Insight on Estate Planning - April/May 2018

Apr 06, 2018

Estate planning for your business: Use an ESOP to properly address your closely held company

Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. An ESOP can also be a powerful estate and retirement planning tool. This article explains how ESOPs can help business owners address several planning challenges. Read more...

Are your assets protected from creditors?

One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ― the reason being to pass as much wealth to family members as possible. This article explores several basic yet effective tools to protect hard-earned wealth. Read more...

Preparing a parent for a nursing home

If an elderly parent or other relative who lives alone is experiencing difficulty with daily living activities, it may be time to make the difficult decision to move him or her to a nursing home. This article examines the benefits of advance planning when a family must come together to discuss a potential move. A sidebar details the costs of a nursing home. Read more...

Estate Planning Pitfall: You haven’t transferred ownership of a life insurance policy to a trust

After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of value in a life insurance policy is exempt from current income tax, while proceeds payable upon death can avoid estate tax. Read more...

Joint Tenancy Bank Accounts as part of Estate Planning

If you have or plan to open a joint tenancy account, be sure to review how the joint tenancy is set up. If one account holder dies, the funds will most likely belong to the surviving account holder, but you should confirm with your financial institution to avoid confusion and disagreements. Read more...

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This email provides general information and is not legal or other professional advice. To discuss issues specific to your circumstances, contact one of our Estate Planning attorneys.