Myth #1: When I die, my partner that I am not married to can continue living in our home.
Fact: You must plan to allow your partner to continue living in your home. Some possible planning options include 1) placing your partner’s name on the deed, 2) executing a beneficiary deed, often Continue reading
Category: Estate Planning
What Should You Do with Your Retirement Account When You Have a Minor Child?
Your retirement accounts may be one of the most valuable things you own. As is common, you may consider naming your children as beneficiary on such an account in case something happens to you. However, if you have minor children, there are some factors that make this type of transfer Continue reading
Important Milestones You Can Incorporate in Your Estate Plan
Life is full of possibilities. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible.
While you are Continue reading
Things You Can Do to Help Prove You Are Mentally Competent When Executing Your Estate Plan
One of the common challenges to a will or trust is that the person who made the will (the testator) or trust (the trustmaker or settlor) was not mentally competent to create it. While we would all like to believe that our family and loved ones will honor our wishes as expressed in Continue reading
Does the Guardian for My Child Have to Be a United States Citizen?
A necessary, but not pleasant, aspect of estate planning is deciding what will happen to your child if both you and the child’s other legal parent were to die unexpectedly. While the odds of this happening may be low, the consequences of not naming a legal guardian in your will or Continue reading
Transfer on Death Deeds
What Is a Transfer-on-Death Deed?
If you own real estate, such as a home, in your sole name but you have not created a trust and transferred your property’s title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. Continue reading
What if I Cannot Find a Beneficiary?
When someone has named you as the fiduciary in a will or trust (personal representative or trustee), when that person passes away you are obligated to distribute their money and assets to the beneficiaries who have been named in the document. Sometimes, perhaps because of a family Continue reading
Your Planning Team for Your Next Adventure
Do you have any travel plans coming up? You may have decided what you and your travel companions want to see and do, how much you are willing to pay, and the time you plan to travel. While your travel arrangements may be set, you need to consider calling in a special planning team Continue reading
Why a Trust Is the Best Option to Avoid Probate
A big goal in estate planning is to make things easier for our loved ones. A comprehensive estate plan can allow your money, property, and legacies be transferred to your intended beneficiaries in a harmonious, stress-free, and fair process so that your loved ones to grieve and deal Continue reading
Three Tips for Overwhelmed Executors
It isn’t necessarily an honor to be named in a person’s will as the personal representative or executor. While you can take some satisfaction that your loved one thought enough of you to trust that you could act in that position, the duty you have been given can often be a sobering Continue reading
Handling S Corporation Needs in Estate Planning
If you own a small business, one of the many challenges you face is deciding what should happen to the business after your death.
For example, upon your death,
- Do you wish to pass on your business as an ongoing operation that will produce income for your spouse or loved ones?
- Is it Continue reading
What to Do if Your Trustee is Unresponsive
If you are a beneficiary of a trust and your trustee is unresponsive to your requests for information regarding the trust, what should you do? A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Continue reading
Choosing An Estate Planning Attorney
Why did they pick estate planning Continue reading
Is Your Estate Plan Complete?
Even if you are among the minority of US adults who have prepared a will, living trust, or other estate planning document, your plan may not be complete. Estate planning is an ongoing process, requiring regular review and periodic adjustments. A comprehensive plan requires that you Continue reading
Right of Occupancy Trust
Estate planning is all about protecting you and your loved ones. If you have a loved one that you want to provide a home for after you pass away, while having ultimate ownership pass to someone else after that loved one’s death, a right of occupancy trust can provide a solution.
What Continue reading
How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands
Over 40 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, the reality is that they could become your child’s ex-spouse. Without proper planning, money and assets that you leave to your child could be subject to a division Continue reading
Protect Your Artistic Legacy
If you are an artist, it is important to include your artwork in your estate planning. Who can control your artwork if you become incapacitated, including matters such as selling, loaning, or licensing your pieces.
What do you want to happen to your artwork after you pass away? Options Continue reading
Powerful Provisions in Your Financial Power of Attorney
In a financial power of attorney, you designate a trusted decision maker (called an attorney-in-fact or agent) to act on your behalf if you become disabled or unable to manage your financial affairs. You may choose to give your agent, among other things, the power to buy and sell Continue reading
What Happens to My Spouse’s Debts at Their Death?
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt.
The obligation Continue reading
Important Questions to Ask When Investing in a Vacation Property
Approximately 7.5 million second homes are owned by families according to a study in 2018 by the National Association of Home Builders. For many families, these second homes are vacation homes that carry years of special family memories. Following are some important estate planning Continue reading
LGBTQ+ Estate Planning to Protect Yourself and Your Loved Ones
Everyone needs estate planning. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, assets, and loved ones in the event of an accident, illness, or death.
For LGBTQ+ Americans, estate planning Continue reading
Updating Your Estate Plan: How Many Tweaks Are Too Many
If your life or the law has changed since you signed your Will or Trust, you need to review your plan and perhaps update your plan documents. A trust can be updated by an amendment or restatement. The amendment updates just a specific part of the trust, while a restatement is a complete Continue reading
It’s Not Just About the Money: The Legacy You Leave Your Family
Words like “estate planning”, “inheritance”, and “bequest” can leave the impression of assets, property, or accounts with significant monetary value. However, you can leave your family a legacy regardless of the size of your bank account.
1. Make a Plan
Often, people who do not have Continue reading
How Often Should You Update Your Estate Plan?
Estate plans are somewhat like a snapshot in time. While they do look to the future, they are created based on your current circumstances and existing law. A working professional is likely to keep his or her resume updated regularly, to reflect their experience, skill set, and education. Continue reading
Can a Trust be Kept Secret from its Beneficiaries?
Families who have accumulated a substantial amount of wealth during their lifetime are often reluctant to disclose the full extent of their wealth to their children. Many express concerns about whether the younger generations are ready for the wealth they may receive and the impact Continue reading