Everyone Will DieWhether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the first of a series on the ways we can ease the transition through planning. This first article focuses on privacy. The next article will focus on how you leave assets to your loved ones.Let’s look at two people who die in the same car accident. It’s a tragedy for both of them and their … [Read more...] about Many Reasons for Estate Planning
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.by Steve Hartnett 0 CommentsTOD (Transfer on Death) designations, POD (Pay on Death) designations, and beneficiary designations can be useful in the right circumstances. Each of these tools allows for an automatic transfer to the named beneficiary at the death of the owner. But these tools … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. She was a singer, songwriter, civil rights activist, and so much more.Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Add flexibility to a trust by using power of appointment. This article will examine the different types of powers of appointment and how that can impact taxation.The last blog examined the basics of powers of appointment. This blog will examine how they can impact taxation. From a gift and estate tax perspective, there are two kinds of powers of appointment, a limited power of appointment (or “LPOA”), and a general power of appointment (or “GPOA”). They can cause dramatically different gift … [Read more...] about Basics of Estate Planning: Powers of Appointment: Part 2
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust.Trusts have many potential benefits. One of those benefits is that they can be very flexible. One way to increase the flexibility of a trust is by including powers of appointment.What is a Power of AppointmentA power of appointment is giving someone the ability to direct the assets … [Read more...] about Basics of Estate Planning: Powers of Appointment