Trusts are a nuanced part of estate planning and can make sure that assets are passed on to your loved ones in a controlled manner. While there are many terms and concepts to grasp when it comes to understanding trusts, it also helps to appreciate that there are several types…
Difficult times bring out the extremes in people. While the news is full of stories about altruism during the COVID-19 pandemic, there are countless examples of individuals who have come out with scams designed to capitalize on people’s confusion and fear. Besides being at increased risk of experiencing the most…
Sometimes creating an estate plan means more than just simply designating who will receive your assets. Instead, it sometimes becomes critical to think about how a loved one will receive what you leave them. Fortunately, estate planning presents the opportunity to contemplate the particular needs of your beneficiaries as well…
The field of estate planning involves various types of documents. While some of these documents have long-recognized roles, people have less exposure to others and are more uncertain about the role they can play in estate plans. One commonly asked question is what the difference is between power of attorney…
The general consensus is that Social Security replaces around 40% of your pre-retirement income. The reality is that half of all single people depend on their Social Security benefits to replace close to 90% of their pre-retirement income, says the Social Security Administration (SSA). From the start, the only way…
Many of you may recall when President John F. Kennedy founded the Peace Corps in 1961 and may have even signed up as a volunteer to help provide social and economic development assistance abroad. Borrowing on this model, an initiative is underway to establish an internal national volunteer care corps…
The Consumer Financial Protection Bureau (CFPB) recently released a set of helpful guides to help individuals manage the financial affairs of loved ones or others who are unable to do so and require a fiduciary to take of such matters. The guides cover multiple topics to help fiduciaries, including how…
When planning an international trust, a Clifford Trust will allow a grantor to transfer high net worth assets that produce taxable income into an estate’s trust with the option of reclaim at time of trust expiry. Though used little at present, the Clifford Trust offers the opportunity for high net…
When retirement investors are considering assets for estate or trust transfer, one of the main priorities is the impact of risk. In the past several years, cryptocurrency assets have increased in popularity. Until 2017, Bitcoin and other digital currency assets were also considered as tax-exempt “property” under federal Internal Revenue…
A Kings County Surrogate’s Court judge recently removed the executor to an estate without a hearing over the individual’s failure to comply with the court’s order to properly account of the estate’s assets. The case is a prime example of how and why someone can be removed as the executor…