[FIRM LOGO]

Estate planning isn’t just about what happens to assets after death. It’s also about protecting oneself and one’s loved ones, which includes having a plan for someone to make critical medical decisions in the event of one’s own incapacity. There are generally two ways of putting decisions in writing: 1) a living will and 2) a health care power of attorney (HCPA). This article describes the characteristics of each and explains why it’s a good idea to have both — or, if allowed by state law, a single document that combines the two. A sidebar discusses the importance of having a financial management plan in place and lists three traditional techniques for doing so.
Read More

Married couples have available to them greater (and more advantageous) estate planning options than unmarried couples. Yet unmarried couples face many of the same estate planning concerns as married couples. So they must engage in special planning to ensure that their decisions regarding asset distribution and health care are carried out per their wishes. This article examines several estate planning challenges that unmarried couples must plan around, but also discusses one significant estate planning opportunity that gives unmarried couples an edge over married ones: a grantor retained income trust (GRIT).
Read More

It’s important to understand the tax implications of an estate plan that includes charitable contributions. The availability of income tax deductions for lifetime donations affects a contribution’s cost and, therefore, the amount one can afford to give without jeopardizing other estate planning goals. But, to ensure that contributions are deductible, it’s critical to monitor the tax-exempt status of the beneficiary organizations. This article discusses the steps involved.
Read More

If a person owns an IRA or participates in a qualified retirement plan such as a 401(k), it’s possible that he or she can have the assets distributed to a trust upon death. As illustrated in a recent IRS private letter ruling (PLR), however, to preserve the retirement account’s tax-deferral benefits, it’s critical to properly designate a trust beneficiary. This article lists the IRS requirements to have a trust beneficiary qualify as a designated beneficiary of an IRA or qualified plan.
Read More