Category: Estate Planning

Vanilla

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Sep 03, 2025

Trusts are one of the most versatile and frequently used tools in estate planning. Not only do they help clients protect their wealth, they can also provide clarity, flexibility, and peace of mind for families. Whether you work with high-net-worth clients, blended families, or individuals who simply want more control over their legacy, trusts offer benefits that go far beyond what a will alone can accomplish. In this article, we’ll explore 10 helpful benefits of trusts you should know, and the strategic advantages each offers for clients.  1. Avoiding probate saves time and costs  Probate is the court-supervised process of...

Vanilla

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Aug 20, 2025

When someone passes away without a valid will, it can create significant challenges for their heirs and loved ones. Letters of administration are provided by the probate court once an estate is opened and are crucial in such cases as they grant the legal authority to an individual to manage and settle the deceased’s estate. In the absence of a will, obtaining a letter of administration is the first step in the probate process.  Letters of administration give the estate’s executor the power to handle the deceased’s financial obligations, sell property, and distribute the estate to its heirs in accordance...

Vanilla

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Aug 06, 2025

Probate—the court process of settling an estate—can be a complicated, time-consuming process. It’s also document-heavy.  Having all the necessary documents in order can help streamline probate, reducing potential conflicts and hang ups.  [embed]https://justvanilla.wistia.com/medias/vd3bfy1xvp[/embed] There are 12 essential documents that should be part of every probate checklist, each of which plays a part in ensuring the estate is properly administered and that the decedent’s wishes are honored.  In this article, you’ll learn what each document is, how to obtain it, and what purpose it serves. Making sure you have and understand all the necessary documents can help make probate a smoother...

Vanilla

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Jul 23, 2025

Estate planning is one of the most important conversations you'll have with your clients, yet it's often one of the most overlooked. While many people think estate planning is simply about filling out forms and signing documents, the reality is far more nuanced. True estate planning begins with understanding what your clients truly value and ensuring their deepest wishes are reflected in their plan. The key to successful estate planning lies in asking the right questions during that crucial initial consultation to help you understand not just your client's financial situation, but their hopes, fears, and long-term goals for their...

Vanilla

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Jul 11, 2025

A persistent, common misconception is the belief that having a will helps to avoid probate. Clients frequently assume their carefully crafted will protects their family from probate and its potentially lengthy court proceedings, expensive legal fees, and public disclosure of financial information. The truth often surprises clients: wills require probate to be legally effective in most situations. Understanding this relationship, and knowing how to educate clients about effective probate avoidance strategies, can significantly improve your advisory relationships while helping families achieve their actual estate planning goals. Why probate avoidance matters to your clients It's crucial to understand why probate avoidance...

Vanilla

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Jul 10, 2025

Introduction Imagine a family caught off guard by the sudden loss of a loved one—left scrambling to make legal decisions, untangle financial assets, and settle emotional disputes without a clear plan. Unfortunately, this is a common reality for families without an estate plan. Many people delay or avoid estate planning due to common misconceptions: “It’s only for the wealthy,” or “I’m too young to need it.” In truth, estate planning is not just for the ultra-rich or elderly—it’s a critical process that benefits people of all ages and financial backgrounds. Whether you want to protect your children, support a charitable...

Patrick Carlson, JD, LLM

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Jul 10, 2025

The landscape of estate planning has shifted dramatically with the passage of the One Big Beautiful Bill Act (OBBBA). For financial advisors, understanding these changes is crucial for guiding clients through a new era of permanent estate tax rules that fundamentally alter planning strategies. The game has changed: OBBBA rewrites estate tax rules The OBBBA eliminates the looming 2026 sunset provision and establishes permanent estate tax rules with a $15 million federal exemption per person starting in 2026, rather than the estimated $7.3 million that would have resulted from the sunset. This isn't just a temporary reprieve—it's a complete restructuring...

Steve Lockshin

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Jun 27, 2025

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

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...