When Tom Petty died on October 2, 2017, two weeks before his 67th birthday, he left a trust, Petty Unlimited LLC. It was set up to equally divide his assets between his two daughters, Adria Petty and Annakim Violette Petty, and his widow, Dana York Petty. So what's the... »

Life insurance is not one of those things you can go back and get after the fact—and you may be surprised to learn that the “fact” isn’t always death. Here are three true stories about the importance of not delaying your purchase of life insurance.   Life Insurance Premiums Increase with... »

So you took our advice and decided to form an Irrevocable Life Insurance Trust--then your situation changed and you want to change the beneficiary.  As the name indicates, an irrevocable life insurance trust’s terms cannot be amended after it is created. In the State of New York, “irrevocable,” means that... »

In our article 5 Roles of Life Insurance You May Not Have Considered, we addressed the role that life insurance can play in an estate plan. This article explores a common vehicle which both excludes the proceeds of the insurance from your taxable estate and also ensures the proceeds are used... »

Life insurance can serve different purposes for different people. Sure, number one--providing for your loved ones--is pretty straightforward. But there are other roles life insurance plays and reasons why avoiding it can cause confusion and even lawsuits. Here are five benefits of life insurance: 1. To provide your loved ones with immediate liquidity... »

A lot of people assume that their will dictates what happens to all of their assets, and that's not the case. Your plan can be disrupted if you don't understand the difference between probate and non-probate... »

Many people write their own wills or purchase a last will and testament template on the web, but if the documents are not properly executed and witnessed, they may not hold up in... »

As CPAs, estate planners, and individuals alike gain a better understanding of the implications of last year’s changes to tax law, new strategies are forming to take advantage of current laws to protect assets. Here a couple of lesser-known trusts that can help you protect your estate from unnecessary... »

Marty Shenkman, an estate planning attorney and author of 42 books and 1,200 articles on the subject, recently published an article in Forbes with his New Year’s Resolutions. It just goes to show, all professionals suffer from the cobbler’s children proverb, and there is always something to be checked... »

A special thanks to our guest blogger, Beverly Nelson. With more people becoming caregivers for aging family every day, Beverly aims to provide as many resources as possible to help caregivers access the support they need.  ____________________________________________________________________________________ We often find in this life the most important things are sometimes the... »