Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start with one or maybe two members of a senior generation who have the funds, desire, and connections to create the business. It’s not always clear, though, what will happen when that senior generation … [Read more...] about Business Succession Planning May Be Easier than You Think
Creating a comprehensive and successful estate plan requires you to consider a number of inter-related goals and objectives. Although your primary goal may be to ensure that your estate assets are distributed according to your wishes after your death, you may also want to focus on what will happen to you after your death. While most of us prefer not to spend too much time thinking about our own funeral and burial, doing so now may prevent several unwanted consequences later. The Londonderry … [Read more...] about What Is a Funeral Trust?
As a child, one of the most difficult moments is the moment when you realize your parent can no longer safely care for himself/herself because of physical and/or mental incapacity. Watching a parent’s physical and/or mental health deteriorate can be excruciatingly painful. After all, this is the person who cared for you when you were a child…who taught you everything you know…who kept you safe from harm. Now, you may need to care for your parent and keep him/her safe from harm. What exactly does … [Read more...] about Does Mom or Dad Need a Guardian?
If you have a high value estate, you need to be concerned about the impact taxes will have on that estate after you are gone. Married couples often make the mistake of relying heavily – or even entirely – on the marital deduction when it comes to tax avoidance. A Nashua area estate planning attorney at DeBruyckere Law Offices discusses why you need to be careful relying on the marital deduction. Federal Gift and Estate Taxes All estates are potentially subject to federal gift and estate … [Read more...] about Be Careful Relying on the Marital Deduction
When you are young, single, and just starting out in your career your estate plan will likely be rather simplistic. As your life becomes more complex, however, your estate plan will need to expand to reflect the increasingly complex nature of your life. For example, if you marry for a second (or subsequent) time and become part of a blended family, you may find the need to protect both your new spouse and any existing children within your estate plan. One estate planning tool that is often used … [Read more...] about Blended Family Estate Planning
In a perfect world, you should create a Medicaid planning component within your estate plan before you reach middle age. Not doing so can put your assets at risk during your retirement years if you reach a point at which qualifying for Medicaid becomes crucial. While it is certainly best to plan for the need to qualify for Medicaid, you may still have options. The Londonderry Medicaid planning attorneys at DeBruyckere Law Offices explain what you need to know about last-minute Medicaid … [Read more...] about What You Need to Know about Last-Minute Medicaid Planning
A life insurance policy is likely to play an integral role in your estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you and how it fits into your plan. Toward that end, a Londonderry estate planning attorney at DeBruyckere Law Offices explains your life insurance options. Life Insurance Options The type of policy you need will depend on a variety of … [Read more...] about Understanding Your Life Insurance Options
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance