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Beneficiary designations—including transfer-on-death (TOD) and payable-on-death (POD) forms—are powerful tools in estate planning that can override a will or trust, making them essential to keep accurate and up to date. Outdated, missing, or incorrect designations can cause serious consequences such as unintended inheritances, delays due to probate, or legal complications. Life changes like marriage, divorce, or the birth of children should trigger a review of these forms to ensure they still reflect your wishes. Regular estate plan reviews with an attorney help avoid costly mistakes and ensure a smooth transfer of assets.

As Americans prepare to pass on an estimated $84 trillion in assets during the “Great Wealth Transfer,” many parents intend to leave inheritances to their children—yet most families don’t adequately prepare the next generation to manage that wealth. While outright inheritance offers simplicity, it can be risky if beneficiaries lack financial discipline, face debt, or are legally unable to manage funds. Alternatives such as controlled transfers may better align with a family’s long-term goals and values. Open conversations and careful planning are essential to ensure a successful and responsible wealth transfer.

Trusts are often misunderstood as tools only for the wealthy, but they can benefit people across income levels by offering privacy, avoiding probate, managing assets during incapacity, and protecting beneficiaries. While wills are essential, trusts provide added flexibility and control, allowing for tailored distribution plans, tax strategies, and protections for vulnerable beneficiaries. As more Americans prepare for the "Great Wealth Transfer," trusts are becoming increasingly important in modern estate planning. Consulting with an attorney can help determine the right trust structure based on your unique family and financial circumstances.

In his return to the presidency, Donald Trump is pushing for major tax reforms that could significantly impact estate and financial planning. His administration aims to extend or enhance provisions from the 2017 Tax Cuts and Jobs Act, including eliminating the estate tax, adjusting SALT deductions, and lowering capital gains taxes. With potential changes looming by 2026, now is the time to review and update estate plans, especially for those with large estates or complex finances. Maintaining flexibility, updating key documents, and exploring gifting or trust strategies can help you prepare for whatever tax policies ultimately emerge.

Spring is not just a time for cleaning your home—it’s also the perfect season to refresh your estate plan and financial affairs. As life events unfold and laws change, your estate plan can quickly become outdated, much like the forgotten corners of your home. Taking the time now to review and revise your documents, asset lists, and powers of attorney ensures your plans align with current circumstances. By treating spring as a seasonal checkpoint, you can prepare both your legacy and your finances for the summer ahead and beyond.

Understanding the historical evolution of estate and income tax laws can help you make more informed estate planning decisions today. While the federal estate tax has existed for over a century, only a tiny fraction of estates are taxable due to high exemption levels—currently nearly $14 million per individual, thanks to the Tax Cuts and Jobs Act (TCJA). However, these limits are set to sunset in 2026. Similarly, changes to income tax laws, which have shaped estate planning strategies over time, could also shift depending on political actions. Proactive planning now can help you avoid last-minute stress and better preserve your wealth for future generations.

When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will.

It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes.[1]

About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the person who leases a vehicle) to drive a more expensive car on a lower monthly payment during its most trouble-free years. At the end of the lease term, the vehicle can then be returned for a new model. A lessee, however, does not own their vehicle. They drive it under a car lease agreement that is a binding contract. The contractual obligations of a lease can affect an estate plan, so lessees should understand what is in the fine print of their contract and what happens to a lease after their death.

Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to be addressed. When looking to start or continue your estate planning journey, ask yourself the following questions about your personal property.

Expatriates who live and own assets (accounts and property) in more than one country need an estate plan that reflects their international life. This may require working with estate planning attorneys in each country where they have assets.

You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during your lifetime.

Planning for the future of your home can be complicated, especially when you want to ensure that a loved one can continue living there after you are gone. Two common tools for accomplishing this are life estates and right of occupancy trusts. A life estate grants someone the legal right to live in a home for the rest of their life; however, while they can reside there, they do not own it outright. A right of occupancy trust allows someone to stay in the home under specific conditions set in a trust, giving more flexibility and control over how long they can remain. There are a few common scenarios in which people may use one of these tools.

If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB trust planning, which, until 2011, was the only way married couples could take advantage of both spouses’ federal estate tax exemptions. 

Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true.

A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could crush your finances.

You may be surprised to learn that, not only has asset protection planning been around for a long time, but you likely have already engaged in it at some point. In fact, you probably have one or more types of traditional asset protection planning currently in place. The problem is, in many cases, the type of planning you have right now may not be enough to fully protect you and your family.

Rising housing costs, the desire for companionship, and the need to share resources are increasingly leading buyers to consider co-owning a home with someone other than a spouse, such as a friend, relative, or significant other. Although this arrangement can be beneficial on several levels, it should be approached with open communication, careful planning, and a clear understanding of the financial and legal implications.

A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, ...

With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that they will be valid and enforceable. Providing accurate information and executing the documents in compliance with your state's laws is critical. Otherwise, your documents will not work as intended.

While some Americans are diligently counting their steps, watching what they eat, and trying to live longer, healthier lives, many have failed to plan adequately for their future healthcare and what could happen in a medical emergency. One basic list can help address this shortcoming.

To-do lists, grocery lists, bucket lists . . . the list goes on. However, there is one crucial list that often gets overlooked: the list of trusted professionals and decision-makers who can step in for you during a time of need.

The Federal Reserve tracks household net worth as an indicator of the overall health of the US economy and to gain a long-term perspective that influences future monetary decisions. You should track your net worth for similar reasons. This process involves creating an inventory of your assets (everything you own) and keeping it updated so that it can be measured, analyzed, and readjusted to keep your financial and estate planning goals on track.

When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones and your family dynamics.

While many wines get better with age, the same cannot be said for some irrevocable trusts.  Maybe you are the beneficiary of a trust created by your great-grandfather over 70 years ago, and that trust no longer makes sense. Or maybe you created an irrevocable trust over 20 years ago, and it no longer makes sense for your current situation. Wine connoisseurs may wonder if there is any way to fix an irrevocable trust that has turned from a fine wine into vinegar. You may be surprised to learn that under certain circumstances, the answer is yes—by decanting the old, broken trust into a brand new one.