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Estate Planning Archives | Page 2 of 3 | Wealthspire Advisors

estate attorney

Preparing to Meet with Your Estate Planning Attorney

By Guides & Whitepapers
You can streamline the estate planning process by coming prepared to your first meeting with your estate planning attorney. It will be helpful if you have taken some time to consider who you would like to name as guardian, executor and trustee, as well as who you would generally like to inherit your property. In addition, your attorney will ask for some basic information from you in order to best advise you. Below is a list of the information and documents that we recommend you make available to your estate planning attorney. If you are married, you should provide information…
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estate plan checklist

Estate Plan Checkup Checklist

By Guides & Whitepapers
We recommend reviewing your estate plan regularly to determine whether it remains up to date - below is a checklist of some questions to revisit each year. How do I know when to update my estate plan? Who: Consider whether there have been any changes with the people in your life. Have you or your children been married or divorced? Have there been any new births? Has anyone named in your Will died or become disabled? Have you fallen out of touch with anyone named in your Will? What: Consider whether there have been any changes in your personal circumstances…
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loss loved one

What to Do After the Loss of a Loved One

By Blog
When a loved one passes away, you will face many responsibilities, from making funeral plans to closing out financial affairs. These responsibilities will add stress to what is already a difficult and emotional time. Getting organized and knowing what steps you need to take will help reduce some of that added stress. Below is a chronological checklist to help you organize and close your loved one’s affairs. WITHIN FIRST TWO WEEKS First and foremost, you will need original death certificates. Everyone from banks, to insurance companies, to credit card companies may request at least a photocopy if not an original,…
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GRAT

A Primer on the Grantor Retained Annuity Trust (“GRAT”)

By Guides & Whitepapers
Objective The objective of the Grantor Retained Annuity Trust is to remove appreciation on the transferred assets from the grantor’s estate. The structure of the GRAT also allows this removal of appreciation to be done at minimal or no gift tax cost. Operation of the GRAT The grantor transfers an asset with high appreciation potential to the GRAT, which is an irrevocable trust. In return, the grantor retains a qualified annuity interest for a specific term of years. Common terms of years for annuity trusts range from 2 to 10 years. The initial term must be at least 2 years,…
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dynasty trusts

A Primer on Dynasty Trusts

By Guides & Whitepapers
Why is it called a “Dynasty Trust”? Some are surprised to learn that most trusts are temporary. Unlike a corporation, partnership, or other artificial legal entity, most trusts cannot be perpetual. A rule of law called the “Rule Against Perpetuities” terminates most trusts automatically, and cuts them off at a few generations. As a result, even the most careful trust planning will eventually be unwound, because these temporary trusts will terminate and the property will be distributed outright into the hands of the trust beneficiaries. This limitation can be avoided by using a Dynasty Trust, because it is a perpetual…
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Often Overlooked Estate Planning Details

By Blog
Estate Planning is Still Important The recently passed Tax Cuts and Jobs Act raised the estate tax exemption to $11.2 million ($22.4 million for couples). While fewer families will now be subject to estate tax, estate planning, the process of preparing instructions for how your personal assets should be administered and distributed after your death, remains a necessary task. More than just the writing of a legal will, estate planning can provide legal clarity to final wishes, name beneficiaries of assets, and outline terms of care in the event of incapacitation. As the process of creating an estate plan can…
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decanting

Decanting – Not Just for that Bottle of Cabernet

By Blog
Trust “decanting” refers to the technique of transferring assets from an existing irrevocable trust to a new irrevocable trust, typically with more “favorable” terms. The power to transfer assets from one trust to another is commonly derived from the trustee’s broad discretionary authority to make distributions to, or for the benefit of, the beneficiaries of the original trust. Decanting has the effect of amending what was typically intended to be an unamendable irrevocable trust, by allowing the trustee to distribute trust property to a second trust with terms that may differ substantially from those of the original instrument. The concept…
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roth ira conversion

Important Changes to New Jersey Estate and Trust Law

By Blog
Repeal of New Jersey Estate Tax.  On October 14th, Governor Christie signed into law a bill eliminating New Jersey’s state estate tax.  Below are the highlights: Beginning January 1, 2017, the New Jersey estate tax exemption will increase from $675,000 to $2,000,000. This means that the increased exemption will be available for individuals dying in 2017. Beginning January 1, 2018, the New Jersey estate tax will be eliminated in full. The NJ inheritance tax still remains. The NJ inheritance tax is a death tax imposed on transfers to beneficiaries who are not charities or spouses, children, grandchildren, or parents of…
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disability planning

Basics of Disability Planning

By Blog
Currently over 37 million Americans are classified as disabled, statistically the average American worker has a 1 in 4 chance of becoming disabled during their career. Nearly everyone can benefit from the creation of a basic disability plan. A basic disability plan should allow your chosen representative to make financial and medical decisions on your behalf if you are incapable of doing so. It is a position of extreme power and you should consider many factors when choosing your representative. The basic building blocks of disability planning typically involve the signing of a power of attorney, health care proxy and…
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