Difference Between Transfer on Death & Payable on Death Designation The Basics of POD and TOD Accounts: A Comparison Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, [...]
You Can Benefit from Giving Gifts Strategic Estate Planning: Three Trusts for Wealth Preservation & Transfer A benefit of working hard is sharing the fruits of your labor with your loved ones. However, gift or estate tax consequences may impact high-net-worth clients when they share their wealth. By crafting a comprehensive estate plan, we [...]
What Happens To Your Venmo, PayPal, & Apple Pay Accounts At Your Death? What Happens To Your Digital Payments Accounts When You Die? It has been said that nothing ever dies on the Internet. While this dictum is typically used as a warning that what we put online may come back to haunt us, [...]
What Not To Include In Your Estate Planning Documents How To Protect Your Estate From Identity Theft & Other Risks One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as [...]
Three Important Concerns Self-Employed Individuals Should Address The Importance Of Estate Planning For Self-Employed Individuals Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can [...]
What Is a Devise In My Estate Plan? How To Choose The Right Type Of Devise For Your Estate If you are thinking about creating an estate plan, you may hear some new and confusing terms that make your brain hurt. To add to your bewilderment, not only are some of the words unfamiliar, [...]
Urgent Legal Updates for Business Owners Preparing for the Corporate Transparency Act (CTA) Effective on January 1, 2024 A critical development is on the horizon that requires the immediate attention of U.S. business owners. The Corporate Transparency Act (CTA), was passed by Congress in 2021 and authorized the U.S. Treasury’s Financial Crimes Enforcement Network [...]
Cross-Border Estate Planning Top 5 Concerns for Families to Consider When Holding Property in Multiple Countries When families own assets in both the United States and other countries, there are several estate planning issues that can arise that may come as a surprise to those who have not planned ahead. As a law firm [...]
Ways The Administration Wants To Modify The Tax Rules For Certain Trusts Taxes are not just for individuals—they can impact certain types of trusts as well. Whether a trust pays its own taxes or whether the taxes are paid by the trust’s beneficiaries or the trustmaker depends on several factors. Grantor Retained Annuity Trusts [...]
Four Improvements The Administration Wants To Make Regarding Administration For Trusts & Decedents’ Estates When a client dies, there are often several tasks that need to be completed to properly wind down the deceased’s affairs—funerals and other preparations need to be planned, bank and investment accounts closed, property transferred, arrangements made for pets, tax [...]
