Latest articles by Timothy Barrett, Trust Counsel
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14 Rapid-Fire Estate Planning Tips
There’s a lot to keep up with when estate planning. These tips could help, from updating beneficiaries after changing your plan to understanding will-substitute options like transfer on death.
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What Do No-Contest Clauses Have to Do With Undue Influence?
No-contest clauses deter challenges to your estate plan, but you might want to consider terms that allow for legit challenges related to undue influence.
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Does Your Trust Have an Environmental Indemnification Clause?
Trusts that include farmland, industrial or commercial property could have this clause, so it’s important to know what it means and why it's there.
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Trust Provisions Addressing Substance Use Require Flexibility
Parents fearing substance abuse by their beneficiaries can include instructions aimed at deterring addictive behavior and blocking the potential misuse of funds.
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Charitable Giving Strategies for Not-as-Wealthy Donors
High-net-worth charitable giving could decline for years because of high inflation, so charities look to highlight tax-savvy options for average investors.
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Divorcing a Trustee: Do You Need a Prenuptial?
For any corporate trustee you choose, there should be some minimum requirements, and it’s best to check its reputation ahead of time to find out if its trust relationships end amicably.
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How Community Property Trusts Can Benefit Married Couples
estate planning Getting a step-up in basis when each spouse dies can be a big tax advantage, one that has not been available to those who live in common-law states. However, it may now be – through a community property trust.
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2 Strategies to Reduce Taxes from the Sale of Your Business
small business Long before you sell your business is the right time to explore ways to protect your proceeds from harsh taxation. Two possible strategies: the Qualified Small Business stock exclusion and a non-grantor trust.
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Is Crypto Investing Really Worth It?
cryptocurrency If your interest in investing in Bitcoin or other cryptocurrency is based mainly on a fear of missing out, step back for a second and do some research.
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Should You Own Your Home in Your Trust?
estate planning Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
estate planning -
For Entrepreneurs, Confidence in Your Advisers Is Your Most Important Investment
entrepreneurship When your business and estate are at stake, can you really count on the people who are helping you? Trust in your team starts with asking the right questions.
entrepreneurship -
Generation-Skipping Transfer Tax Basics
tax planning If your estate is big enough, you should know how generation-skipping transfer taxes work, and how to avoid paying more than you must.
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How Does a Spendthrift Trust Differ from an Asset Protection Trust?
estate planning Spendthrift trusts include similar protections to an asset protection trust and are more widely respected in other states, but they also come with their own rules and requirements.
estate planning -
What Role Should Your Children Play in Your Business Succession Plan?
small business A well-structured business succession plan covers a lot of ground: taxes, trust strategies, market valuations and much more. But some of the trickiest issues involve something much closer to home: your kids. What makes sense and what’s fair?
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Legal Advice for Parents with Kids in That ‘Awkward Stage’ of Semi-Adulthood
personal finance Your child is over 18 and legally an adult, but still your dependent. Say he’s away at school and is in a car crash. Would you have the right to talk with his doctors or deal with his bills? You need the proper paperwork in place to make sure of it.
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Getting the Best of Both Worlds from an Irrevocable Trust
estate planning Irrevocable trusts open the door to important tax strategies, but they mean the loss of control of the assets held in the trust … or do they? Today’s irrevocable trusts can be designed with some flexibility in mind.
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Your Relationship with Your Financial Adviser? It’s Complicated
Financial Advisers Social scientists theorize that people have two main decision-making styles: mostly emotional or mostly rational. This can make a financial adviser’s role in helping clients make good choices interesting … and surprising, as two clients’ stories show.
Financial Advisers -
2 Key Traits Smart Investors Share with Great Chess Players
investing Watching “The Queen’s Gambit” got me thinking about how investing and chess have some fascinating similarities. To be successful, you must look many moves into the future, and you have to be able to spot the difference between a gambit and an opportunity.
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The Politics of Election-Year Financial Planning
retirement The competing candidates for president are polar opposites in terms of taxes, adding a new urgency to year-end tax planning. Just what are they proposing?
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When Businesses Fail or People Can’t Pay Bills, Liability Limits Can Save the Day
personal finance From LLCs to trusts, protections are here to help — not just companies and individuals, but our whole economy itself. So, anyone struggling in these trying times should be aware of their rights and new possibilities for recovery.
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How to Take Control of Your Future in the New Economy
personal finance Businesses have tightened their belts and found new ways to earn money, and so should you.
personal finance -
Who Can Still Do a Stretch IRA after the SECURE Act: Explaining the Exceptions to the Rule
IRAs Many beneficiaries who inherit IRAs lost a major tax break recently, but five types of people still qualify for this “stretch IRA” benefit. Are you among them?
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The Secret to Post-COVID Networking? Being There
retirement The days of happy hours, conferences and corporate mixers seem long ago, thanks to coronavirus. But there is an effective, surprisingly low-tech way to make business connections and build relationships.
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Wealth Advisement Could Change Due to Coronavirus
Financial Planning Businesses of all types are adjusting to the new normal, and wealth advisory services are changing with the times, too. Some of these changes eventually might not be for the best.
Financial Planning
