There are many things to deal with when a loved one passes away. One that should not be overlooked is dealing with prescription drugs and other controlled substances that they possessed. There are laws governing the disposal of these substances, so it is important to understand the Continue reading
One common approach to estate planning is to leave a home to children in one’s will. Does this give your child any current rights to your home while you are alive? Can your child then possibly take your home from you? The short answer to this question is no. A child named as beneficiary Continue reading
Are you one of the many Americans who uses social media? Have you ever considered what will happen to your social media accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to be aware of how your accounts are treated after your death Continue reading
With couples of similar ages, planning for the future is quite naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your spouse Continue reading
Estate planning involves both preparing for the inevitable and planning for the unexpected. Your plan should have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are alive?
If you can no longer manage your affairs, you Continue reading
When transferring real estate, there are different types of deeds that can be used. Following is a brief discussion of three types of deeds that are commonly used and why they might be considered.
Quitclaim Deeds
When someone wants to transfer whatever property rights they have in a Continue reading
What is a QTIP trust?
A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, Continue reading
Wills and trusts are two basic legal instruments used to direct the transfer of assets after someone passes away. A revocable living trust is often referred to as a will substitute, but wills and trusts are not mutually exclusive. You can have both a will and a trust, and in fact, Continue reading
A revocable living trust (RLT) is a commonly used estate planning tool. But what exactly are they, who is affected by them, how can they be changed, and what do they accomplish?
What Are They?
Trusts are legal mechanisms for the ownership of property for the benefit of a person or entity. Continue reading
Social media is all about putting yourself out there to connect with people, wherever they may be. If you are active on social media, not only are you being social, you may also be gaining a following that could result in an inflow of cash. If you are using social media to earn income, Continue reading
Trusts can be designed for any number of reasons and can be created to last a short time or to stretch across generations. Properly designed, a trust can keep valuable money and property within a family for an extended time, but no trust has unlimited funds or can last forever. Every Continue reading
For those who have estates large enough to be subject to estate taxes, either currently or when the estate tax exemption falls as scheduled in 2026, various planning options are available to reduce or eliminate the estate tax liability. One strategy is the qualified personal residence Continue reading
Avoiding probate is a common goal expressed in estate planning. Avoiding the costs, delays, and loss of privacy caused by the probate process is often desirable. However, in some cases, there may be some value found in using the probate court process.
Probate is the court-supervised Continue reading
For many, a comprehensive estate plan begins with a living trust agreement. Working with an attorney to create a trust is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of aligning your Continue reading
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, designating the third week of October as National Estate Planning Awareness Week. Current surveys still reveal that the vast majority Continue reading
A comprehensive estate plan is necessary to protect your loved ones when you pass away. Another key component of your plan is making sure that the right amount of money is available to carry out your goals for their futures. Life insurance helps many people provide for their loved Continue reading
For many people, their retirement accounts, such as an IRA, are the largest assets in their estate. Although spouses receive special treatment when inheriting a retirement account, including the ability to roll over the account into a personal retirement account and to stretch the Continue reading
A comprehensive estate plan includes several documents that accomplish three key things. First, they lay out your wishes for the handling of your money and property during life and at death. Second, they explain your medical wishes if you are no longer able to make them yourself or Continue reading
As an unmarried individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. A married person often assumes a spouse would have authority to Continue reading
A comprehensive estate plan not only directs what happens to your financial wealth when you pass away, it also addresses the possibility that you could become unable to handle your financial matters while you are still alive, due to accident, illness, or as the result of aging.
A durable Continue reading
Divorce and remarriage are more common now than in the past. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of and some steps you should take to ensure your estate planning continues to be appropriate Continue reading
According to a recent study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019. Although creating or updating your estate planning may seem challenging, a proper estate plan can help Continue reading
If you have a loved one who is disabled or has special needs, great care and consideration must be taken when deciding how to provide for them in your estate plan. An inheritance received outright could cause that special needs beneficiary to lose eligibility for government aid or Continue reading
Some folks have the mistaken notion that a prenuptial agreement is only for the super wealthy or those who have little faith in the strength of their marriage. So, the thought is that a wealthy person needs a prenuptial to prevent a gold-digger from entering a marriage just so that Continue reading
Congress has various taxing systems in place to tax the transfer of wealth, both during your lifetime and after you pass away. There are certain transfers you can make, however, without incurring any tax.
Annual Exclusion Gifts
Each year, you can give up to an amount set by law, called Continue reading