Much of the life insurance purchased over the past 15-20 years for estate planning purposes was of a type known as guaranteed universal life insurance. It was (and is) popular in estate planning because it was generally less expensive to buy than traditional whole life, yet it came with a guarantee such that the risk…

Not normally a big deal. But in this case, the laptop represented access to $145M in cryptocurrency. Apparently, the only access to this money. Talk about making a bad day even worse! According to the news reports, Gerald Cotten, dying unexpectedly at 30 years old, was very concerned about security and used multiple layers of…

For decades a debate raged in legal circles about which documents were better – wills or trusts. Members of the public didn’t really know the difference, but there was a perception that trusts were more complicated and expensive – and were primarily for wealthy people. Those who favored trusts told the story of Ellen. When…

Most of us would like to think that our children and grandchildren could handle a sizeable inheritance. The statistics say otherwise. Some studies have shown that most inheritances are totally gone within 18-24 months of receipt – regardless of the age of the recipient – and regardless of the size of the estate! The truth…

So, you’ve created a will, designating your heirs and setting forth their inheritance. You think everything has been well planned ahead of time. For all that, how sure are you that the inheritance you worked your lifetime to accumulate will be used and enjoyed by the people you want and by them alone? Have you…

Life insurance is a unique asset used to accomplish any of the following: The creation of an estate where circumstances have kept the estate owner from accumulating sufficient assets to care for his loved ones in the event of a premature death. To protect a business value due to the loss of key employees. For…

Did you ever consider that you might want to do “special needs” planning even if you don’t have any special needs children or grandchildren? Can you imagine how one of your children could come to have special needs after you’re gone? One of our colleagues relates this story. Sid and Elaine had three children, and…

For years there has been talk about doing away with the Federal estate tax. So far, this year’s most popular question from clients is, now that the estate tax is gone, do we still need to do estate planning? The short answer is that if estate planning was only about the tax, then estate planning…

For years there has been talk about doing away with the Federal estate tax. The tax bill, passed in the closing days of 2017, partially achieved that goal for most American taxpayers. The new law increases the amount that a single person can pass during life or at death to $10M. This amount is to…

Last month we looked at guardianship, the first of two issues that affect planning for minor children. This month we will look at some ideas for leaving money to minor children. We start with the idea that minors cannot really own investments outright. As such, dealing with gifts of sizeable amounts of money, investments, and…

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