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Kelly Holloway: EHDH Estate Planning
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What Should Not Be Included in Will?
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“In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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How Do You Split Estate in a Blended Family?
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“A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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How Do I Stop Heirs from Foolishly Wasting Inheritance?
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“One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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What Happens If You Inherit a House with a Mortgage?
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“If you have a mortgage, you might worry about what that means for your heirs and loved ones. Will they be able to keep your home, and who will be responsible for paying for it?” Continue reading
Posted 3 days ago at EHDH Estate Planning
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Can I Set Up a Trust for an Adult Child?
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“Creating a will is important for all adults, but particularly those who have dependents—including adult dependents. Adding a trust to your estate plan can provide even more guidance.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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How to Prepare for Higher Taxes
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“President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?” Continue reading
Posted 3 days ago at EHDH Estate Planning
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Make the Most of a Roth IRA, Even If You’re Not Ultra-Wealthy
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“For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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Aging Parents and Blended Families Create Estate Planning Challenges
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“We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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Succession Planning for Farm Transition and Estate Planning
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“Conversations about family succession plans are difficult.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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Powers of Attorney and Advance Directives
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“Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.” Continue reading
Posted 3 days ago at EHDH Estate Planning
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How Do You Divide Inheritance among Children?
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“First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.” Continue reading
Posted 7 days ago at EHDH Estate Planning
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Why Is It Important to have a Will?
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“Less than half of Americans have a will. Here's why it's critical to be among those who have taken the time to draft this important document.” Continue reading
Posted 7 days ago at EHDH Estate Planning
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What Is the Process of Conservatorship?
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“A conservatorship, also known as a guardianship, is a legal mechanism set up for people who are unable to manage their affairs.” Continue reading
Posted 7 days ago at EHDH Estate Planning
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What Should Be Included in Estate Planning?
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“The best time to do estate planning is ten years ago, but the second-best time to do so is now.” Continue reading
Posted Jul 27, 2021 at EHDH Estate Planning
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Celebrity Estate Planning Mistakes
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“If you do not learn from your mistakes, you are doomed to repeat them. In Estate Planning, if you do not learn from other’s mistakes, you are likely to repeat them.” Continue reading
Posted Jul 27, 2021 at EHDH Estate Planning
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Can a Beneficiary Also Be a Trustee of a Trust?
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Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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Successor Trustee Compensation
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Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If you plan to nominate a... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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The Difference Between a Prenuptial Agreement and a Will or Trust
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There was a time when most people heard about prenuptial agreements only when watching soap operas or Hollywood movies or reading a novel. For many of us, prenuptial agreements seemed to be reserved only for the ultrawealthy, where the continuation of dynastic family wealth was at stake. Today, however, prenuptial... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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What Happens to Your Digital Movies When You Die? (Hint: Read the Fine Print in the User Agreement)
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In today’s digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. However,... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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Fears When Talking about Money
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Studies[1] have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs.[2] Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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Make Gifts That Your Family Will Love but the IRS Won’t Tax
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Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones. Make Annual Exclusion Gifts Annual exclusion gifts are transfers of money or property in an amount or value that does not exceed... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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Preserving Your Money and Property Beyond the Third Generation
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Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. The quotation “shirtsleeves to shirtsleeves in three generations” has often been attributed to Andrew Carnegie. The same concept has been echoed by other people and various... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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Estate Planning Checklist to Facilitate Multigenerational Wealth Transfers
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Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth... Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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What are Typical Estate Planning Documents?
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“If you want loved ones to remember you fondly, tackle your estate planning tasks. Your heirs will thank you for not leaving a legal mess to sort out.” Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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There are Rules for Social Security when Someone Dies
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“When a loved one passes away, there are usually various arrangements that need to be made. One of the tasks to oversee will involve reporting the death to the Social Security Administration.” Continue reading
Posted Jul 19, 2021 at EHDH Estate Planning
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