Back to Some Basics: Estate Planning for a Family

August 8, 2013

The fact that estate planning is of paramount importance to every American is nothing new. Although it may be uncomfortable to consider your eventual death, a good, updated estate plan is the only way to make sure that your loved ones are cared for after you are gone. As a recent article emphasizes, estate planning is vital no matter how big or small your estate is.

One important part of estate planning is integrating your bank accounts into your estate plan. As business integration executive Ally Bank explains, “Many people often overlook the importance of incorporating their bank accounts into their estate planning strategy.” One way to achieve this integration is to set up an account for trust.

There are several benefits of establishing an account for trust. First, the trust account helps a person to ensure that their beneficiaries are cared for in the future through the assets in the trust. Second, a trust account may reduce a person’s estate tax liability. Third, trusts do not go through the process of probate. Finally, if your account is at a Member FDIC bank, it is insured up to a minimum of $250,000.

If you are considering a bank account for trust, consider accounts that offer competitive interest rates and do not have minimum fees or minimum balances. Visit several financial institutions to determine which institution and type of account is best for you.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Common Pitfalls After Unexpected Wealth—and How to Avoid Them

Discover the most frequent mistakes windfall recipients make—overspending, poor tax planning, emotional missteps—and learn how high‑net‑worth individuals can avoid them. A large, unexpected sum of money can feel like unlimited possibility. ...

<p>The post Common Pitfalls After Unexpected Wealth—and How to Avoid Them first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It

Learn how the new SALT deduction cap in the One Big Beautiful Bill may create a tax torpedo for high-income earners—and what strategic planning can help you avoid it. How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It The recently proposed One Big Beautiful Bill (OBBBA) introduces sweeping tax changes—none more significant ...

<p>The post How the New SALT Deduction Cap Could Trigger a Hidden Tax Spike—and How to Avoid It first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

New York & New Jersey Retirement Plan Mandates: What Business Owners Need to Know in 2025

Why This Matters Now If you own a small to mid-size business in New York or New Jersey, there’s an important compliance issue you can’t afford ...

<p>The post New York & New Jersey Retirement Plan Mandates: What Business Owners Need to Know in 2025 first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>