inaccurate beliefs about our modern life. Even a serious field like estate planning has not escaped the formation of myths. In this article, we will set out ‘myth busting’ three beliefs about trusts. #1 - Trusts are only for the wealthy. It’s true that some Read More