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As an attorney who practices primarily in estate planning, I often encounter people who ask, "Why do I need an estate plan?" I usually answer, "So your last wishes are carried out properly in the most timely and cost effective way possible." However, this statement does not cover all aspects of estate planning. In my [...]
What is Estate Planning Estate Planning is the process of planning during your life for the transfer of your property at your death to your beneficiaries. Estate planning can help to maximize the value of the estate by reducing taxes and expenses. Setting up an estate plan requires the services of an experienced estate planning [...]
The simple answer is no. Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in a two major ways. First, a trust allows you to leave your assets to the people you choose in the manner you desire. [...]
The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the first overhaul of the tax code in more than 30 [...]
The simple answer is no. Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in two major ways. First, a trust allows you to leave your assets to the people you choose in the manner you desire. For [...]
