Preservation | Family Wealth Protection & Planning

Subscribe

Blog Editors

Topics

Archives

By Garrett Reuter, Jr. on February 21, 2019 at 9:35 AM

Women turning back the hands of a clockHow many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all of the relevant tax information available to assist with those decisions until several months into the new tax year. Too bad for you, says the IRS, unless you are an estate or trust.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on January 12, 2018 at 10:40 AM

Flipping through the calendar, showing the passing of time.How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all of the relevant tax information available to assist with those decisions until several months into the new tax year. Too bad for you, says the IRS, unless you are an estate or trust.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on December 7, 2017 at 2:12 PM

Cast of Ferris Bueller sitting in the red Ferrari from the movieOne of the many memorable scenes from the movie classic “Ferris Bueller’s Day Off” takes place when Ferris and his friends drop off a Ferrari in a downtown Chicago parking garage. In the scene, Cameron doesn’t trust the car’s safety with the parking attendant, who says to them somewhat indignantly, “Relax … you fellas have nothing to worry about. I’m a professional.” The screen then cuts to the parking attendant and his buddy zooming off in the Ferrari as Ferris and the group go on their way.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr., Keith Grissom on September 27, 2017 at 11:52 AM

Toy house sitting on top of a calculator with a pencil and papers next to it.In many cases, determining the beneficiaries of your estate plan is simple. If your spouse survives you, your assets go to your spouse. If your spouse doesn’t survive you, your assets are split equally among your children. But choosing who will ultimately receive your assets and in what proportions is only part of the process. Another part of it is deciding how the beneficiaries receive those assets.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on May 16, 2017 at 3:45 PM

Woman preparing to write a checkAs one gets older and less able – or even willing – to deal with financial responsibilities, it is common to turn to others to help take care of your finances. The most comprehensive tool to use in such a case would be a financial durable power of attorney, in which you, as principal, name someone as your agent to handle financial and legal affairs on your behalf. Another commonly used method is naming an adult child as a co-owner or a co-signer on a bank account. A co-owner has full access to the account and will legally own the proceeds of the account after the other account owner’s death. A co-signer simply has authority to write checks and draw on the account.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on March 31, 2017 at 11:20 AM

Stamp with the word "probate" on top of paperworkProbate is the process by which estate assets pass to a person’s surviving heirs after death. With certain exceptions, any asset the decedent owned in his or her individual name must go through probate.

If a decedent dies with a valid will in place, it is referred to as a testate estate. If the decedent dies without a valid will, it is known as an intestate estate. In either case, probate of the estate will be necessary.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on December 14, 2016 at 2:46 PM

An updated version of this post can be found here.

Turning back timeHow many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all of the relevant tax information available to assist with those decisions until several months into the new tax year. Too bad for you, says the IRS, unless you are an estate or trust.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on June 9, 2016 at 1:28 PM

Asset protection can be a valuable tool when building an estate plan. For married couples, state law may offer an additional layer of asset protection by virtue of mere property ownership rules.

Tenancy by the entirety, or TBE, is a special type of property ownership designation that is similar to joint tenancy. There are distinct differences, though: The most significant is that TBE applies only to married couples.

Facebook Twitter LinkedIn Google+ Email
By Garrett Reuter, Jr. on May 24, 2016 at 1:48 PM

Those without a will (like Prince) may leave family members at odds over their estates.Prince Rogers Nelson, an American music legend better known simply as Prince, died unexpectedly April 21 at his home near Minneapolis. The cause of Prince’s death is still unknown, but that mystery is not the one gaining most of the headlines these days. Instead, more attention is being focused on Prince’s estate.

Facebook Twitter LinkedIn Google+ Email

This website uses cookies to improve functionality and performance. If you choose to continue browsing this website, you consent to the use of cookies. Read our Privacy Policy here for details.