Credit Shelter Trusts, also known as Bypass Trusts or Family Trusts, play a crucial role in estate planning. These trusts offer a strategic approach to maximize the preservation and distribution of wealth, especially in the context of estate taxes. In this blog post, I'll delve into the key aspects of Credit Shelter Trusts, exploring their purpose, mechanics, and the potential benefits they provide for individuals and families.
How do I protect my daughter’s inheritance from her husband? I know they aren’t happy, and I think they will get divorced soon.
This is a common concern for a lot of my clients — how to protect their adult children from losing their inheritance. The answer is both simple and complicated, because there is the letter of the law, and then there’s what actually happens in reality.
A postnuptial agreement, or “postnup,” is similar to a prenuptial agreement, except this legal contract is written and signed after the couple is legally wed. A postnup sets forth how assets will be divided, and may include other provisions dictating marital conduct like the division of household chores to monogamy expectations to how frequently in-laws may visit. Like a prenup, a postnup an be a powerful estate planning tool, when used properly.
A prenuptial agreement (sometimes called an antenuptial agreement, premarital agreement, or colloquially “prenup”) is a written contract entered into by a couple prior to getting married. The agreement enables them to select and control many of the legal rights they acquire upon marrying, and what happens when their marriage eventually ends (whether by death or divorce). Thus, it can be a powerful estate planning tool, if used properly.
Most people assume that their wealth will go first to their spouse, and then to their kids, but are often hazy on the details of what that means. In estate plans, as well as in the beneficiary designations for life insurance and retirement accounts, you may find language like “per stirpes,” “per capital at each generation,” or “by representation.” Each of these phrases change the way that an estate is divided among beneficiaries.
Diagnosing memory problems can be difficult. Memory problems can be caused by depression, thyroid problems, a reaction between medications, dehydration, vitamin deficiency, stroke, infections, and dementia. If you are beginning to suspect that a loved one may be developing a memory problem, there are actions you can take immediately to help them.
To age in place successfully, a senior has to be able to engage with others, and remain healthy and safe in their independent living situation. The right technology can support their ability to do that. Discuss whether certain apps or devices might help your loved one stay safe and healthy, and consult with their primary care practitioner to identify areas where technology may help now and in the future.
n a first marriage, the estate planning goals of each spouse are typically aligned: take care of the surviving spouse for as long as he or she lives, and then divide what’s left equally among the children. This also makes sense because most couples jointly own their assets, and estate taxes favor the surviving spouse.
But in a subsequent marriage, or when marrying later in life or after amassing significant wealth, the goals may not be so perfectly aligned.
