By Frank Howell | June 20, 2017
Creative use of life insurance can play an important role in a multi-generational legacy planning strategy, one that allows grandparents to set aside assets specifically to benefit their grandkids, yet still retain control over those assets during their lifetimes. This is a strategy I’ve used with my own clients.
By Margaret Muldoon | June 13, 2017
While it’s silly to leave $12 million to your dog, it’s not a bad idea to consider the care of your pets in your estate planning. Pets are considered property under the law, but for most pet owners they are treasured members of the family. But unless you specifically provide for the care of your pet, it will pass along with the rest of your property as outlined your Will or according to intestacy laws (if you don’t have a Will). That might not be the best person to care for your pet. There are three ways you can provide for a pet in the event of your incapacity or death.
By Penn Mutual | May 30, 2017
Just as estate planning has changed in recent years, so has the use of life insurance in estate planning. Life insurance can effectively serve multiple purposes and objectives in an estate plan, and has more uses beyond simply providing a death benefit to pay estate taxes.
By Margaret Muldoon | October 18, 2016
I wrote a while ago about the changing composition of the American family, using characters and family relations in the TV network series Modern Family to illustrate how complex a family can be for estate planning. Today I’d like to follow up and talk more in-depth about the estate planning challenges of blended families.
By Margaret Muldoon | August 30, 2016
If you are one of the 45 percent of people who have written a Will, congratulations! But it’s not enough just to have a Will in place. You also want to review the ownership of your assets to ensure everything aligns with your Will. There are a lot of moving parts that need to be considered so that your wishes are met.
By Penn Mutual | July 12, 2016
Life insurance is a unique financial product that may provide needed liquidity during lifetime and upon death of the insured. The importance of life insurance is reflected in its favorable tax treatment. However, tax traps can frequently arise in structuring a policy and in common planning contexts.
By Penn Mutual | April 5, 2016
Interest rates currently remain extremely low by historical standards, which dramatically enhances the effectiveness of certain popular estate planning techniques. Changes in rates can result in substantial differences in the costs and anticipated benefits of implementing various interest rate sensitive strategies.
By Margaret Muldoon | January 26, 2016
Creating a well-drafted estate plan is important for everyone, not just those who are very wealthy or famous. But, it’s almost as if many of these celebrities created their wills as a quick side note. Here’s a quick rundown on some of the more notable celebrity estate planning mistakes.
By Penn Mutual | December 29, 2015
The New Year is a traditional time for resolutions – and should include an estate planning “tune up”! Here is a checklist of significant items to review with your professional advisors.