When are planning your estate, you should recognize that you are entering into a long-term process. The estate plan that you originally devise is going to be based on your life situation and the legacy goals that you have at that time. Over the years, there can be changes in your family, your inheritance distribution decisions can evolve, and you may find yourself in a better financial position. There can also be legislative changes that have estate planning implications. Estate plan … [Read more...] about What Happens If a Beneficiary Predeceases You?
It is a terrible feeling to find yourself in a difficult situation that you could have prevented if you had taken action in advance. This definitely applies to asset protection planning because a lot of people put it on the back burner until it is too late. Limited Liability Company If you are a small business owner, you should definitely use an asset protection structure to separate your personal interests from your business interests. A limited liability company or (LLC) can be the ideal … [Read more...] about Asset Protection Planning Will Provide Peace of Mind
If you think about it, a lot of the knowledge that you take for granted was absorbed from your environment. You hear people talking about certain subjects, general information sinks in, and it helps you understand and act on the situations that arise. When it comes to estate planning, there are not many conversations about the subject, and you are not going to see a lot of random articles and social media posts that explain the process. Clearly, passing away is at the bottom of every to-do … [Read more...] about Three Estate Planning Tips to Help You Prepare Your Legacy
The housing market is thriving all around the country right now, and there has been an extended bull market. In some communities, the prices have gone up by one hundred percent or more over the last 10 years, and this has been driven in large part by supply and demand. Interest rates have been very low so there are many buyers out there, and the inventory is consistently limited. On the one hand, this is great for homeowners, but there is an estate planning dimension that can enter the … [Read more...] about As Housing Prices Soar, the Estate Tax Looms
It is natural to look at estate planning as something that is all about making decisions with regard to how the pie will be sliced and who will get what. In reality, this is only part of the equation. You should also consider the life situation of each person on your inheritance list. There are many ways to arrange for postmortem asset transfers. You do not have to choose the same way to leave inheritances to everyone in the family, and in many cases, this is not wise. Let’s look at some … [Read more...] about Inheritance Planning: Consider the Individual Beneficiaries
If you are named as the executor of an estate, there are specific things that must be done after the passing of the decedent during the administration process. This would also apply to a family member that has to sort out an uncertain situation after the death of a relative. In this post, we will provide a basic overview of the steps you would take if you are in this position. Ground Zero Assuming you are an executor, at the beginning of the process, you start to assemble the documents that … [Read more...] about How Is an Estate Settled During Probate?
When you hear the term “estate planning,” you may immediately think about the creation of a will. Indeed, you can use a will to facilitate asset transfers after you are gone, but there are many other options. A trust can be a better choice under various circumstances, and we will take a look at some of the scenarios in this post. Reining In a Spendthrift Let’s say that you have someone in the family who is not very good with money. They have approached you on more than one occasion looking … [Read more...] about When Is a Trust Preferable to a Will?
Now that vaccinations are becoming readily available to anyone that wants to get one, many people are taking care of responsibilities they have been putting on the back burner. This certainly applies to estate planning in general and plan reviews in particular. This is an ongoing process, and adjustments will be necessary when circumstances in your life change over the years. Now is the time to bring your plan up-to-date if you know that you need to make adjustments and you have been waiting … [Read more...] about Update Your Estate Plan to Prepare for Upcoming Changes
Why should you work with an estate planning lawyer to put a plan in place? This is a broad question, and there are multiple different reasons why professional assistance is invaluable. There is no single approach to the process that is right for everyone. The ideal way to proceed will depend on the circumstances, and there are multiple ways to transfer assets. You should consider the life situation and personal proclivities of the people on your inheritance list and use the right tool for … [Read more...] about An Overview of Situational Inheritance Planning
A few weeks ago, we posted about a piece of legislation that could have an impact on your individual retirement account. We promised to share updates as the measure makes its way through the process, and we have some news to pass along. Before we look at the proposed changes, we will provide an overview of the two different types of accounts that are most commonly used to provide context. Traditional IRAs A traditional individual retirement account is funded before taxes are paid on the … [Read more...] about SECURE Act 2.0 Clears Hurdle