Recent News & Blog / Estate Planning
A revocable trust can be a versatile tool in your estate plan
A revocable trust is a popular estate planning tool that allows you to manage your assets during your lifetime and ensure a smooth transfer of those assets to your family after your death. However, like any legal instrument, a revocable trust has certain disadvantages. Contact the estate planning advisors at SEK with questions.
Charitably inclined? Pair a donor-advised fund with your estate plan
Your estate plan is the perfect place to make charitable gifts if you’re charitably inclined. One option is to consider using is a donor-advised fund (DAF). It allows you to set aside funds for charitable giving while you’re alive, and you (or your heirs) can direct donations over time. Contact SEK's estate planning advisors for assistance.
Provide your heirs the option of creating an inheritor’s trust
An inheritor’s trust is a specialized estate planning tool designed to protect and manage assets you pass to a beneficiary. One of its primary advantages is asset protection. It allows your beneficiary to receive his or her inheritance in trust rather than as an outright gift or bequest. Thus, the assets are kept out of his or her own taxable estate. Contact SEK's estate planning advisors to set up an inheritor's trust.
Beware if your estate plan leaves specific assets to specific heirs
Does your estate plan leave specific assets to specific family members? If so, you may want to reconsider your plan. While it may be tempting to, doing so risks leaving someone significantly less in value. However, if it’s important to you that certain heirs receive certain assets, there may be planning strategies you can use to ensure your heirs are treated fairly. Contact SEK's estate planning advisors for details.
Moving a trust over state lines can offer tax savings and other benefits
Relocating a trust may offer a tax advantage if the trust is an irrevocable, nongrantor trust, accumulates substantial amounts of ordinary income or capital gains, and can be moved to a state with low or no taxes on accumulated trust income. There also may be other advantages to moving a trust. Contact SEK's estate planning advisors with questions.
Estate planning for non-U.S. citizens requires extra care
If you or your spouse is a noncitizen, special rules apply that require additional planning when it comes to your estate. A significant difference between U.S. citizens and noncitizens, and a potential tax trap for the unwary, is that the marital deduction isn’t available for transfers to noncitizens. If you or your spouse is a noncitizen, talk to SEK's estate planning advisors about the potential estate planning ramifications.
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.