For years we have been telling our clients, if you have questions or anything changes, call us; however, we are finding we get the question somewhat frequently, “but specifically when should I call you?” Or we find out about a major life change several months or a year after the fact because clients or their family members did not realize that they could or should call us. We thought we would try to clear some of that up and give you some guidelines on when you might want to think about picking up the phone or shooting us an email. We’re here to be a resource for our clients, and we never want you to feel like you just have to figure it out on your own. Here are some reasons you might want to reach out:Read More
Family Estate Planning Law Group’s Family Care Meeting™ is a great way to begin talks with your family about your estate plan. By bringing together your team, which can include your loved ones, our attorney team, a financial advisor, accountant, or any other professional you want included, the Family Care Meeting™ opens up communication, facilitating the conversation and answering questions from all those involved.Read More
Families tend to be at the center of holidays.
The holiday season is a great time to gather to celebrate and carry on our family traditions. This year, some of our traditions needed to be modified or changed, but I find that most families have adapted and found ways to stay connected. In estate planning, we’ve found that communicating with our families about their estate plan is necessary to ensure their estate plans will actually work, and that their family is taken care of. That’s why we’ve included a family care meeting in our estate planning process, whereby you, your trusted advisers, and your family members meet to discuss your estate plan and how best to take care of you and your family in the event of incapacity and death. Remember, we do not have to disclose the value of assets in these meetings (because we don’t know the value of the assets when you die), but it is important that your family meets your trusted advisors, understands what your intent is regarding your estate plan, and knows that you’ve taken the steps necessary to make things easier for them when you die.Read More
Every 4 years, a change in our Presidential elections results in a flurry of literature, workshops, and newsletters regarding potential changes in income and estate tax laws. This year was no exception, as the significant increase in the federal deficit resulting from costs associated with COVID-19 has placed more pressure on tax increases, including potential tax increases in the estate planning realm. The federal exemption amount, which is $11.7 million as of January 1, 2021, will, under the current law, decrease to about $6.7 million in 2026. Many believe that this decrease in the coupon will occur earlier or may even go down below the $6.7M returning to the former $3.5M. All of this is speculation at this point, but we must be prepared to act quickly, as some of these tax law changes may act retroactively.Read More
Every year, at the start of the year, many of us make New Year’s resolutions. We think about the things we want to be different in our lives, and we resolve that we’re going to change them. For some of us, this actually results in life changes every year. For most of us, we have the best of intentions, but life gets busy, or challenges come up, and by February our resolutions are a thing of the past. Personally, I’m resolving to make more time for creativity in 2021—dust off my keyboard, do some more crafts and artwork with my kids. You can ask me in a few weeks what we’ve created, and we’ll see how it goes. I’m pretty sure my 1st grader and preschooler are resolving to find a way to get me to bake more cookies in 2021.Read More