People often consider adding a spouse or family member to their bank account or real estate as a form of estate planning. Joint property ownership is easy to set up. It can be established at the bank when opening an account, through the title company when buying real estate, or by Continue reading
The relationship between spouses is special in all contexts, not the least of which in the area of estate planning. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. But there are special protections built into the Continue reading
Planning for your pets in your estate plan is an excellent way to ensure that your beloved pet will receive proper care and attention after you pass away. Because you will not be there to ensure that your wishes are carried out, it is critical to create a comprehensive estate plan Continue reading
Estate planning is about protecting what is important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, and charities, many pet owners wonder what could happen to their beloved pets after their death.
A pet Continue reading
There are two primary options for leaving an inheritance to a beneficiary. The most straightforward is to give it to them in a single lump sum, with no strings attached. However, this might not be the best option for many beneficiaries. You may be concerned about the beneficiary’s Continue reading
Estate planning involves planning for time that you may be incapacitated and the time following your death. Many things can change that affect your plan — your family, the economy, the law, society. Change can happen rapidly and unexpectedly, affecting your careful estate planning Continue reading
Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1]
Every adult over the age of 18 should have some form of estate planning – incapacity planning in case of accident or illness and Continue reading
For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business Continue reading
Thinking about our own mortality and how our loved ones will fare after we pass away can be very difficult. While we all know that we will pass away at some point, this is not something most people like to dwell on. However, by proactively planning and prioritizing your goals, you Continue reading
It has been said that the only thing harder than being an addict is loving one. It can be particularly difficult for a parent to bring a child into the world, full of hopes and dreams about their future, and then watch them spiral down into addiction. Having someone in your life who Continue reading
The U.S. Department of the Treasury has released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden’s policy priorities if he is reelected Continue reading
Wrongful death lawsuits and probate proceedings are both civil legal matters that occur after somebody has died.
When the death of a loved one is caused by another individual or entity, it can lead to the filing of a wrongful death lawsuit and, ultimately, the awarding of compensation Continue reading
Having an estate plan is a great way to ensure you and your loved ones are protected today and in the future. When we create an estate plan, we look at what is going on in your life at that time. But life is full of changes, so it is important to make sure your plan can change to Continue reading
The Corporate Transparency Act (CTA) took effect January 1, 2024, requiring many business entities including small limited liability companies (LLCs) and partnerships to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable Continue reading
The Internal Revenue Code assesses a tax on the transfer of assets from one person to another during life or at death, with some exceptions. If you own valuable assets and you expect them to continue to increase in value, you may want to transfer them out of your estate so you will Continue reading
More young adults are currently living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually Continue reading
You may have heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). These pieces of legislation were created to encourage Americans to save for retirement and Continue reading
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your Continue reading
Wills and living trusts are two of the most fundamental estate planning documents. While both direct the distributions of your assets to your desired beneficiaries after you pass away, a revocable living trust provides added flexibility and functionality, including incapacity planning.
Like Continue reading
Estate planning is more than just planning for what happens after you die. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are alive.
What happens without an incapacity plan?
Without a comprehensive incapacity Continue reading
As a parent, you are responsible for the care of your minor child. Your responsibilities include everything from getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child’s other parent were unable to Continue reading
Private pension plans have been used in the United States since the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. Employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) Continue reading
Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also addresses the time where you may be alive but unable to make decisions for yourself. In case of incapacity, you should have Continue reading
Death is a personal and private affair that affects the deceased’s close family and friends. However, there is at least one aspect of death that may require state oversight: probate.
Probate is the court-supervised process of either (a) carrying out the instructions laid out in the Continue reading
One of the documents that should be a part of your trust-based estate plan is a Certificate of Trust. This legal instrument provides basic, relevant information about your trust to third parties without sharing the full details of the trust document.
What is a Certificate of Trust?
A Continue reading