by Susan Grissom | Sep 20, 2022 | Estate Planning
Several estate planning mistakes exist, including the Number One mistake of not creating an estate plan. You do not need a ton of money to create an estate plan – you only need to have a bank account or own a car or other assets, regardless of their value. When a...
by Susan Grissom | Sep 13, 2022 | Estate Planning
A power of attorney makes it easier for loved ones to care for you if you become incapacitated. At any time during your life, an accident or illness could incapacitate you. Without a Financial Power of Attorney, your loved one may not be able to handle your financial...
by Susan Grissom | Sep 6, 2022 | Estate Planning
What is a Standby Supplemental Needs Trust? One of the purposes of creating an estate plan is to provide protection of assets transferred to beneficiaries from creditors and ensure that the beneficiary receives the assets. Similarly, while you may not think of the...
by Susan Grissom | Aug 23, 2022 | Estate Planning
A Charitable Remainder Trust is another tool in estate planning that allows gifts to charity while reducing the tax burden on the giver. Lately, Charitable Remainder Trusts have gained popularity, but it is important to understand what they are, what they do, and when...
by Susan Grissom | Aug 16, 2022 | Estate Planning, Wills & Trust
An Irrevocable Life Insurance Trust (ILIT) is an estate planning tool that moves your life insurance policy into an irrevocable trust. Once the trust is created, the value of the policy is removed from your taxable estate and protected from any possible creditors if...
by Susan Grissom | Aug 9, 2022 | Estate Planning, Wills & Trust
Sometimes referred to as an AB Trust, or Bypass Trust, a Credit Shelter Trust is used when a couple either has a taxable estate or is likely to have a taxable estate by the time they pass. Although the current federal estate exemptions are high ($24,120,000 in 2022),...
