A recent survey found that almost 90% of all crypto owners are concerned about what will happen to their crypto assets when they die. Awareness is a good thing. However, this doesn’t always mean that they have taken steps to include digital assets in their estate plans. A recent article from Forbes, “Your Financial Legacy When You Own Cryptocurrency” provides some answers about estate planning for cryptocurrency. The IRS treats cryptocurrency like artwork: it’s personal property, and like artwork, there are certain implications requiring proper planning to ensure that assets are passed on to h ..read more

Aretha Franklin may have done the right thing in writing down her wishes.  However, she made a costly mistake resulting in an expensive estate battle over a multimillion-dollar estate, says a recent article from The Washington Post, “Aretha Franklin’s will was in her couch. Here’s where to keep yours.”  Having a will is important, but it does you know good if you don’t keep your will safe. Three of her sons battled in court over handwritten wills, one of which was found under her couch cushions. Another was found in a locked cabinet. Her family was put into a pricey, heart-breaking a ..read more

Naperville Estate Planning Minute: Priscilla Presley, mother of the only daughter of Elvis Presley, argues that a 2016 amendment to Lisa Marie’s trust, which removed her as co-trustee, is invalid. The amendment replaced her and Lisa Marie’s former business manager as co-trustees with her children Riley and Benjamin Keough (the latter of whom died in 2020). MarketWatch’s recent article entitled, “Lisa Marie and Priscilla Presley can teach us some estate-planning lessons,” reported that Presley said she was never told that she was being replaced, as was required. She also said her name was missp ..read more

An opportunity for college students to sign healthcare directives which will allow their parents to obtain critical information in an emergency. I will have all the necessary forms, witnesses, and notary here for a quick and easy experience. Walk in and out in just a few minutes. See this link for details or to RSVP now. https://fb.me/e/Xrq1O4bO ..read more

Nj.com’s recent article entitled “Will there be a step-up in basis for this inheritance?” explains that the basis of property inherited from a decedent is generally the fair market value of the property on the date of the person’s death. This is known as a step-up in basis. This is critical for readjusting the value of an appreciated asset for tax purposes, when it’s inherited. The higher market value of the asset at the time of inheritance is considered for tax purposes. When an asset (like a house) is transferred to a beneficiary, its value is typically more than what it was when the origina ..read more

Estate planning attorneys, accountants and CPAs say that 529s are more than good ways to save for college. They’re also highly flexible estate planning tools, useful far beyond education spending, that cost practically nothing to set up. In the very near future, the role of 529 plan funding could expand greatly, according to the article “A Loophole Makes ‘529’ Plans Good Wealth Transfer Tools. Here’s How to Use Them” from Barron’s. Most tactics to reduce the size of an estate are irrevocable and cannot be undone, but the 529 allows you to change the beneficiaries of a 529 account. Even the own ..read more

The County 17 recent article entitled “Even ‘Singles’ Need Estate Plans” says if you die intestate (i.e., without a last will and testament), your assets could be subject to the probate process. Translation? Your assets would be distributed by the court according to your state’s intestate succession laws. That means it’s done without any regard for your wishes. Even if you don’t have children, you may have nephews or nieces, or even children of cousins or friends, to whom you would like to leave some of your assets. This might include not just money but also cars, collectibles, or family memor ..read more

Executor, executrix or personal representative, whatever name you use, is the person who will be in charge of your estate and follow the directions in your last will and testament. The first thing clarified in a recent article titled “Estate Planning: Non-family member personal representatives” from nwi.com, is that the person does not have to be a family member.  Choosing an executor can be a challenge, so it’s best to start from the widest possible pool of options. This is often a surprise to people, who think an adult child or sibling is the only person who can take on this responsibil ..read more

Pink and her four-year-old son, Jameson, tested positive for the virus in March 2020, but her husband, Carey Hart, and daughter, 9-year-old Willow, did not contract the coronavirus.  MSN’s recent article entitled “Pink Reveals She Rewrote Her Will Because She Thought ‘It Was Over’ Amid COVID-19 Battle” reports that the entertainer did update her will. Unlike some of the cautionary tales that emerge from the world of celebrity estate planning, this was a positive example of how to manage one’s affairs. “It was really, really bad, and I rewrote my will,” she said. “… At the point where I th ..read more

It’s always exciting to watch adult children build their lives and select spouses. However, even if we adore the person they love, it’s wise to prepare to protect our children, says a recent article titled “Worried about Your Child’s Inheritance If They Divorce? A Trust Can Be Your Answer” from Kiplinger. After all, why would you want the assets and money that you accumulated over a lifetime to pass to any child’s spouse, if a divorce happens? With the current federal estate tax exemptions still historically high (although that may change in the near future), setting up a trust to protect ..read more