Category: Estate Planning
Steve Lockshin
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Jun 27, 2025
What Jimmy Buffett’s Estate Battle Can Teach Us About Trustee Selection and Legacy...
The recent headlines surrounding Jimmy Buffett’s $275 million estate are not just tabloid fodder—they’re a case study in what happens when good planning on paper meets the unpredictability of human relationships and unclear expectations. While we don’t yet know the full facts, what’s emerging is an all-too-familiar theme: a fight over control of a legacy that was likely intended to bring comfort, not conflict. Buffett was known for living life on his own terms, building an iconic brand that fused music, real estate, hospitality, and culture. He also did what many high-profile individuals do: he put his assets into a...
Karen Nachbar
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Jun 26, 2025
Understanding the Risks of UPL
As Chief Legal Officer at Vanilla, I speak with customers frequently about the risk that the unauthorized practice of law (UPL) presents for wealth advisors. Balancing UPL risks as we build product is top of mind for our incredible team at Vanilla. We include thoughtful guardrails but also provide flexibility to our customers who can decide for themselves how to best mitigate their risk. What is UPL, and why should you care? UPL is giving legal advice when you’re not a lawyer. Every state has its own definition of UPL, but generally speaking, it includes: Drafting or preparing legal documents...
Vanilla
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Jun 24, 2025
10 Benefits of Revocable Trusts All People Should Know About
Estate planning can be complex—but a revocable trust (also known as a living trust) offers a flexible, effective, and increasingly popular solution for managing and distributing assets. A revocable trust is a legal entity you create during your lifetime to hold and manage your assets, which you can change or revoke at any time. It provides control while you're alive, protection during incapacity, and streamlined asset transfer after death. Whether you're a high-net-worth individual or simply looking to protect your family, understanding the benefits of a revocable trust is essential. Below are ten compelling reasons to consider adding one to...
Vanilla
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Jun 17, 2025
How Survivorship Life Insurance Policies Can Be Helpful in Estate Planning
Introduction Survivorship life insurance, often referred to as second-to-die insurance, is a specialized form of life insurance that covers two individuals—typically spouses—and pays out a death benefit only after both have passed away. While this policy type may not be as widely discussed as traditional single-life insurance, it plays a pivotal role in strategic estate planning, especially for high-net-worth couples. This article explores how survivorship life insurance works, its unique benefits for estate planning, how it compares to single-insured policies, and when it’s most effectively utilized. We’ll also examine optimal funding structures and common pitfalls to avoid. Whether you’re a...
Steve Lockshin
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Jun 11, 2025
The Estate Planning Hierarchy for Wealthy Families: A Practical Guide for Advisors
For advisors working with very wealthy families, understanding the hierarchy of estate planning tools is essential to structuring optimal, tax-efficient, and flexible multigenerational plans. Here’s a practical framework to guide your thinking. To dive deeper, download How Vanilla Helps Advisors Plan Across Generations here. Start at the top: GST-exempt trusts Generation skipping transfer tax-exempt trusts are the gold standard for multigenerational wealth transfer. When properly structured, a GST-exempt trust: Is exempt from transfer taxes for generations—forever Can include a spouse as a beneficiary, providing flexibility and access Is highly effective for multi-generational planning when situs is established in favorable jurisdictions...
Madison Eubanks
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May 22, 2025
6 Most Common Types of Wills and Who Should Use Them
Making plans for what happens after you’re gone can be uncomfortable and even frightening—but in the long run it’s one of the most important things you can do for your loved ones. Leaving behind a will is the best way to ensure your wishes are followed and that your family isn’t left making difficult decisions with no guidance. Wills are essential tools in estate planning, and there are several different types to be aware of. Choosing the right type of will depends on your own personal, financial, and familial circumstances. Not all wills are the same; different types serve different...
Vanilla
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May 12, 2025
Trust vs. Will: What’s the Difference, and Which Do Your Clients Need?
You've likely had clients ask, "Do I need a will or a trust?" It's a common question that deserves a thoughtful, personalized response. The confusion between wills and trusts often leads clients to make decisions that don't fully address their specific needs. Without proper guidance, they might opt for the simplest solution without understanding the long-term implications for their families and estates. This guide will equip you with clear explanations of the key differences between wills and trusts, their respective advantages and disadvantages, and a framework for helping clients determine which option or combination of options best suits their unique...
Simona Ondrejkova, CFP
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May 07, 2025
What Is a Credit Shelter Trust? And How Can It Help Minimize Estate...
In estate planning, there are several types of trusts especially designed to help individuals avoid or reduce estate taxes. One of these is the credit shelter trust. The credit shelter trust is often used by married couples as one of many estate planning strategies that can help them pass on more wealth to beneficiaries after both spouses pass away. Here, we explain what a credit shelter trust is, how it works, and when you or your clients should consider using it to leave a greater legacy by minimizing or even eliminating the estate tax bill. What is a credit shelter...
Vanilla
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Apr 30, 2025
Revocable Trust vs. Irrevocable Trust: Understanding Six Key Differences
Helping clients navigate estate planning is becoming a non-negotiable aspect of comprehensive wealth management. Research indicates 70% of clients believe their advisors should offer estate planning services, and 40% would change advisors if it meant switching to one who did offer estate planning. So while you may not draft legal documents yourself, understanding the nuances of estate planning, like trust structures, allows you to have more meaningful conversations with clients and collaborate effectively with their attorneys. Two primary trust options—revocable and irrevocable—serve distinctly different purposes in your clients' financial plans. The right choice depends on each client's unique circumstances, priorities,...
