In the course of us helping people with their estate plans, one issue that we find that can come up is the question of capacity. Is any person involved in this estate plan losing the capacity to make decisions properly for themselves? Do they really understand what is going on?

A Spousal Lifetime Access Trust (“SLAT”) is an irrevocable trust created by one spouse (Donor Spouse) for the benefit of the other spouse (Beneficiary Spouse) (and/or other family members, like children and grandchildren).

Charitable Remainder Trusts (CRTs) are an essential estate planning tool for clients who wish to match their philanthropic goals with a fixed income stream, either for themselves or their loved ones (e.g. kids).  They work ideally with low-basis assets such as stock, but can receive any property – cash, real estate, or a retirement account.

It’s hard to believe it’s August. The days seem to blur into each other despite working as usual and despite trying to make things feel as “normal” as possible. I am a planner in my work, and in my life, so it’s been a challenge to be in this environment and to not be able to plan or do things in the usual way.

This summer we have been trying to get you quick bites of information that are very "nutrient dense.” Educating you about simple things you can do that will give you a big, immediate benefit. One of the most important planning tools that is often overlooked is updating beneficiaries with your financial institutions after a major life event. 

Thinking about undertaking a comprehensive estate plan can seem overwhelming, but there is actually a tiny first step you can take that will give you a tremendous return for a little effort. There are two simple documents that if you don’t take care of them now, it will make handling your affairs much more complicated should you become incapacitated. What are they?

This pandemic has turned everyone into an armchair epidemiologist, and an armchair philosopher as well. In fact, a friend recently mentioned a quote to me from an ancient Stoic philosopher: “Every olpe has two handles – one by which it can be carried, and one by which it can’t.”