It’s Like Buckling Your Seatbelt After the Crash: Why Timing is Everything When it Comes to Asset Protection
Asset protection is often misunderstood and, unfortunately, too often overlooked until it’s too late. Many professionals and business owners only start thinking about protecting their assets when they’re facing a lawsuit, investigation, or financial threat, but by then, the legal tools for effective asset protection are usually no longer available. With tens of millions of […]
Whom Do You Trust to Make Your Financial Decisions?
You wake up and check your investments over a cup of coffee. That tech stock you have been eyeing continues to trend upward, so you log in to your online brokerage account and buy some shares. Later in the day, you get a notice that your mortgage payment has been withdrawn. Sticking to your budget, […]
Maximizing Tax Savings: The Power of Upstream Gifting
What is Upstream Gifting? Upstream gifting is a tax strategy where a younger family member gifts an asset to an older relative. This is in contrast to the usual practice of passing wealth down to children or grandchildren (downstream gifting). Upstream gifting is a valuable strategy because it allows an appreciated asset to receive a […]
Incapacity Planning: The Elephant in the Room
Why You Need to Worry About Incapacity Planning Death is the elephant in the room when we talk about estate planning. Sometimes we talk around it using phrases like “pass away” and “pass on” instead of directly naming it, but the not-so-subtle subtext of an estate plan is death’s inevitability. If death is the elephant […]
It’s Okay to Ask for Help: A Guide to Caregiving and Estate Planning Duties
There are certain times that we think about and prepare for, yet when they arrive, we may still feel unprepared. It can feel this way when we get the news that family is counting on us, perhaps in the biggest way they ever have. Maybe you found out that your mother’s health has deteriorated and […]
3 Things You Must Do Once Your Divorce Is Final
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. To ensure that your wishes for your money, property, and estate plan are carried out in light of this major life change, there are three things you must do as soon as possible. Change the […]
Solving the Estate Planning Equation: Why Maintenance Matters
Imagine you’re given this equation to solve: x + y = z. The catch is that you aren’t given the values of x, y, or z. When we create your estate planning documents, our goal is to ensure that your wishes are honored and your family is taken care of after you pass away. The difficulty […]
MyProxy Wallet Card Initiative
Our firm’s new initiative, the MyProxy Wallet Card, features a free wallet-sized Halachic Living Will and Health Care Proxy card, which was recently featured in Hamodia newspaper. This initiative marks a significant step in our ongoing efforts to align health care decision-making with halachic principles. Organizations like Chayim Aruchim and NASCK have been at the […]
Protecting Your Children’s Inheritance When You Are Divorced
Consider the following story: Beth’s divorce from her husband was recently finalized. The most valuable things she owns are her employer-sponsored retirement plan and her life insurance policy. She has opted to use the beneficiary designations as her only form of estate planning and updated the primary beneficiary designations to name her two minor children. […]
Don’t Forget to Tell Them How to Share: Ideas for Dividing Personal Property
Personal property can be an important part of many people’s lives. Whether it is something that has monetary value or something that you have collected for many years, certain items hold a significant place in your heart. Figuring out what to do with these items when you are no longer around to enjoy them can […]
Should Your Child’s Guardian and Trustee Be the Same Person?
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you […]
How to Pick a Trustee, Executor, and Agent under a Power of Attorney
While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one or more people to […]
Estate Planning After the Loss of a Child: Balancing Family Legacy and the Needs of a Surviving Spouse
Losing a child is one of the most painful experiences a parent can endure. When it comes to estate planning, this loss adds layers of complexity, particularly when there are considerations about keeping family assets within the bloodline. Many parents wish to ensure that their legacy continues through their surviving children and grandchildren. However, this […]
How a Community Property Trust Could Save You Money in Taxes
When it comes to your family’s legacy, every dollar you can save from taxation counts. One way to keep your accounts and property out of the hands of the Internal Revenue Service (IRS) is to form a community property trust. How Does a Community Property Trust Work? Community property trusts can save you money on […]
Is a CLAT Right For Me?
If you face significant income tax obligations and charity is a part of your financial landscape, then you should be thinking about creating a CLAT. Certainly, if you already have charitable commitments, you could hardly find a more efficient way to fulfill these obligations than through a CLAT. A CLAT allows you to set aside […]
Digital Property: The Intersection of Legacies, Technology, and the Law
Today, the average internet user has over 240 online password-protected accounts,1 and 97 percent2 of American adults own smartphones, meaning that the “average American” is an internet user. Digital property in a trust or estate plan cannot be managed the same as physical property. This brings to light a new and expanding challenge in trust and […]
Does a Young Adult Need a Will?
As our client and a parent, you know that having a comprehensive estate plan ensures that your children will be taken care of if something happens to you. But what if something happens to your child? Should they have a will, too? And if they do not, what happens then? These are some of the […]
Running a Well-Oiled Estate Plan
Your estate plan = the vehicle for your generational wishes. Consider the analogy. When you purchase a vehicle, you understand that it will require ongoing maintenance to enable it to continue taking you to your destinations throughout the years. Regular oil changes, tire rotations, and brake checks all address wear and tear to ensure […]