estate planning

If 2 parties were named trustees of an irrevocable trust, do we apply for the EIN with 2 responsible parties?

My parents set up an irrevocable trust with my brother and I as Trustees. We have to open a trust bank account and therefore need to apply for and EIN to open the account. Does the application for EIN allow for designation of 2 trustee and both social security numbers? We only need the EIN and account to distribute a small life insurance policy which will be made the trust. The insurance check will be deposited

How can I change my name of a deed since I got married?

My deed needs to be updated to reflect my last name due to marriage in my revocable trust. ANSWER BY MARGARET CROSS-BELIVEAU: Your name change does not affect the ownership rights. At the time of the sale or transfer out of your revocable trust, the new deed with state your new name and your former name. Follow us on Facebook Follow us on LinkedIn Legal Disclaimer: Please note that this answer does not constitute legal advice,

Making The Most of Restricted Stock and RSUs

Restricted stock and restricted stock units (RSUs) are two alternative forms of employee compensation. They’re a way for a company to incentivize employees with equity in the company. Restricted stock is typically granted as a type of bonus or added compensation, using a vesting schedule. You receive partial ownership of the shares and may be entitled to voting rights and dividends before they vest. Until the stock is vested, however, you can’t sell it. If you

Including Life Settlements in Your Estate Plan

If you have a life insurance policy you no longer need, you may be able to sell it for significantly more than its cash surrender value (CSV). A life settlement is the sale of a life insurance policy to a third party. The sale can provide the policy holder with more than the CSV and even more than the premiums paid over the life of the policy. Life insurance settlement companies buy policies and then continue

RMDs Now Required For Death Beneficiaries

If you inherited an IRA after January 1, 2020, you might be in for a surprise. Under proposed rules issued in February 2022, you might have to start withdrawing that money now. The shift comes as a shock for many. When the Secure Act passed in 2019, it required most death beneficiaries to fully withdraw retirement plan assets within a 10-year window. The expected interpretation was that someone could let that money grow for nine years

House Passes Secure Act 2.0

The House of Representatives overwhelmingly approved a bill designed to improve retirement savings. The Securing Strong Retirement Act of 2022, also called Secure Act 2.0, was approved with a bipartisan vote of 414-5. Next, the legislation heads to the Senate. However, lawmakers there have a retirement reform package of their own. Analysts say there’s about a one-third overlap between the House and Senate bills. Both seek to raise the age for required minimum distributions, increase catch-up

How To Protect Your Child’s Inheritance From Their Spouse

One concern we hear in the estate planning process is how to protect an adult child’s inheritance from their spouse. Sometimes this stems from a place of animosity or concern over a child’s problem partner. Some people are concerned about divorce-proofing the assets they’ll leave behind for their kids. Still others simply believe that inheritances are best kept in the “family.” Naming your child alone as inheritor. The most basic option you have is to leave

Making It Easier For Loved Ones To Settle Your Estate

For many people, estate planning is about more than transferring assets after you’re gone. It can be about making life easier on your survivors and smoothing the way for your loved ones at what is sure to be a difficult time. If that’s one of the “gifts” you’d like to leave behind, consider taking the following steps. Work with an attorney: Consult an attorney who will help you prepare a correctly executed will and/or living trust.

Using Intrafamily Loans In Your Estate Plan

Interest rates are still at historic lows, despite an expected Federal Reserve rate hike. At times like these, families have a unique opportunity to transfer wealth via an intrafamily loan. An intrafamily loan is a way for family members to loan money to each other at a special rate. They might be used to help a relative buy a house or finance a startup, for example. But for some families, they’re a tool to transfer assets

The Afterlife of Litigation: What You Need to Know About Inheriting a Lawsuit

What to Do When Probate Meets Civil Litigation Civil litigation and the probate process: both can potentially drag out for months, if not years; both cost those involved dearly in both financial and emotional terms; both can be made less likely, or less painful, by careful planning and consultation with skilled legal representation. Yet, even the best-laid plans can go awry; sometimes probate and litigation meet head-on. There are times in which one’s inheritance might include

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