08 August

Sticky

Are My Trust’s Bank Accounts Fully Insured? Part 3

Recently we have been receiving questions from our clients about the amount of Federal Deposit Insurance Corporation (FDIC) insurance coverage their revocable trusts have on their bank accounts. This article is the third article in a series of blog posts written to explain the current FDIC deposit insurance rules, and in particular how they apply to trusts. You can find the first article on the fundamentals of FDIC insurance here: Are My Trust’s Bank Accounts Fully Insured? Deposit Insurance for Irrevocable Trust Accounts Irrevocable trust accounts are deposit accounts held in connection with a trust established by statute or a written trust...

09 May

0 Comments

Sticky

Dispelling Common Myths About Living Trusts

Posted by Bobby Feisee

in Bobby's Blog

Most people have a general idea of what a Last Will and Testament is and the purpose it serves. However, if you mention establishing a Living Trust, many people will look at you quizzically with no idea what you're referring to, or they'll mistakenly claim that a Living Trust is reserved for "rich people." This is not the case. In fact, there are many misconceptions surrounding Living Trusts. Below are some of the most common myths about Living Trusts and important facts you need to know. Myth No. 1 – I Don't Need a Trust Because I am Not Wealthy This is,...

19 February

0 Comments

Sticky

Should You Establish an ABLE Account? Understanding the Positives and Negatives

Posted by Bobby Feisee

in Bobby's Blog

If you, or a family member, has a long-term disability, you have the ability to establish a tax-free savings account that can be accessed to pay for certain expenses without harming your ability to qualify for Medicaid and other means-tested government programs. This option was made available through the Achieving a Better Life Experience (ABLE) Act. Below is a list of some positives and negatives associated with ABLE accounts: Positives Associated with ABLE Accounts You can set up your own account with your own funds instead of relying on a parent or loved one to establish a first-party special needs trust. You can...

02 February

0 Comments

Sticky

Important Info You Need to Know About How Divorce Can Impact Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

Most people never expect to get divorced. They love their spouse and anticipate spending the rest of their lives in marital bliss. Unfortunately, the data indicates this is not the norm. In fact, in the United States, nearly half of all married couples wind up getting divorced, according to the American Psychological Association. This is why it is important to be prepared and have as much information at your disposal. Below is a general overview of how a divorce can impact your estate plan. How Divorce Can Impact Your Will When you get divorced, any items or funds that are directed to your...

05 May

0 Comments

Sticky

Neglected Estate Planning By Prince Will Cost Loved Ones

Posted by Bobby Feisee

in Bobby's Blog

World famous music star Prince reportedly died without leaving a will, trust, or any other estate planning documents for his friends and family. The consequence? His loved ones and business contacts will likely be fighting in court for years to settle an estate estimated to be worth between $150 million to $300 million, according to the Chicago Tribune. To complicate matters even further, Prince was not married and had no children. This means there is not a clear beneficiary who will inherit the bulk of his estate. Instead, Prince left behind six siblings. Here is an ABC News report on the estate...

22 April

0 Comments

Sticky

Every Bit Counts – Estate Planning and Your Bitcoin Assets

Posted by Bobby Feisee

in Bobby's Blog

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives...

07 January

0 Comments

Sticky

New Year’s Resolution – Review Your Estate Plan

Posted by Bobby Feisee

in Bobby's Blog

With a new year comes resolutions. Some people may plan to get into better shape. Some people may plan to get out of credit card debt. But everyone should make a resolution to review their estate planning documents. To help get you started, we put together a brief checklist of topics and issues you and your loved ones need to review in your estate plan. You should make this a yearly habit. That is why, at InSight Law, we have a formal maintenance plan for all of our clients to update their estate plans and make adjustments as events in our their...

22 August

0 Comments

Sticky

Same-Sex Couples May Need to Review Estate Plans

Posted by KarenLewis

in Bobby's Blog

Obergefell v. Hodges, the historic Supreme Court decision requiring all states to recognize legally valid same-sex marriages, will certainly have rippled effects in the estate planning world. Why? Because couples in the LGBT community need to now review their estate plans to determine whether the language used to transfer assets to their significant other is still legally accurate and valid. Many states, including Virginia, did not recognize same-sex marriage prior to the Obergefell decision, so many LGBT couples opted not to put together estate plans where their significant other received assets for fear that they may not be legally valid upon...

18 July

0 Comments

Sticky

Maintaining Control of Your Money From Beyond the Grave

Posted by KarenLewis

in Bobby's Blog

A funny story, found on littlethings.com, about a man and his money goes as follows: There was a man who worked all of his life and saved all of his money. He loved money more than just about anything, and just before he died, he said to his wife, “Now listen, when I die I want you to take all my money and place it in the casket with me. Because I want to take all my money to the afterlife.” So, he got his wife to promise him with all her heart that when he died she would put all...

19 May

0 Comments

Sticky

3 Common Mistakes Executors Make and How to Avoid Them

Posted by KarenLewis

in Bobby's Blog

Many people are suddenly thrust into the position of being the executor of a loved one’s estate, and have no idea what to do or how to best proceed. It can be overwhelming. I want to share with you some common mistakes that I’ve encountered with executors in the hopes that you can learn what not to do. Please note, the concerns below are for people that have not done proper trust based planning. Properly drafted and maintained trust based planning (which we recommend for all of our clients) avoids many of the pitfalls below by allowing your trustees to...