Category: Estate Planning

Madison Eubanks

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May 08, 2024

As many people age, it’s common for their retirement plan to represent the largest portion of their assets. In estate planning, retirement accounts like 401(k)s and IRAs often require special attention because there are unique rules about how they can be transferred to beneficiaries.  In some cases, a retirement trust can be a helpful solution. Here, we’ll explore what a retirement trust is, the advantages and disadvantages of using one, how to set up a retirement trust account, and more.  What is a retirement trust?  A retirement trust is an estate planning strategy in which a trust is named as...

Simona Ondrejkova, CFP

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Apr 29, 2024

Of the many different types of trusts out there, some are designed specifically to help married couples transfer their assets according to the wishes and needs of each individual within the marriage. These trusts can be structured to provide for the surviving spouse while also being mindful of estate tax considerations for the surviving spouse and future beneficiaries. A survivor's trust is an estate planning tool used by married couples to ensure that after one spouse passes away, the surviving spouse will have access to a portion of the assets to provide for their living needs. There are several benefits...

Simona Ondrejkova, CFP

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Apr 15, 2024

Do you have clients who own a business or have just recently inherited one? When it comes to estate planning for business owners, understanding section 6166 of the US tax code could make a big difference in ensuring continuity of the business after the owner passes away. While there are several estate planning strategies that can help clients reduce their overall estate tax bill, those who own a business should also be aware of strategies to defer payments on estate taxes to keep their heirs from having to do a fire sale of the business just to pay taxes. So...

Simona Ondrejkova, CFP

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Apr 04, 2024

When helping clients with their estate plan, taxes are one of the key components to take into account as part of the planning process. And while there are several estate planning strategies that can be used to minimize or eliminate estate taxes for clients, here we’ll talk specifically about taxes that an estate or a trust incurs on its income. One of the forms that clients should be familiar with if they are trustees, administrators, or beneficiaries of an estate or a trust is schedule K-1. Since there are a few different types of K-1 forms, it’s important to understand...

Madison Eubanks

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Apr 02, 2024

Creating a last will and testament is one of the most fundamental efforts in estate planning, and a key component is naming an executor to carry out the will’s instructions. The executor is the person who will administer the estate, sees it through the probate process, and settles the decedent’s final affairs—in short, it’s a big responsibility.  Before the executor can begin administering a deceased person’s estate, though, the executor needs to obtain a Letter of Testamentary (also called letters testamentary). In this article, we’ll explain what a letter of testamentary is, why you might need one, how to get...

Simona Ondrejkova, CFP

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Mar 28, 2024

When it comes to estate planning, each individual’s needs dictate the simplicity or complexity of the solution that will best fit their goals. For those who care about avoiding probate, ease of distribution to beneficiaries, and simplicity of set-up, a transfer on death (TOD) account could be a great option.  A TOD account provides a simple way to transfer assets to beneficiaries without the need for complex legal structures like trusts. Here, we’ll explain what a TOD account is, its main benefits and drawbacks, and how it can be used as part of an estate plan to transfer wealth quickly...

Madison Eubanks

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Mar 19, 2024

Probate—the legal process of administering a person’s estate after their death—can be a loaded topic. Depending on the size and complexity of the decedent’s (the deceased person’s) estate, how organized their affairs were at the time of their death, the state they lived in, and many other factors, the probate process may vary widely from person to person.  Of course, the best way to deal with probate is to avoid it. A thorough estate plan that includes a revocable trust dictating where assets go can allow an estate to bypass (or mostly bypass) the oft-tedious probate process. To learn more...

Simona Ondrejkova, CFP

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Mar 14, 2024

To achieve estate planning objectives, it helps to be familiar with various types of trusts. A dynasty trust can be a great tool for clients who want to preserve their wealth or family business for several generations while minimizing estate taxes. Here, we’ll help you understand what exactly a dynasty trust is, how it works, how it differs from other trusts, how to set one up, and when it might be a good idea to use one. We’ll also discuss the tax implications of using a dynasty trust and how it can minimize a certain type of tax that specifically...

Simona Ondrejkova, CFP

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Mar 01, 2024

Whether you’re meeting with a new prospective client or doing a client review with a client you’ve had for decades, it’s important to know how to guide the conversation. Asking the right questions allows you to gain the insights you need to provide the best advice possible while fostering a deeper connection. Because when you take the time to listen to clients’ answers to these questions mindfully, It shows that you genuinely care about their goals, values, and needs. The questions you ask at the first discovery meeting with a new potential client are especially key in building a strong...