Category: Estate Planning

Madison Eubanks

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Feb 21, 2025

Intestacy, or dying intestate, is legalese for when a person passes away without a will. When a person dies “intestate,” their estate is subject to the intestacy laws of the state they lived in. This means that who inherits the estate is left up to the government as defined by the state’s intestacy laws, rather than by the deceased person’s choice. This can give rise to any number of issues and can create headaches for the intestate person’s family and loved ones. The purposes of wills and trusts are, of course, to communicate one’s wishes for what should happen to...

Vanilla

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Feb 06, 2025

What is a spousal lifetime access trust (SLAT)? A Spousal Lifetime Access Trust (“SLAT”) is an irrevocable trust set up by an individual (the “donor”) during his or her lifetime for the benefit of the individual’s spouse and if, desired, other family members.   How does the SLAT work? A SLAT is created under a trust agreement, which contains the terms of the trust and the name of the individuals or entity that will act as trustee (typically a trusted friend or advisor). A SLAT is funded by way of a gift from the donor to the SLAT. During the...

Vanilla

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Feb 04, 2025

According to a 2024 survey from Caring.com, 40% of Americans don’t think they have enough assets to create a will. This reveals a general lack of understanding around the purpose of a will, which does more than handle financial assets. There’s an enormous opportunity for advisors to help educate clients about the goals of estate planning and core estate documents.  If you have a handle on the core estate documents and how they benefit your clients’ finances in the long term, you’ll be more likely to provide advice and guidance that will strengthen ongoing relationships with clients and their families....

Vanilla

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Jan 23, 2025

By Lisa A. Cohen, CEO of Visible National Trust Special needs trusts are the cornerstone of disability estate planning, and disability affects many more people and families than we might expect. Incorporating special needs trusts into estate planning brings certainty that families’ wishes will be implemented for their loved ones.  Visible National Trust serves families and individuals across the country with complete turnkey special needs trust solutions that meet families’ high service standards and evolving needs.  Seventy (70) million Americans live with a disability, according to the CDC. Twenty-three (23) million people with disabilities require lifetime support, affecting seventeen percent...

Madison Eubanks

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Dec 10, 2024

In case you missed it, our recently released Vanilla’s 2025 State of Estate Planning Report is chock full of relevant facts and figures about what’s new and noteworthy in consumer mindsets around planning.  This annual survey of 1,000 US consumers is designed to unlock insights about how people view their families and values as well as the role of advisors and technology in the context of estate planning.  While the full report is well-worth a read, we also put together this skimmable roundup of some of the most important (and sometimes surprising) findings.   Read the complete, ungated State of Estate...

Vanilla

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Dec 05, 2024

The best advisors (and, truthfully, our favorite people) are the curious ones—they dig in, ask questions, and are always learning. They want to bring clients great advice that’s backed by education, experience, and perspective.  For all the lifelong learners out there, Vanilla is your partner for refreshing, broadening, honing, brushing up, mastering, reviewing, or just dipping your toes into estate planning topics and skills.  Vanilla Academy launched earlier this year as an estate planning learning hub for advisors who want to up-level their offering and show clients a breadth of expertise, and we’ve just added three additional courses to the...

Sarah D. McDaniel, CFA

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Dec 03, 2024

Let’s face it—most people procrastinate. Deadlines are often the only motivators that spur action, and for financial planning, this “crunch time” tends to hit in November and December. Unfortunately, this end-of-year rush isn’t ideal for a number of reasons: The holidays: Advisors and clients alike are juggling travel, vacations, and family obligations. Emotional rollercoasters: Whether it’s the stress of family reunions or the joy of celebrations, emotions can cloud judgment. Rushed decisions: Big-picture financial planning requires clarity and focus, neither of which are easy to achieve in a hectic environment. The result? A less-than-optimal setup for making critical long-term decisions....

Vanilla

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Nov 13, 2024

There are over 33 million small businesses in the United States, employing over 60 million people. In many ways, private businesses are the heart and soul of the country’s economy, and—unsurprisingly—business owners often feel passionately about what happens to their share when they pass away.  Wealth advisors should be prepared to help their business-owning clients create a thoughtful succession plan, regardless of the size or value of their business.  In a recent webinar, estate planning experts Steve Lockshin and Patrick Carlson sat down to discuss everything from foundational concepts to advanced strategies wealth advisors should consider for clients who own...

Madison Eubanks

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Oct 24, 2024

A sub-trust, often created within a larger trust, is a type of estate planning tool that can allow you to customize how portions of your estate are managed and distributed to specific beneficiaries. They can add both flexibility and control to your plan, bringing peace of mind that your estate will be distributed according to your wishes and your beneficiaries will be cared for. Whether you want to set aside funds for minor children, protect a special needs beneficiary, or create tax-efficient structures, sub-trusts offer a tailored approach to address the unique needs of your family. In this blog post,...