THE CORPORATE TRANSPARENCY ACT: DOES IT IMPACT YOUR ESTATE PLAN?

Gabriel Katzner - January 31, 2024 - Asset Protection

The Corporate Transparency Act is a new law, effective January 1, 2024, that was enacted to help combat money laundering, tax fraud, terrorism financing, and other illegal acts. Owners of certain business entities, such as corporations, limited liability companies, and family partnerships, must file a report with the federal government. This report includes information on […]

WHEN DOES AN ESTATE NEED TO GO THROUGH PROBATE?

Gabriel Katzner - January 25, 2024 - Probate

While probate can be a lengthy and time-consuming process, it has a very important role in settling a person’s estate by validating their will, distributing property if a person dies without writing a will, or distributing assets if the will does not name a specific beneficiary to receive these assets. Probate is a formal process […]

ESTATE PROBATE: HOW LONG TO KEEP AN ESTATE OPEN AFTER DEATH

Gabriel Katzner - January 22, 2024 - Probate

Suppose you find yourself named as the executor of a friend’s estate. While you want to honor your friend’s last wish, you may wonder about the time commitment. Keeping an estate open refers to the time between the death and the assets being fully distributed. State laws typically govern the specific timeframe for keeping an […]

HOW LONG DO YOU HAVE TO FILE FOR PROBATE AFTER THE DEATH OF A LOVED ONE?

Gabriel Katzner - - Probate

Probate, by its very nature, occurs at the worst possible time—when you are processing the death of a loved one. Probate involves administrative duties that include filing your loved one’s Last Will and Testament with the court and determining how your loved one’s property and accounts should be distributed. While probate can be a costly, […]

SMART CONTRACTS FOR ESTATE PLANNING

Gabriel Katzner - January 8, 2024 - Estate Planning

Storing estate planning documents can be challenging. The location needs to be safe from natural disasters and secure. On the other hand, if the documents are too far out of sight, they will be out of mind, meaning they won’t be updated after marriages, divorces, deaths, and births. Blockchain provides a safe and secure way […]

WHAT IS THE THRESHOLD FOR THE VALUE OF MY ESTATE TO TRIGGER PROBATE?

Gabriel Katzner - January 4, 2024 - Probate

Probate is a time-consuming and potentially expensive process. It’s important to understand which factors affect how your estate goes through the probate process and if there is a threshold value that triggers whether your estate qualifies for a small estate probate procedure. State laws will vary, but the value of your estate will determine whether […]

HOW CAN BLOCKCHAIN HELP WITH ESTATE PLANNING?

Gabriel Katzner - December 19, 2023 - Estate Planning

Blockchain is, at its core, a distributed and immutable digital ledger. Because it records transactions across multiple computers, it ensures security, data integrity, and transparency. Blockchain does not rely on trust. While each individual holding cryptocurrency is anonymous, blockchain records are public and not issued by any centralized authority. Each transaction or contract must pass […]

ESTATE PLANNING DISTRIBUTION

Gabriel Katzner - December 14, 2023 - Estate Planning

Lisa and Ken (both age 65) have three children and seven grandchildren. The couple has a last will and testament, but as they age and have grandchildren, they plan to meet with their estate attorney to update their estate documents and discuss how to best allocate and distribute their assets to their children and grandchildren. […]

IRREVOCABLE LIFE INSURANCE TRUSTS (ILITS): LEVERAGING LIFE INSURANCE FOR ESTATE PLANNING

Gabriel Katzner - December 7, 2023 - Estate Planning

Mark, a single parent of two daughters aged 9 and 11, has an estate valued at $17 million and plans to purchase a life insurance policy with a $5 million death benefit. Mark’s estate is currently valued at $22 million, which is over the federal estate tax exemption maximum and, therefore, would incur estate taxes. […]

CRYPTOCURRENCY IN ESTATES AND TRUSTS

Gabriel Katzner - November 30, 2023 - Estate Planning

Digital assets such as cryptocurrency and non-fungible tokens are increasingly important when estate planning. Unlike physical assets, cryptocurrency, with its decentralized and borderless nature, presents unique challenges but also opportunities for people looking to secure and maximize their wealth and pass it on to future generations. The cryptocurrency market is estimated to exceed $3 trillion. […]

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