1100 13th Street, NW, Suite 750Washington, DC 20005202.887.6400Customer Service: 800.544.0155
All Contents © 2019The Kiplinger Washington Editors
See All Authors »
Partner and Chair of Trusts and Estates Group,
Connect on LinkedIn
Estate attorney Tracy Craig is a partner and chair of Mirick O'Connell's Trusts and Estates Group. She works with individuals in all areas of estate and gift tax planning, ranging from testamentary estate planning, including business succession planning, to sophisticated lifetime leveraged gifting techniques. She also specializes in estate administration, prenuptial agreements, guardianships and conservatorships, and all aspects of charitable planning, including the formation and operation of tax-exempt organizations, ranging from private foundations to public charities. She serves in various fiduciary capacities, including trustee, conservator and personal representative. She also works with clients on issues facing elders.
Craig is a Fellow of the American College of Trust and Estate Counsel and an AEPÂ®. She has received an AVÂ® Preeminent Peer Review Rating by Martindale-Hubbell, the highest rating available for legal ability and professional ethics.
Sometimes it can be wise (or just pleasurable) to give your assets away while you're still alive.
See More From: Building Wealth
You may be surprised at how easy it is to make an expensive mistake with your beneficiary designations.
Someone has to inherit your assets, and if you don't decide, state laws will do it for you. That means your awful Great Uncle Ed may inherit, while your beloved cousin Mary may get nothing. That's only one reason to get busy.
Putting a child on your bank account can make life easier as you get older, and it can help your heirs avoid probate after you're gone. But it comes with some pretty severe downsides. In fact, a revocable trust may be a better move.
Who will feed Fifi once youâ€™re gone? It's something you should probably put in writing. There are three different ways to do that, some offering more protections than others.
A long life is a great gift, but with the joys come some financial and legal challenges. The earlier you act to address them, the better off you and your heirs will be.
If youâ€™re thinking about it because you want to make sure it stays in the family or you have some concerns about Medicaid in the future, be careful. There can be serious consequences if not executed just right.
Thanks to the new tax law, that's what some people may think. But estate planning is about a lot more than just taxes.