A living trust is different from a trust that is created by a will (called a “testamentary” trust). A living trust is an agreement made during the lifetime of the “settlor,” the person creating the trust. In creating the trust, the settlor is making an agreement…
On December 22, 2017, the Tax Cuts and Job Act was signed by President Trump, signaling a sweeping legislative reform of the federal tax code. In November, we discussed how the new tax bill would affect pass-through entities, so now we will turn our attention…
One of the most common misconceptions when it comes to estate planning is assuming that the planning ends once the estate plan is signed. While this may be true with a simple will (which still needs to be updated after major life changes), the same cannot…
Yesterday members of the Trump administration, Gary Cohn and Steven Mnuchin, outlined the broad strokes of President Trump’s tax proposal. Included in the proposal are plans to reduce the seven tax brackets currently in place to three, dramatically lower the tax rate for businesses, double the standard…
With 2016 drawing to a close, it’s about this time of year that people start to think about their New Year’s Resolutions. Common resolutions include things such as eating healthier, losing weight, saving money, or getting more organized. However, according to a University of Scranton…
According to a market survey conducted in 2016 by Southwest Portland Law Group, LLC, the average cost of a Last Will and Testament, prepared by an attorney in Oregon, is between $350 and $1,500. Most people are understandably dissatisfied by this answer. The question of…
An estate plan consists of a set of documents that control the decisions that will be made on your behalf, upon your loss of mental capacity, or death. An estate plan is not as simple as drafting a will. I generally tell clients that they…
Posthumous Management of Digital Assets and the Role of Estate Planning Although it still seems a bit taboo to talk about your own demise, as estate planners we are constantly having to speak with clients about their eventual death when drafting their estate plans. While this might lead…
Two months ago Prince Rogers Nelson (aka pop icon Prince) died reportedly without a will. The singer was not married, and left behind no surviving children or parents. As a result, under Minnesota intestate succession laws, his sister and half siblings stand to inherit Prince’s millions. However, dividing…
You’ve probably come across the terms estate plan, trust, will, or power of attorney at some point, but have you thought about how they might apply to you personally? This article will provide an overview of estate planning basics, as well as provide you with…
