Interest Rates and Estate Planning – Part II
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments.
Interest Rates and Estate Planning – Part I
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment.
Life Insurance and Estate Planning – Now What?
Life insurance is an important component of estate planning. After all, we know it can be a useful tool for providing financial protection for loved ones in the event of the policyholder’s death. Unfortunately, both Regina and I– the attorneys here at the Slaton Schauer Law Firm, PLLC– have spoken with many people who purchased […]
Lessons from Lisa Marie
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. Tragically, Lisa Marie Presley died on January 12, 2023 and her death marks yet another celebrity Estate Plan gone wrong.
Planning for Incapacity and Long-Term Care – A Short Guide
At the Slaton Schauer Law Firm, PLLC, we believe in solid planning for considerations of incapacity and potential long-term care needs. These issues become increasingly important as people age. How we can plan for these issues? Let’s start with definitions. What do we actually mean by “incapacity?” In the estate planning context, someone’s “capacity” refers […]
Estate Tax Planning – 4 Tools to Minimize Your Liability
You’ve probably heard of “estate tax,” but how much do you know about it? What is the estate tax? How can it affect you? In this article, we’ll give you a quick overview of estate tax. Estate taxes are, broadly speaking, taxes imposed on the transfer of assets from a deceased person to their beneficiaries. […]
Do I Trust You? Part III
If a client’s Estate Plan involves a revocable trust, then the client needs to decide who will serve as trustee after the client dies. Sometimes, clients have several undesirable options if they want to name an individual and they consider naming an institution to serve as trustee. This article provides a framework for clients considering naming an institutional trustee.
What if I Don’t Trust My Trustee? – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As expected, the avenues for removal depend upon the trust instrument itself, as well as any statutory remedies available.