529 Plans and Their Advantages A 529 plan, otherwise known as a qualified tuition plan, is a tax-sheltered way of saving for education. 529 plans are sponsored by states, state agencies, or educational institutions, and offer several estate planning benefits. Distributions from the 529 plan, if used for the beneficiary’s qualified education expenses, including tuition,…
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Your Estate Plan – Follow George Washington’s Example We talk often about the importance of a well-thought out estate plan. Such planning includes giving thought to and identifying your goals and concerns, addressing those goals in a manner that makes most sense to you and fits your needs, and communicating your plan to family. With…
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The Grantor Trust – It’s an Income Tax Concept Many kinds of trusts are used in estate planning. Trusts can be revocable or irrevocable, and their primary purpose may be to provide for such things as a means for planning for incapacity or disability, minimizing or eliminating estate tax, promoting a charitable purpose, or even…
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Who Should Handle Your Affairs? Have you taken the time to consider whom you want to name to help if you become incapacitated or pass away? Keith’s Book, “Introduction to Estate Planning – How to Protect and Pass on Your Legacy,” Bardolf & Company, 2017, provides some great insight: Healthcare Agents Healthcare decisions are often…
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State Taxation of Trusts On June 21, 2019, the US Supreme Court ruled in North Carolina Department of Revenue v. Kaestner 1992 Family Trust that the presence of in-state beneficiaries alone does not permit a state to tax trust income that has not been distributed to the beneficiaries where the beneficiaries have (1) no right…
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Are you prepared if disaster strikes? The most common response I hear when I ask if a person has finished his or her estate planning is, “I’m not worried, I have plenty of time.” People view estate planning as simply directing how their stuff is distributed. Estate planning, however, is more involved than that. Proper…
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Your Estate Plan – It’s Not Just About Your Assets, It’s About Your Legacy What’s most important to pass on to the next generation? A recent survey by Age Wave Consulting asked Americans aged 45 years and older this question. The results may surprise you in that the number one ranked answer was not “financial…
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Hospital Ordered to Pay $400,000 in Do-Not-Resuscitate Lawsuit I saw the following article in the Great Falls Tribune this past weekend, as reported by the Associated Press. The article, in its entirety, states: “A Montana hospital has been ordered to pay more than $400,000 in damages to the estate of a man after jurors found…
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Tanya is Retiring May 31st marks the last day for our longtime employee, Tanya Steil, who is retiring. She has been with the office for thirteen years, and has served as an able legal assistant with her primary role being client relations coordinator. Quite a run! Those of you who know Tanya will remember her…
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Coping with a Terminal Diagnosis: Getting Your Affairs in Order, Living Your Life A terminal illness diagnosis is always devastating, whether it’s you or a loved one receiving the sad news. It changes your priorities overnight, and initiates a flurry of activity as you work to get your affairs in order. It’s a profoundly emotional…
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