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Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are alive (in other words, if you become incapacitated).

According to the Centers for Disease Control and Prevention (CDC), approximately one in four US adults have some type of disability.[1] Frustratingly, once you are no longer able to manage your own affairs (also known as being incapacitated), you will not be able to turn back the clock and make plans that will make your transition into a possible incapacity as smooth as possible for you and your loved ones. However, you can take meaningful actions prior to an incapacity to protect your money, property, and legacy in the wake of any newfound limitations.

Compared to residents of other wealthy nations, Americans are more likely to give their time and money to help others. In 2023, the United States ranked ninth in per capita gross domestic product (GDP) but fifth on the World Giving Index rankings.[1] Polling shows that Americans trust nonprofits more than government or business, but they generally know little about charitable giving and philanthropy, such as how these organizations distribute their funds and the rules that govern their activities. Giving money to charity can provide personal and financial benefits to donors and be a part of the legacy they leave behind. If you are thinking about making a charitable gift—either now or when you pass away—there are some things to be aware of so you can make the most of your donation.

For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning ensures a seamless transition of ownership upon the potential occurrence of many different events, such as the business's owner's retirement, disability, or death. All businesses need a succession plan, but many business owners overlook it.

Probate is the court-supervised process of either (a) carrying out the instructions laid out in the deceased’s will or (b) applying state law to distribute a deceased’s accounts and property to their family members if the deceased did not have a will. The main purpose of the probate process is to distribute the deceased’s money and property in accordance with the will or state law. Not all wills, and not all accounts and property, need to go through probate court. And just because a will is filed with the probate court does not mean a probate needs to be opened. But whether or not probate is necessary, most state laws require that a will be filed when the creator of the will (testator) passes away.

How you give or loan money to family members has potential tax implications. The right method depends on your family circumstances. An intrafamily loan might be beneficial in estate planning for wealth transfers between generations while minimizing estate tax implications. Further, by using an intrafamily loan to provide money to a family member rather than making a gift, you can maintain control over the principal amount and how it is used. Intrafamily loans are valuable tools for preserving wealth and offer various advantages.

Pension and retirement accounts often form a large portion of an individual’s wealth and should be accounted for in an estate plan. If a retirement account holder completes a proper beneficiary designation, their account assets will bypass probate. Account holders often designate a surviving spouse or children as beneficiary, but they could also name a trust or a charity. The benefit and beneficiary rules applicable to different types of retirement accounts vary and should be discussed with an estate planning attorney, especially with the recent passage of the SECURE Act.

Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your hard-earned money and property after your death for those you love. When your spouse is not a US citizen, it becomes even more crucial to have the proper estate planning tools, especially if you have a high net worth.

Tax laws are subject to change, and many provisions of the 2017 Tax Cuts and Jobs Act will expire at the end of 2025, making it essential to review your estate strategy with legal and tax advisors. For 2024, the federal estate and gift tax exclusion amounts are $13.61 million per individual, with a maximum tax rate of 40%. The portability provision allows a surviving spouse to use the deceased spouse’s unused exclusion amount, while the GST tax exclusion is also $13.61 million but without portability. Estate planning strategies, such as credit shelter trusts and lifetime gifting, can help manage potential taxes and ensure your wishes are carried out.

Many believe they do not need an attorney to help them prepare and record a new deed. Instead, they think a deed template can simply be downloaded online or obtained from a book, filled out, signed, and then easily recorded. However, deeds are legal documents that must comply with state law to be valid. In addition, in many states, property will not pass to the other owners listed in a deed free of probate unless certain specific legal terms are included in the deed.

Wealth can be a magnifier of positive and negative actions and behaviors. Actions speak louder than words. Your habits, attitude and values send a powerful message to those receiving your gifts. When it comes to gifting assets, a key focus is enriching others' lives while minimizing the potential negative impact of wealth. There's no specific number for the right amount to give. It's your personal decision.

Raising an only child can sometimes present unique challenges for both the child and the parents, especially in the area of estate planning. In some ways, having one child simplifies the process. However, leaving your entire estate to them and making them the sole decision-maker for all the roles in your estate plan may not be ideal. While the child’s age, personality, and lifestyle are major factors when estate planning with an only child, there are other considerations to keep in mind.

A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, services, and experiences that these programs do not cover. Rules around SNTs are complicated, and a trustee’s unauthorized use of SNT funds may result in a penalty or reduction of government benefits for the trust beneficiary.

Beneficiary designations are a crucial part of an estate plan and a way to avoid probate. But they supersede instructions in a will or trust and should be regularly reviewed to ensure that they align with your legacy goals.

According to a Centers for Disease Control and Prevention survey, there were more than 670,000 divorces and more than 2 million marriages in 2022. Divorce is a common life event that many Americans face during their lifetime. Some states have laws that automatically end an ex-spouse’s appointment as decision-maker in their spouse’s estate plan with the ending of their marriage, as well as their right to any inheritance to which they may have been entitled. However, what happens if you die after you file for divorce but before it becomes final?

Fall is the perfect time to take stock of the past year and tie up loose ends before a frenetic last few weeks that can be equal parts stressful and celebratory. Read more to learn about having a fall to-do list can make the challenges of balancing family and professional commitments more manageable during this busy season.

Why has football captured the American imagination like nothing else? Some say football is a metaphor for life that can teach us lessons about discipline, teamwork, and overcoming adversity to reach a goal. Read more as we present to you your estate planning team, football-style.

While a fan might pass down their love for an NFL or college football team to family, passing down season tickets to them is another matter. Each team has a different policy about transferring season tickets, and teams may restrict transfers during the ticket holder’s lifetime and after.

Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children who still live at home have future plans to move out at some point. However, if one or both of their parents pass away prior to that time without addressing the adult child’s living situation in their estate plan, it can present legal issues.

Moving away from home is a major milestone in adulthood. For the first time, you might have to secure housing, buy insurance, sign up for utilities, and manage your finances. All of this can feel overwhelming as you simultaneously adapt to a new living environment and possibly a new career. With greater independence comes more responsibility. Your family may see you off with some parting advice about how to navigate the trials of adulting. One thing they might not have mentioned is the importance of having your legal house in order as you start this new life chapter. This includes having an up-to-date estate plan.

As a millennial, you are contributing to the workforce in a major way and are making positive changes in the world around you. We understand that your concerns may differ from someone of a different generation, and we are here to help you craft an estate plan that protects your future and addresses the things that matter most to you. The following are some important steps you need to take to ensure that you have a comprehensive estate plan.

Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will. Every adult—whether they are 19 or 99—should have a will at a minimum. Many people can also benefit from estate planning documents such as trusts, powers of attorney, and advance directives. But even if you have created a comprehensive estate plan, it may no longer align with your objectives if it is not up to date.

If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you as a parent, a guardian is someone who steps in when you pass away to assume your parental role and raise your minor child through legal adulthood. Conversely, a trustee manages the financial legacy you leave behind for your minor child. As a parent, you need to consider the skills and characteristics each role requires to ensure that you nominate the right people for the benefit of your child and their inheritance. 

When you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust’s affairs if you can no longer manage the trust yourself. The trustee is in charge of managing the trust’s accounts and property. Specific duties can include collecting income, paying bills and taxes, making investment decisions, buying and selling property, providing money for you (during your lifetime) and your loved ones according to the trust’s instructions, keeping accurate records, and generally keeping things organized and in good order.

If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) or after your death. This person is known as your successor trustee.