Insight on Estate Planning - February/March 2022

Related Practice: Estate Planning & Administration

Here's a brief glance at what you'll find in the February/May issue...

Don’t count out the bypass trust

To paraphrase Mark Twain, the reported demise of the bypass trust may be greatly exaggerated. In fact, this estate planning technique is still a viable option for many individuals and may actually stage a “revival” in future years. This article details the estate tax law changes that slightly reduced the necessity of using a bypass trust and explains why future tax law changes may make it once again attractive. A sidebar provides a brief history of the gift and estate tax exemption.

COVID-19 and estate planning: Estate planning is possible in a socially distanced environment

In light of the ongoing COVID-19 pandemic, some people may be leery about visiting their advisor’s office to attend to estate planning documents. The good news is that for those who need to plan their estates or execute critical documents but don’t want to meet face-to-face, there are ways to do so in a socially distanced environment. This article explains options for meeting remotely and signing documents.

Create an eldercare plan for an elderly loved one

For families caring for an elderly family member, it’s critical to have an eldercare plan in place. If a parent or an in-law is experiencing difficulties caring for themselves, it’s time to call a family meeting to create an eldercare plan that addresses key issues and includes contingencies. This article explores topics to cover during the family meeting.

Estate Planning Pitfall: You’re using the wrong type of living trust

Using a living trust makes sense for those looking to preserve assets for other family members without dire tax consequences or to avoid probate. But which trust type to choose? A “revocable” or “irrevocable” living trust? The answer can make a big difference. This brief article explains why the wrong type of trust can defeat a person’s main intentions.

No Contest Clauses and Challenge Proof Planning

Every family seems to think they have more problems than the next, and while they all can’t be right, it really is common for complicated family dynamics to give rise to estate planning concerns. This article will explain how to ensure your estate plan, as drafted, is put into effect after death. 

Click here to read the full Stokes Lawrence Insight in Estate Planning February/March 2022 newsletter.

To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.