Category Archives: Legacy Planning

Subscribe to Legacy Planning RSS Feed

Disability Planning: The Bare Essentials

Planning for disability is just as important as estate planning and can help minimize family conflict, protect family members, and ensure security and access to financial assets during incapacity. Mental or physical disability can occur at any time, often unexpectedly, and may last for years. Failure to plan accordingly can trigger protracted court proceedings to … Continue Reading

Trusts Can Provide Benefits Even for the Most Financially Savvy

In planning for the next generation, many parents struggle with the decision of whether to transfer property to their children outright or in trust.  Some feel that transferring property outright is the best option when the beneficiary is competent (i.e., mature, intelligent, financially savvy, and capable of managing money and making investment decisions).  A beneficiary … Continue Reading

Selection of Fiduciaries

One of the most important decisions you will make in developing a legacy plan is selecting the right individuals to serve out the roles in your core legacy planning documents. The people appointed to these roles are often called fiduciaries or sometimes, stewards. A fiduciary is a person or institution who can act on your … Continue Reading

Planning for the PC Child

Advancements in reproductive science are creating complications when it comes to inheritance rights of children, specifically posthumously conceived (PC) children.  Such complications have resulted in a number of recent court cases and amendments to state law.  How are children defined under your legacy planning documents?  It may be worthwhile to take a more careful look. … Continue Reading

When a Fiduciary is Personally Liable for Unpaid Taxes

Although many people name family and friends as trustees or personal representatives in their legacy plan, it’s probably safe to assume that the people being appointed don’t have an understanding of the high level of responsibility inherent in carrying out their fiduciary duties.  One of the greatest fiduciary responsibilities is payment of a trust’s or … Continue Reading

Where’s the Money – Stop Your Heirs from Squandering Their Inheritance

Individuals from around the world at all levels of affluence share a common concern: how to pass on their family wealth and have it last for multiple generations without spoiling or disincentivizing their children and beneficiaries. Although the focus in wealth transfer planning has traditionally been on wealth creators and tax planning, it is now … Continue Reading

Arranging Your Final Resting Place: Will You Rocket into Space, Serve as a Foundation for a Coral Reef, or Stick with More Traditional ‘Final Arrangements’?

Given today’s technology setting up your “final arrangements” may be a bit more interesting than in years past… and could create more controversy between family members if you don’t make your wishes known.  The alternatives are wide ranging, and there seems to be something to appeal to everyone.  Coral reef burial? Launch into space?  Be … Continue Reading

Wealth Steward – Would You Be Mine?

Selecting close family members or friends as stewards is very common based on a presumption that those individuals will know the most about your family and your wishes; however, a steward may be any person or institution who can act on your behalf. When selecting someone to act on your behalf in the event of … Continue Reading