Category Archives: Estate Planning
Unleash the power of a nonspringing power of attorney
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a… Read More »
Should you name a trust as IRA beneficiary?
An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »
Intellectual property requires careful estate planning
If your estate includes forms of intellectual property (IP), such as patents and copyrights, it’s important to know how to address them in your estate plan. Although these intangible assets can have great value, in many ways they’re treated differently from other property types. 2 estate planning questions For estate planning purposes, IP raises… Read More »
Take caution when including employees in your estate plan
If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift… Read More »
Creating A Legacy: The Art of Planning
Presented by the Community Foundation of Tampa Bay and the Museum of Fine Arts, St. Petersburg, Bill McQueen joined Emily Benham, Stephen Peters, Beth Knowles, and Beverley McLain on the Expert Panel for “Creating A Legacy: The Art of Planning”.
Turn down an inheritance using a qualified disclaimer
If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the… Read More »
Educate your children on wealth management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about… Read More »
Best Lawyers 2019!
Best Lawyers is the oldest and most respected peer review publication in the legal profession. Recognition in Best Lawyers is widely regarded by both clients and legal professionals as a significant honor, bestowed upon a lawyer by his or her peers. This list is compiled through exhaustive peer review surveys where tens of thousands of leading lawyers confidentially… Read More »
Is a significant portion of your wealth concentrated in a single stock?
Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfer to the next generation. One of the best ways to reduce your investment risk is to diversify your holdings. But it’s not unusual for affluent people to end up… Read More »
3 reasons you should continue making lifetime gifts
Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether your estate is taxable or not. Let’s examine three reasons… Read More »