Houses make horrible Wealth Transfer Vehicles

November 16, 2023

Houses make for horrible wealth transfer vehicles. Bequeathing a house can mean passing along financial burdens, red tape, home maintenance responsibilities, potential family conflict and housing market volatility, says Kiplinger’s recent article, “Your Home Would Be a Terrible Inheritance for Your Kids.”

Communication about plans is critical. A study from Money & Family found that 68% of homeowners plan to leave a home or property to heirs. However, 56% haven’t told them about their plans. That will surprise the recipients who may or may not want or be able to service an inherited home.

Suppose you bequeath a house to an heir or heirs. In that case, they’ll have to make an immediate plan for home maintenance, mortgage payments (if necessary), utilities, property taxes, repairs and homeowners’ insurance. Zillow says this can amount to as much as $9,400 annually, not including mortgage payments.

The psychology of the home. Owners often have deep emotional attachments to their homes. Therefore, when people gift their homes to children and heirs, they’re not just giving an asset — they’re endowing them with all the good memories that were made on that property. Emotional connections to the home can be nearly as powerful as a strong attachment to a living being.

Beneficiaries may struggle to make practical choices about the inherited property because of the home’s sentimental value. This emotional aspect can cloud judgment and hinder the effective management and allocation of assets.

The financial burdens and family conflicts for beneficiaries. Inheriting a home entails a range of financial responsibilities that can quickly add up.

Property taxes, insurance premiums, ongoing maintenance costs and unexpected repairs can strain beneficiaries’ financial resources dramatically. If beneficiaries already have their own homes, inheriting an additional property can exacerbate financial burdens and potentially hinder their own financial goals, retirement plans and aspirations. The passing of a family member can also sometimes lead to conflicts among heirs, potentially exacerbating existing fractures in relationships among siblings and other family members. These are just a few reasons why houses make for horrible wealth transfer vehicles.

According to a 2018 study, nearly half (44%) of respondents saw family strife during an estate settlement. Disagreements can cause tension, strain relationships and even result in lengthy legal battles. If you would like to learn more about managing real property in your estate planning, please visit our previous posts.

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How Should you Handle an Inheritance?

November 1, 2023

Let’s say you are a family member who has just been informed that a cherished loved one has passed and you will be receiving an inheritance. Many people are still suffering from grief and may feel overwhelmed with the sudden financial increase – and responsibility. A common question arises for most people. How should you handle an inheritance? As financial advisor Suze Orman said in a recent episode of her podcast, “I think it’s really important that we think about how we invest money today to make the most out of the situation that we have.”

Go Banking Rates’ recent article entitled, “Suze Orman: 3 Things You Must Do If You Receive an Inheritance,” says that the financial guru outlines the next steps to take if you’re receiving an inheritance for the first time and need help figuring out what to do with the money.

Take an Inventory of Your Debt. As tempting as it may be to make a big purchase like going on a trip or buying a big ticket item you’ve been putting off right away, it’s crucial to examine your finances thoroughly. Orman recommends writing down everything that you have, beginning with your debt. Write down credit card debt, student loans, car loans and personal and mortgage debt. Once you’ve categorized all these, write down the average interest rate you are paying on them. This will let you create a plan for paying these off. If it’s a large inheritance, immediately consider eliminating all your debt.
Build Up Your Emergency Savings. After you’ve reviewed and analyzed your debt situation, Orman says having a solid emergency savings account for true emergencies is crucial. These are especially important if your car breaks down or your fridge goes out, and you must pay $400 for repairs. She says you want to rely on something other than a credit card for these scenarios. Therefore, she recommends having a minimum of $1,000 to $2,000 in that account.
Establish your “Must Pay Now Savings Account.” “What must you pay every single month?” Orman asks. “You must pay your mortgage, your rent, your car payment, your insurance premiums, things like that.” She says this is critical to create, particularly if you’ve been living paycheck to paycheck. Allocate eight months of must-pay expenses in a must-pay savings account.

Receiving an inheritance can be an unexpected blessing in many ways, but begs the question of how you should handle the inheritance. Pausing and carefully analyzing the above three situations with a level head is essential.

Keeping up with debt (or slashing it altogether), creating an emergency savings fund and covering your immediate monthly expenses–will all set you on the right track for a healthy financial trajectory. If you would like to learn more about inheritance planning, please read our previous posts.

Reference: Go Banking Rates (Oct. 7, 2023) “Suze Orman: 3 Things You Must Do If You Receive an Inheritance”

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How Does an Inheritance Trust Work?

October 30, 2023

How does an inheritance trust work? Don’t let the term “inheritance trust” intimidate you. It’s basically a way to safeguard assets, while managing their distribution efficiently. Trusts are also used to provide potential tax benefits, which can add significantly to a family’s financial security, according to a recent article from yahoo! finance, “How to Keep Money in the Family With an Inheritance Trust.” An estate planning attorney can guide you in establishing an inheritance trust, securing assets and protecting your family’s financial health. An inheritance or a family or testamentary trust is a legal arrangement to manage and protect assets for the benefit of heirs or beneficiaries after the grantor’s passing. Its key function is to ensure an efficient and controlled distribution of assets. These can be financial, real estate, or personal property of value.

Many types of trusts offer different levels of control, tax benefits and asset protection. For instance, a revocable trust lets the person who set up the trust or the trustee maintain control over the assets while living and make changes as they want to the terms of the trust.

In an irrevocable trust, the terms can’t be changed easily, which offers greater protection against creditors or legal disputes.

There’s also something called a “Generation Skipping Trust,” designed to transfer wealth directly to outright beneficiaries, typically grandchildren, to avoid repeated estate taxes on a family’s assets.

The inheritance trust provides a strong shield of protection for assets. By placing assets in a trust, they are safeguarded from creditors, lawsuits and even certain tax liabilities. This layer of protection ensures that assets go directly to beneficiaries without the risk of erosion by unexpected challenges.

Another reason for a trust—control of the distribution of assets. You establish the specific conditions and timelines for when and how assets are to be passed on to heirs. You may want to wait until they have reached a certain age, protect against reckless spending, or have the trust used solely for the long-term care of a loved one.

Inheritance trusts are also used to minimize estate taxes. Working with an experienced estate planning attorney, you can plan for assets within the trust to potentially reduce the tax burden on your estate, allowing heirs to inherit more of the family’s earned wealth.

Trusts provide privacy. Unlike wills, trusts don’t become public documents. Trusts bypass the probate process, which can become a protracted and expensive public court proceeding. By placing assets in trust, the transfer of wealth is prompt and confidential.

For blended families or those with complex dynamics, inheritance trusts can help prevent disputes and ensure that assets are distributed according to your specific directions. For instance, if you want to leave assets to your children but protect them from their spouses in case of divorce, a trust can be created to address this issue. You might also wish your wealth to be distributed directly to grandchildren, not a son or daughter-in-law.

Start by working with an experienced estate planning attorney to create a comprehensive estate plan. He or she will help you understand how a inheritance trust works. This includes drafting a will, establishing trusts and assigning beneficiaries. Communicate with heirs, so they understand your intentions and expectations. Regularly review and update your plan every three to five years to be sure that it remains current and aligned with your goals. If you would like to learn more about various types of trusts, please visit our previous posts.

Reference: yahoo! finance (Oct. 3, 2023) “How to Keep Money in the Family With an Inheritance Trust”

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Life Insurance should be Major component of Estate Plan

October 19, 2023

We never know what the future may bring, and waiting too long to investigate life insurance could leave loved ones in a financial bind, according to a recent article from Money, “What Is Joint Life Insurance and How Does It Work?” There are plans ranging from term and whole to individual and joint, and you’ll want to understand how each works before determining which policy best fits your needs. Life insurance should be a major component of your estate plan.

Joint life insurance is a single plan covering the lives of two people with one premium, with the policyholders becoming each other’s beneficiaries or passing benefits to their heirs. Depending on your coverage, these types of life insurance pay out death benefits when one or both of the policyholders dies.

This eliminates the need for separate policies for spouses or partners and minimizes paperwork and the underwriting and administrative costs associated with life insurance policies. This type of plan is often used for business partners, who can use the death benefit to fund the company if one of them dies unexpectedly.

Joint life insurance plans are usually permanent or whole-life policies and stay in effect as long as premiums continue to be paid or until the policy pays out. Investing in joint whole life insurance has certain advantages because it provides long-term certainty.

There are two kinds of joint life insurance-first to die and second to die.

A first-to-die life insurance policy pays a death benefit to the surviving policyholder when the other party dies. This ensures the living policyholder receives a payout, which can be used for living costs if the family’s primary income source is the first to die.

Situations where one spouse doesn’t qualify for life insurance may also make first-to-die life insurance a good idea. Insurance companies may be more willing to insure someone with pre-existing health conditions because there’s only one payout between two policyholders. However, the healthier spouse will most likely incur higher cost premiums with a joint policy than an individual plan.

The first-to-die joint policy terminates once the payout occurs, leaving the surviving spouse or partner without life insurance unless they have an additional individual plan. If the surviving party doesn’t have their own policy, they must purchase a separate policy to ensure their beneficiaries receive a death benefit.

Second-to-die life insurance, or survivorship life insurance, doesn’t pay out until both policyholders die. These plans are often used to leave money for beneficiaries or pay for funeral expenses. A second-to-die policy can be helpful with estate planning because heirs don’t pay estate tax on the death benefits unless they exceed estate tax thresholds.

Determining which policy best suits your family depends on several factors, including how you expect beneficiaries to use the proceeds. Life insurance policies should be a major component of the discussion with your estate planning attorney, and align with your overall estate plan. If you would like to read more about life insurance, please visit our previous posts.

Reference: Money (Sep. 15, 2023) “What Is Joint Life Insurance and How Does It Work?”

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Do You Need a Will or Trusts or Both?

October 5, 2023

A comprehensive estate plan is the best way to protect yourself during your lifetime and your family after you’ve passed. For many people, it’s tempting to think a simple will is all they need, as reported in a recent article, “Is a Will Really the Best Way to Pass an Inheritance to Your Family?” from The Motley Fool. This might be true if your estate is relatively small. However, there are good reasons to consider using a trust or other estate planning strategies. Do you need a will or trusts or both?

A last will and testament is a binding document to allocate assets after death, assign guardianship for minor children, name an executor to manage your estate and convey other last wishes.

However, there are other considerations to an estate plan, including taxes, special needs of heirs and how quickly you want assets and property to be transferred. Your estate planning attorney can discuss how best to accomplish your goals once they are articulated.

One of the challenges of having only a will is probate. This court process authenticates a will and gives the named executor the power to manage the estate and eventually distribute assets. Probate can be a long, costly and public process when assets are unavailable to heirs.

In some jurisdictions, probate is a matter of months. In others, it can be years before probate is completed if the estate is complicated.

Most people don’t know this, but wills in probate become part of the public record. Anyone can see everything in your will, including who you leave property to and how much they receive.

An alternative is the living trust. This document establishes a legal entity to hold assets during your lifetime. The trustee can be yourself and a secondary trustee. The trustee administers the trust according to your wishes, which are established in the language of the trust.

Depending upon your state, your estate planning attorney can put a provision moving assets into the trust after your death, in case any asset is accidentally forgotten and not moved into the trust.

Living trusts are also revocable, meaning they can be amended or revoked at any point during your lifetime. This provides a great deal of flexibility.

Joint ownership is another option used mainly by married spouses. Joint Tenancy with Right of Survivorship (JTWRS) is a popular way to own property. Assets owned jointly transfer directly to the surviving spouse (or joint owner) without the need for probate.

So, do you need a will or trusts or both? Just as everyone’s life is different, everyone’s estate plan is different. State law varies, and the size and complexity of your estate will influence how your estate plan is structured. Your best bet might be a mixture of wills, trusts and joint ownership arrangements. An experienced estate planning attorney can create a comprehensive estate plan to suit your and your family’s needs. If you would like to learn more about wills and trusts. please visit our previous posts.

Reference: The Motley Fool (September 4, 2023) “Is a Will Really the Best Way to Pass an Inheritance to Your Family?”

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Add your Pet to your Estate Plan

October 4, 2023

Pets are like family. In fact, some are even cared for better than family. You want to do what you can to ensure our pet is happy and healthy after you are gone. There are a few ways you can add your pet to your estate plan. The first rule is that you can’t leave money to your pet. Unfortunately, the law says that animals are property, and one piece of property can’t own another. Yahoo’s recent article, “3 Ways to Ensure Your Pet Is Cared For After You Die,” explains that a pet trust is a trust that provides money and care for your pets when you can no longer do so. People usually create a pet trust as part of their estate planning. However, in some cases, it can be helpful if you’re incapacitated or unable to care for your pet.

Like all trusts, a pet trust is a legal entity that owns property, money and other assets. You fund the trust by contributing assets to it during your lifetime and leaving assets to the trust in your will. Your pet is the beneficiary of this trust. Once the trust is activated, a trustee will use its funds to pay for your pet’s food, housing and other care. In most cases, this means someone has taken possession of your pet, and the trust reimburses their costs.

If you want to ensure that your pet is well cared for after you die, most experienced estate planning attorneys consider a pet trust better than a will. Pet trusts are more specific than leaving your pet and some money to an heir. A trustee must be sure this money really is spent on your pet’s well-being. They can also find a new home for your pet, if your heir changes their mind and chooses not to inherit the animal.

A pet trust does two main things. First, it provides the resources to care for your pets and other animals once you no longer can. Second, it provides the instructions to make sure those pets are cared for the right way.

Funding a pet trust can be an issue for some, and if you leave too little money in the trust, it will run out during your pet’s lifetime. If that happens, the trust will wind up, and state law will govern what happens to your pet. If you leave too much money, your family may challenge the trust. While that’s pretty rare, courts will reduce excessive funds left to a pet trust.

Don’t just assume that someone will assume the role of trustee. And don’t assume that someone will want to take possession of your pet. Ask the people you intend to name for those positions. If someone you trust wants to take your pet after you die, you can name them as both caretaker and trustee. Otherwise, you may want to name a professional trustee, such as a lawyer or banker, to oversee the trust. If you do name a professional trustee, make sure to contribute enough money to cover their costs, as they will bill the trust for their time.

If your pet has any specific needs, detail these in the trust. However, be careful not to get too specific, or people may disregard your instructions, creating issues. Speak with your estate planning attorney about the best ways for you to add your pet to your estate plan. If you would like to read more about pet planning, please visit our previous posts.

Reference: Yahoo (Aug. 21, 2022) “3 Ways to Ensure Your Pet Is Cared For After You Die”

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Ways to use a No-Contest Clause in your Planning

September 25, 2023

There are different ways to defend a last will and testament from a claim filed by an individual or a group of individuals who want to alter the terms you put into your will. One way is to hope your executor or, if the issue concerns a trust, your trustee, can effectively defend your choices, says a recent article from Kiplinger, “What Do No-Contest Clauses Have to Do With Undue Influence?” Another is to include a no-contest clause, which would disinherit all heirs if they lose their challenge or for even filing a challenge in the first place. There are ways to use a no-contest clause in your planning.

A no-contest clause can be a strong deterrent for a beneficiary who believes they are entitled to more than the amount provided if they know that just by filing a challenge, they’ll forfeit their share. However, it may not be powerful enough for someone completely omitted from the estate plan altogether. Many estate planning attorneys recommend leaving something for even a disliked heir to give them a reason not to challenge the will.

There are more reasons than disgruntled heirs to have a no-contest clause in your will. A no-contest clause can help if your will omits any heirs at law not specifically mentioned in the document or revoke the share provided for anyone seeking to claim a share in your estate, increase their share, or claim certain assets in your estate.

A no-contest clause is also useful if an heir is trying to invalidate your will, or any provision in it or to take part of your estate in a way not specifically described in your last will and testament.

Many no-contest clauses treat a challenger as having predeceased you or having predeceased you leaving no heirs, thereby passing their share according to other terms in the document. In certain states, it is very important to include a specific direction as to what should happen to these forfeited shares. Your estate planning attorney will know how your state’s laws work and how best to include this language in your will.

However, what if the person challenging the will has a good reason to do so? For instance, numerous cases have been brought to court because probable cause existed where the decedent was subjected to undue influence and even elder abuse by a caregiver or a relative in charge of their finances.

In many cases, family members only learn of the abuse after discovering the depletion of the estate and the admission of a new last will to favor the elder abuser over the decedent’s family. The no-contest clause could cause a complete disinheritance for a family member seeking to protect the estate and any other heir who appears in court to support the petition.

Not all states treat the no-contest clause the same. Some refuse to enforce them as a matter of public policy. Others strictly construe the clause because they disfavor any forfeitures. Your estate plan should be created with a no-contest clause aligning with the laws of your state. Your estate planning attorney will explain the ways to use a no-contest clause in your planning, and create a will designed to avoid punishing a challenge brought in good faith. If you would like to learn more about no-contest clauses, please visit our previous posts.

Reference: Kiplinger (Sep. 1, 2023) “What Do No-Contest Clauses Have to Do With Undue Influence?”

The Safe way to Pass on Family Heirlooms

August 30, 2023

Family feuds are more likely over Aunt Josephine’s jewelry than the family home. Putting sticky notes on personal items before you die or expecting heirs to figure things out after you’ve passed often leads to ugly and expensive disputes, says a recent article from The Wall Street Journal, “Pass On Your Heirlooms, Not Family Drama. The safe way to pass on family heirlooms is via a trust of will.

Boomers handling parents’ estates and assessing their personal property are having more conversations around inheritance and heirlooms. However, there are better ways to plan and distribute property to avoid family fights over cars, jewelry, furniture and household items.

The person you name to handle your estate, the executor, typically distributes personal property. Therefore, pick that person with care and clarify how much power they will have. An example of this comes from a police officer in Illinois who has been settling his father’s estate for nearly two years. His father owned more than twelve vehicles, a water-well drill rig and two semitrailers of car parts and guns dating back to the Civil War. He also listed 19 heirs, including stepchildren and friends. He told his son he knew he could handle everyone and the stress of people who “aren’t going to be happy.”

If you want a particular item to go to a specific person, make it clear in your will or trust. Describe the item in great detail and include the name of the person who should get it. A sticky note is easily removed, and just telling someone verbally that you want them to have something isn’t legally binding.

Without clear directions, one family with five siblings used a deck of cards and played high card wins for items more than one sibling wanted. Only some families have the temperament for this method.

In one estate, two sisters wanted the same ring. However, there were no directions from their late parents. An estate settlement officer at their bank had a creative solution: a duplicate ring was made, mixed up with materials from the original ring, and each daughter got one ring.

The safe way to pass on family heirlooms is via a trust of will. Ask your estate planning attorney how to address personal heirlooms best. In some states, you can draft a memo listing what you want to give and to whom. It is legally binding, if the memo is incorporated into a will or trust. If not, the personal representative can consider your wishes. Make sure to sign and date any documents you create.

Get heirlooms appraised to decide how to divide items equitably, which to sell and what to donate. If heirs don’t want personal property, they can donate it and use the appraisal to substantiate a tax deduction. Appraisals will also be needed for estate tax and capital gains tax purposes. If you would like to learn more about personal property, please visit our previous posts.

Reference: The Wall Street Journal (July 30, 2023) “Pass On Your Heirlooms, Not Family Drama”

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How an Intentionally Defective Grantor Trust Protects Wealth

August 23, 2023

Most parents want their children to inherit as much wealth as possible, which drives their focus to shield heirs from unnecessary taxes when they inherit. As of this writing, federal gift and estate tax laws are very friendly for building generational wealth, says a recent article from Kiplinger, “One Way to Secure Your Child’s Inheritance in an Uncertain Tax Future.” The article discusses how an Intentionally Defective Grantor Trust protects wealth.

However, this is temporary, as the Tax Cuts and Jobs Act will expire in 2025. When it does, gift and estate tax exemptions will be cut in half. How can you transfer the most wealth possible to heirs? The best tool is often the Intentionally Defective Grantor Trust or IDGT.

The incentive to take advantage of the current tax laws is even greater for those living in one of the 17 states with their own estate or inheritance taxes, especially considering those states’ exemptions are considerably lower than the federal estate taxes.

The IDGT, despite its name, is not at all defective. Removing assets from an estate lowers or eliminates taxation on the estate and heirs. By selling assets from the estate to a grantor trust, they are no longer subject to estate taxes. The trust then pays an installment note over a number of years, which is designated when the trust is created.

So, why is it called Intentionally Defective? The term refers to the fact that the trust is not responsible for paying its own income taxes. Instead, they pass to the grantor or person who created the trust. Consider an estate with $20 million placed in an IDGT. This might generate a $500,000 tax bill, paid by the grantor. This accomplishes two things: The $500,000 paid in taxes is removed from the estate, lowering the estate’s value and the estate tax. Second, the trust is not responsible for paying income taxes on the appreciation of assets so that it can grow faster. Since the trust is not subject to estate taxes, any appreciation of assets inside the trust won’t add to any estate taxes due upon the grantor’s passing.

IDGTs and S Corporations. Many family-owned businesses are S-corporations that shield personal assets from business-related liabilities. If someone successfully sues the business, any judgment will be placed on the business, not the family’s assets. S corp owners hold shares in the corporation, which can be transferred to the IDGT. When family members move their stock into the trust, business ownership is transferred to heirs free of estate tax. If the business grows between the time the trust is established and your death, the growth happens separately from the estate, so there is no estate tax implication to continued business growth.

What’s the downside? The IDGT removes assets from the estate and provides cash flow in installment payments to fund retirement. However, if you die before the installment term ends, the trust pays out the rest of what it owes to your estate, which increases the value of your estate and the estate taxes owed. However, there’s a remedy for this. The IDGT can be set up with a self-canceling installment note or SCIN. The SCIN automatically cancels the trust’s obligation to pay installments upon your death.

Remember that you will be responsible for the trust’s tax liability, so don’t gift so many assets to the trust that you’re scrambling to pay the tax bill.

IDGTs are complex and require the help of an experienced estate planning attorney to ensure that they follow all IRS requirements. He or she will explain how an Intentionally Defective Grantor Trust protects wealth and if it is a useful planning tool for your family situation. If you would like to learn more about Trusts, please visit our previous posts.

Reference: Kiplinger (July 28, 2023) “One Way to Secure Your Child’s Inheritance in an Uncertain Tax Future”

When Life Insurance becomes Taxable

August 22, 2023

A life insurance policy benefit is usually paid to the beneficiary in a lump sum, which isn’t taxable. However, there are situations when life insurance becomes taxable.

A life insurance beneficiary may receive the policy amount in installments. If so, the benefit is placed into an account that can accrue interest. While the beneficiary won’t pay taxes on the benefit itself, they’ll be responsible for paying income taxes on any interest accrued.

Fed Manager’s recent article, “When Is Life Insurance Taxable? Four Scenarios to Consider,” gives the example of Jenny being the beneficiary of a $500,000 death benefit that earns 10% interest for one year before being paid out. She’ll owe income taxes on the $50,000 in interest growth.

The death benefit of a life insurance policy is usually paid directly to the beneficiaries named. If the benefit is included in the estate, it’s subject to potential federal and state estate taxes if it is above the tax exemption amount. About a dozen states have state estate taxes with exemptions, so if the death benefit amount is above these exemptions, any amount above the threshold would be subject to estate taxes.

A life insurance death benefit would be subject to taxes in the event of a taxable gift. This happens when three people serve three different roles in connection to the policy:

The policyholder is the individual who bought the policy and is responsible for payment of the premiums
The insured is the person whose life is covered by the policy and
The beneficiary who receives the death benefit when the insured passes away.

Assume that Tommy buys a life insurance policy for his wife, Tilly. They designate their son Teddy as the beneficiary. If Tilly dies and Teddy receives the death benefit, the IRS considers this a taxable gift from Tommy to Teddy because Tommy was the policyholder. In this situation, Tommy may have to pay gift taxes for any benefit amount that exceeds federal gift tax exemption limits.

The annual gift exclusion is $17,000 per individual. The lifetime limit is $12.92 million per individual. (These “numbers” are for 2023 and are adjusted for inflation.) To avoid this, Tilly could purchase and make payments on a policy herself, with Teddy still named as the beneficiary. Work closely with your estate planning attorney and financial advisors to understand when a life insurance policy becomes taxable and how to avoid the unnecessary financial headache. If you would like to learn more about life insurance and estate planning, please visit our previous posts.

Reference: Fed Manager (April 25, 2023) “When Is Life Insurance Taxable? Four Scenarios to Consider”

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Category: Inheritance

Houses make horrible Wealth Transfer Vehicles

How Should you Handle an Inheritance?

How Does an Inheritance Trust Work?

Life Insurance should be Major component of Estate Plan

Do You Need a Will or Trusts or Both?

Add your Pet to your Estate Plan

Ways to use a No-Contest Clause in your Planning

The Safe way to Pass on Family Heirlooms

How an Intentionally Defective Grantor Trust Protects Wealth

When Life Insurance becomes Taxable

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