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Posts Category - Podcast Episodes

What You Need to Know About Affording an Estate Plan?

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The majority of Americans don’t have a plan in place but estate planning is not only for wealthy individuals and business owners. A basic plan can include a power of attorney, a living will, and a will. Fewer than one third of people living in the United States today have even one or more of […]

Your Home & Estate Planning: Avoid This Mistake

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Sadly, far too many children face the loss of their elderly parents and then have to take on the complicated task of selling a parent’s home. In the event that the will states that the children will receive the proceeds from the real estate’s sale, there are two potential outcomes that could occur based on […]

What Role Does a Representative Payee Play in Estate Planning?

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The Social Security Administration defines a representative payee as a person or entity that is designated to manage or receive supplemental security income or social security income payments on behalf of a beneficiary. This is usually associated with those recipients of government benefits who are not able to manage their own income. Representative payees are […]

Study Finds High Net Worth Individuals Preparing for Possible Tax Increases

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Tax increases on local or the state level could be levied against real estate in the near future. A new CNBC millionaires’ survey identified that 43% of millionaires shared that they already pay too much in taxes. Many of those millionaires are bracing for a potential tax hike in the next year due to the […]

Irrevocable Trusts and Crummey Powers

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.        If you created an irrevocable trust in 2020, you need to ensure that certain kinds of gifts that are made to the trustee to pay premiums are kept up to date. One aspect of an irrevocable trust that this influences are known as Crummey powers or annual demand powers. This allows gifts to […]

Tax Authorities Claim That Executors Undervalued Prince’s Estate

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Controversy was generated when pop singer Prince passed away without a will or any other estate plan in place. Calculations from the IRS indicated that executors of the estate undervalued the overall assets inside by approximately 50% or $80 million. According to the IRS, Prince’s total estate is worth over $163 million. The valuation that […]

Who Should Serve as a Trustee?

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Whether you choose to go with an irrevocable trust or a revocable trust, it’s important to think about the person who will be installed in the role of trustee. One of the most key differences between irrevocable and revocable trusts is who acts as successor trustee or trustee. When spouses choose to form a revocable […]

How Do I Get Rid of a Timeshare as Part of Estate Planning?

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If you are a Mississippi resident and also own property in a timeshare, you need to make sure this is accounted for in your estate planning. Timeshares can be very difficult to get rid of and it is very often the case that heirs of a timeshare owner do not want to take on this […]

Should You Create an Irrevocable Trust for Your Spouse?

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Trusts are a popular estate planning strategy because they accomplish multiple goals at once, including privacy, greater layers of control and allowing for support to the beneficiaries that you choose. When it comes to thinking about your taxable estate, you may be able to move some assets inside a trust for proper management, thus giving […]

Is Now the Right Time to Use Your Lifetime Gift Exclusion?

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If you currently own an asset that you anticipate is going to appreciate over the coming years, you may want to take advantage of exclusions that are available to you today. The IRS has recently released guidance that indicates that you will not suffer a penalty for using up your gift exclusion exemption while you […]

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