Recent News & Blog / Estate Planning
Estate planning Q&A: Guardianship
If you’re the parent of a newborn, toddler or older child, you may be thinking about naming a guardian for him or her. This can be a difficult decision, especially if you have many choices or, on the other hand, no one you can trust. Read here for answers to common questions about guardianship. Contact the estate planning advisors at SEK for further guidance.
Have you prepared an advance health care directive?
An advance health care directive allows you to communicate your preferences, in advance, for medical care in the event you’re incapacitated. Comparable to a durable power of attorney, a health care power of attorney enables another person to make health care decisions for you. Contact the estate planning advisors at SEK with your questions.
5 questions single parents should ask about their estate plans
In many respects, estate planning for single parents is similar to that of families with two parents. Parents want to provide for their children’s care and financial needs after they’re gone. However, when only one parent is involved, certain aspects of an estate plan demand special attention. If you’re a single parent, here are five questions you should ask an estate planning advisor.
Intellectual Property Requires Careful Estate Planning
For estate planning purposes, intellectual property (IP) raises two questions: 1) what’s the IP worth and 2) how should it be transferred? You should also consider your income needs and who’s in the best position to monitor your IP rights and take advantage of their benefits. Contact the estate planning advisors at SEK for planning strategies that address IP.
Do you have a will?
When a person considers an “estate plan,” he or she typically thinks of a will. And there’s a good reason: A well-crafted, up-to-date will is the cornerstone of an estate plan. Let’s take a closer look at what to include in a will. Contact the estate planning advisors at SEK with questions.
To file or not to file a gift tax return, that is the question
If you made substantial gifts of wealth to family members in 2024, you may have to file a gift tax return. The return is due by April 15 of the year after you make the gift, so the deadline for 2024 gifts is coming up soon. Contact the CPAs and tax advisors at SEK for more details.
Should a married couple use a joint trust or separate trusts?
If you’re married, you and your spouse must decide whether to use a joint revocable trust or separate revocable trusts. The right choice depends on your financial and family circumstances, applicable state law, and other factors. To determine which is right for you, contact the estate planning advisors at SEK.
Ensure you’re properly documenting your charitable donations
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. Contact the estate planning advisors at SEK with questions.
Understand your spouse’s inheritance rights before getting remarried
If you’re getting remarried, you may have different expectations than you did during your first marriage when it comes to estate planning. State laws and property rights might affect your estate plans. Contact the estate planning advisors at SEK for additional details.
Taking the long view of long-term care insurance
For many people, the possibility that they’ll incur significant long-term care (LTC) expenses is one of the biggest threats to their estate plans. A practical solution is to purchase an LTC insurance policy. This insurance generally provides benefits when you can no longer perform several basic activities of daily living. Contact the estate planning advisors at SEK with questions.