The Law Offices of Brenton C. McWilliams – Blog
The Law Offices of Brenton C. McWilliams
Welcome to our blog. Here, you will find articles on topics relating to estate planning, elder law and probate.
How To Set Up a Trust Fund for a Child in Alabama
Many people want to ensure their kids have what they need financially if they pass away while their children are minors. Creating a trust allows parents to set their children up for future success. When properly structured, this estate planning instrument offers benefits like asset protection, distribution control, and the ability to...
What is a Trustee for a Trust, and What are Their Responsibilities?
As estate planning attorneys, we often get asked about the role of a trustee. It's an important position that comes with big responsibilities. That’s why it's important to understand what a trustee does before choosing one or agreeing to serve as one yourself. In this article, we'll explore trustees, the types of trustees, and their...
How to Get Power of Attorney in Alabama
A power of attorney (POA) is a legal document that allows you to designate someone you know and trust to make decisions on your behalf when you cannot. Establishing a POA while you still have mental capacity can help avoid the need for a court-appointed conservator or guardian if you become incapacitated in the future. Let's review some...
Right of Occupancy Trust: Alabama Estate Planning Guide
What does a right of occupancy trust do? A right of occupancy trust is an estate planning tool that essentially allows a beneficiary to reside in a specified piece of property until their death or an otherwise specified period of time.
Guide to Estate and Gift Tax Portability for Estate Planning
A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.