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Garland Law Offices, P.A.

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Pre-Election Estate Planning Includes a Vast Variety of Trusts “Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.” You might remember a flurry of activity in advance of the 2016

“Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.” You might remember a flurry of activity in advance of the 2016 presidential election, when concerns about changes to the estate tax propelled many people to review their estate plans.... Continue reading

Posted Oct 2, 2020 at Garland Law Offices, P.A.

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What Does an Executor Do?

“My aunt recently asked me to be the executor of her will when she dies. I’m flattered that she asked, but I’m not sure what exactly the job entails.” Being asked to serve as the executor of a loved one’s estate is flattering, but it is also a big responsibility... Continue reading

Posted Oct 1, 2020 at Garland Law Offices, P.A.

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How 401(K) Beneficiaries Work with Your Estate Plan

“To ensure your estate is settled in the way you want, it's wise to do a bit of extra planning to keep your documents up to date.” For anyone who thinks their will or trust can be used to distribute assets in a 401(k) after they pass, think again. The... Continue reading

Posted Sep 30, 2020 at Garland Law Offices, P.A.

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Locking in a Deceased Spouse’s Unused Federal Estate Tax Exemption

“If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.” So many people have died during the COVID crisis, and many... Continue reading

Posted Sep 29, 2020 at Garland Law Offices, P.A.

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How to Protect Your Estate from Unintended Heirs

“What happens when a decedent’s will or trust does not provide for a decedent’s child?” Disinheriting a child as an heir happens for a variety of reasons. There may have been a long-running dispute, estrangement over a lifestyle choice, or not wanting to give assets to a child who squanders... Continue reading

Posted Sep 28, 2020 at Garland Law Offices, P.A.

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What Needs to Happen after a Spouse Dies?

“The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.” Making funeral arrangements, paying medical bills and closing down accounts are just the start of the tasks that a surviving spouse must take charge of, advises the... Continue reading

Posted Sep 25, 2020 at Garland Law Offices, P.A.

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Searching for Lower Taxes? Check State Laws

“Some states are great to live in, but not so great to die in.” If you are among the many Americans making a move because of economics, a recent article from MarketWatch titled “Thinking about moving to a state with lower taxes? These are the mistake to avoid” has the... Continue reading

Posted Sep 24, 2020 at Garland Law Offices, P.A.

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Estate Planning for Asset Distribution

“The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.” Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be... Continue reading

Posted Sep 23, 2020 at Garland Law Offices, P.A.

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Social Security Benefits: Timing Is Everything

“Deciding when to start receiving Social Security retirement benefits is an important decision. Making the wrong choice could cost you.” Not knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from CNBC.com titled... Continue reading

Posted Sep 22, 2020 at Garland Law Offices, P.A.

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Estate Planning Needs for Every Stage

“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is... Continue reading

Posted Sep 21, 2020 at Garland Law Offices, P.A.

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Planning for Nursing Home Expenses

“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.” The question raised in the article “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust” from New Hampshire Business Review is frequency asked, and the... Continue reading

Posted Sep 18, 2020 at Garland Law Offices, P.A.

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What Happens when an Autistic Child Turns 18?

“If you feel that your child will be incapable of making adult decisions on their own behalf, you can pursue a legal guardianship, so that you will retain the rights to make those decisions for them.” For parents of autistic children, the coming of an 18th birthday is the time... Continue reading

Posted Sep 17, 2020 at Garland Law Offices, P.A.

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Trusts: The Swiss Army Knife of Estate Planning

“We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.” Trusts serve... Continue reading

Posted Sep 16, 2020 at Garland Law Offices, P.A.

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You Need More than a Will for Estate Planning

“Regardless of the pandemic, experts say it’s important to plan for when you’re not here—that is, give thought to what would happen to your bank accounts, your home and your belongings, as well as, perhaps, your dependents.” As the coronavirus continues to sweep across through the U.S. and the death... Continue reading

Posted Sep 15, 2020 at Garland Law Offices, P.A.

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Gifting Can Help Estate Plans and Heirs Reach Goals

“Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.” The applicable exclusion amount for gift/estate tax... Continue reading

Posted Sep 14, 2020 at Garland Law Offices, P.A.

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A Four-Decades Long Social Security Scam Finally Ends

“In February, Social Security officials calculated that a woman who was sent monthly checks for decades was 114 years old. The problem? The lifelong New Yorker died more than 40 years ago—and may never have seen a penny of her retirement checks totaling nearly a half-million dollars.” In one of... Continue reading

Posted Sep 11, 2020 at Garland Law Offices, P.A.

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Estate Planning Basics You Need to Know

“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal... Continue reading

Posted Sep 10, 2020 at Garland Law Offices, P.A.

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Securing Farm or Ranch Needs to Happen Sooner and Not Later

“Develop a successful transition plan that will provide for you, your heirs and your business.” Most American farms or ranches are family businesses, started by one generation with the hope that the business will be transferred to the next generation. However, surveys show that only 20% of farm and ranch... Continue reading

Posted Sep 9, 2020 at Garland Law Offices, P.A.

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How to Make Beneficiary Designations Better

“Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.” Beneficiary designations supersede all other estate planning documents, so getting them right makes an important difference in achieving your estate plan goals. Mistakes with beneficiary designations can undo even the best plan, says a recent article “5... Continue reading

Posted Sep 8, 2020 at Garland Law Offices, P.A.

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What Is a ‘Caregiver’ Agreement?

“As family members age and require care, the burden of that care often falls on an adult child. For those that leave jobs to care for family members, it can become a financial hardship for the family.” The idea that a family member or trusted friend may be paid to... Continue reading

Posted Sep 7, 2020 at Garland Law Offices, P.A.

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Estate Planning Basics You Need to Know

“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal... Continue reading

Posted Sep 4, 2020 at Garland Law Offices, P.A.

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Different Trusts for Different Estate Planning Purposes

“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.” There are a few things all trusts have in common, explains the article “All trusts are not alike,” from... Continue reading

Posted Sep 4, 2020 at Garland Law Offices, P.A.

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What Is a Qualified Personal Residence Trust (QPRT)?

“When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.” A Qualified Personal Residence... Continue reading

Posted Sep 3, 2020 at Garland Law Offices, P.A.

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How to Be Smart about a Financial Windfall

“Windfalls can result from fortunate events, like lottery winning, and unfortunate events, like a legal settlement. Whatever the triggering event, a big injection of cash can certainly be a life-changing event in someone’s life.” Few would complain about a financial windfall, but many people report feeling feelings of anxiety, guilt... Continue reading

Posted Sep 2, 2020 at Garland Law Offices, P.A.

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What Happens to Debt when You Die?

“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.” When a person dies, it’s not unusual for them to leave behind some unpaid debt. What happens to that debt depends upon how their estate was organized, says the article “This... Continue reading

Posted Sep 1, 2020 at Garland Law Offices, P.A.

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