Add Estate Planning Flexibility with a Power of Appointment
The best laid plans can go awry. After your death, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen. There’s no way of predicting the future, but you may want to supplement your existing estate plan with a trust provision that gives a designated beneficiary a “power of appointment” over some or […]Continue reading
Estate Planning and Business Succession Planning: The Lines Blur With a Family Business
For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps to ensure that the business lives on after you’re gone, you […]Continue reading
Estate Planning as a Parent
If you are a parent, you’ll need to have a comprehensive estate plan both in place and updated at all times. This can seem like a daunting task, especially because you likely have dozens and dozens of tasks on your to-do list at present already. However, the stakes are too high to justify not making […]Continue reading
CLTs: A Charitable Trust That Takes the Lead
Are you inclined to donate assets to a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable remainder trust (CRT), a better-known alternative. With a CLT, the property eventually reverts to your […]Continue reading
A Living Will Can Help Ensure Your Last Medical Wishes are Carried Out
According to a University of Pennsylvania report, approximately 37% of Americans have “advance directives,” which include living wills and power-of-attorney designations. These documents specify what should occur and who should make medical decisions should someone become seriously ill and unable to make these decisions for him- or herself. If you belong to the other 63% […]Continue reading
The HSA: A Healthy Supplement to Your Wealth-Building Regimen
A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. ABCs of an HSA Similar to a traditional IRA or 401(k) plan, an HSA is a tax-advantaged savings account funded with pretax dollars. Funds can […]Continue reading
Addressing Adopted Children or Stepchildren in Your Estate Plan
Families that have children who are adopted, or stepchildren who haven’t been legally adopted, may face unique estate planning challenges. Additional consideration must be taken when a family includes an unmarried couple in a long-term relationship and one person has biological or adopted children. If your family’s makeup is as such, it’s important to understand […]Continue reading
What Are the Benefits of Having a Business Lawyer on Retainer?
As a small business owner, you know your business often encounters legal issues. Unfortunately, as a business lawyer in Washington, DC from a firm like Brown Kiely, LLP can explain, facing such problems are almost a foregone conclusion with any business. On the other hand, your business may not be large enough to warrant hiring […]Continue reading