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Sometimes, we are approached by prospective clients who wish to make changes to their irrevocable trusts—unaware that under current law, these trusts cannot be easily amended. In fact, modifying the agreements of an irrevocable trust, unless under very specific conditions, is a violation of state and/or federal law. As the current administration seeks to increase […]
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We are often approached by clients who are in the process of selling their business. While we love to offer legal advice and recommendations regarding the sale, it is imperative that we are contacted before or during the negotiation stages. Once the letter of intent (“LOI”) is drafted, any guidance an estate planning attorney could […]
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In 2021, the average tuition for four-year public colleges increased by 1%, and 2% for private colleges. These price increases reflect a trend that has been growing for years. Many parents and grandparents dream of the opportunities which higher education can provide for their children and grandchildren. However, the nightmare of massive student debt is […]
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As estates and trusts attorneys, we often hear similar questions and misconceptions about what the estate planning process actually entails. Prospects and new clients will ask questions like, “Do I have enough assets to qualify for an estate?” Or “I thought estate planning was something only the ultra-wealthy do.” And the most common of the […]
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When you create a trust, you must choose someone to serve as the trustee. The trustee will be the person responsible for handling the management and distribution of the assets owned by the trust. Choosing the right trustee is one of the most important decisions you will make on your estate planning journey. The role […]
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Cryptocurrencies and NFTs (non-fungible tokens) have become hot topics in the media and amongst our estate planning clients. Even young individuals with no prior investing experience are getting involved in these new forms of digital currencies. In simple terms, a cryptocurrency is a digital token that is gradually becoming an accepted way to purchase and […]
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If you are looking to make a positive impact on the world, while also reducing your tax liability, we encourage you to consider establishing a donor-advised fund. A donor-advised fund (DAF) serves as a vehicle to donate assets directly to a charity typically of your choosing. However, the sponsoring organization maintains ownership of the fund […]
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Estate taxes are an unfortunate reality for beneficiaries lucky enough to qualify for them. You want your family to enjoy the fruits of your labor and possibly carry on the legacy of your business after you are gone. However, sometimes success comes at a cost. While only a small percentage of estates qualify for the […]
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When most people hear the phrase, “estate asset inventory” they often think of investment accounts, bank accounts, real estate holdings, cars, etc. However, the assets included within your estate should not be limited solely to traditional or big-ticket items. The value of your estate includes all your possessions and belongings, including artwork and other creative […]
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“How will I be able to provide for my family after I’m gone?” That question has kept some of us awake in the middle of the night. While there is no way to predict the future, resources exist to help you achieve a significant level of peace of mind. Stressing out about things beyond your […]
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