People often think about estate planning as an exercise in document creation, and you certainly have to record your final wishes in writing. That being said, there is an additional element you should seriously consider. After you are gone, there will be administrative tasks to complete so you have to arrange for some type of representation. Last Wills and Probate If you use a last will as the centerpiece of your estate plan, you would name an executor in the document. This is the individual or … [Read more...] about Estate Administration: Legal Guidance Is Invaluable
Your Inheritance Plan Can Protect Benefits
One of the primary reasons why it is important to discuss your inheritance planning options with a licensed attorney is because there are many ways to go about it. The ideal course of action for one person may not be appropriate for the next, and this is true on multiple levels. The nature of your assets and the overall objectives will certainly enter the picture when you are devising an inheritance plan, but it is not just about your own situation. You should also consider the potential … [Read more...] about Your Inheritance Plan Can Protect Benefits
Steps to Take Along the Estate Planning Process
Any time you are involved in a complicated endeavor, it is wise to break it down step-by-step. This is certainly applicable to the estate planning process. In this post, we will take a brief look at the different relevant factors that you should take into consideration. Legacy Preservation One concern is making sure you have something to leave behind because you really don’t have to be too concerned about estate planning if you have nothing left to leave behind to your loved ones. How could … [Read more...] about Steps to Take Along the Estate Planning Process
Estate Planning and Pet Ownership for Lonely Seniors
Elder law and estate planning attorneys help people prepare for their senior years as they take steps to leave suitable legacies for their loved ones if it is at all possible. Loneliness can certainly be a challenge for elders that lose their spouses, and there is no one easy answer that is right for everyone. Some seniors have family members, friends, and neighbors that try to fill the gaps, but people live busy lives, and it can be hard for them to carve out sufficient time. In other cases, … [Read more...] about Estate Planning and Pet Ownership for Lonely Seniors
Estate Planning in the Digital Age
Times have changed when it comes to the way that we communicate with others, pay our bills, and store information. There was once a time when people would keep all the information that their executors would need in a locked filing cabinet and make the keys available. Clearly, paper documents can still be part of the equation, but there is now a digital component as well. In this post, we will provide some food for thought with regard to the steps that you can take to address your digital life … [Read more...] about Estate Planning in the Digital Age
Will My Estate Be Subject to Taxation?
When you are engaged in your estate planning efforts, it is natural to be concerned about estate taxation. Most people have heard the terms “estate tax” and “death tax” and in this blog post, we will provide some clarity about postmortem asset transfers and taxes. The Federal Estate Tax The federal estate tax is applicable in all 50 states, and sometimes people will refer to it as the death tax. This levy carries a 40 percent maximum rate so it can potentially consume a very significant chunk … [Read more...] about Will My Estate Be Subject to Taxation?
Estate Planning Is a Long-Term Process
When surveys are conducted, they consistently find that the majority of Americans do not have any estate planning documents in place. Surprisingly, many baby boomers and some elders are unprepared, and precious few younger adults have taken any of the appropriate steps. Clearly, most people know that they should have estate plans in place, but they put it off for one reason or another. Since there is so much procrastination, if you have been dragging your feet, you may become quite complacent … [Read more...] about Estate Planning Is a Long-Term Process
A Comparison of Common Asset Transfer Methods
Far too many people are remiss when it comes to estate planning. Unfortunately, the lack of action will often yield negative results when families are left behind to manage on their own. This is something that we see all too often, and the inaction is quite unfortunate because some simple advance planning can make all the difference. It is important to discuss asset transfer methods with an inheritance planning attorney because there is no one-size-fits-all estate plan. The ideal way to … [Read more...] about A Comparison of Common Asset Transfer Methods
Aretha Franklin Estate Matter Takes a Surprising Turn
In life in general, when you hear about mistakes that have been made by others, you learn valuable lessons about “what not to do.” Within the realm of estate planning, there are a number of constructive tales that revolve around estate planning errors that were made by rich, famous people. This type of situation has unfolded since the death of the legendary “Queen of Soul,” Aretha Franklin. She passed away as a result of pancreatic cancer in August of 2018 at the age of 76. It has been … [Read more...] about Aretha Franklin Estate Matter Takes a Surprising Turn
Joint Bank Accounts: Worth the Gamble?
You can cross your fingers and hope for the best while taking some estate planning steps that are questionable. But you have to ask yourself if it is really worth the gamble -- one of the these questionable steps is joint bank accounts with children. It took a lot of time and effort to accumulate the resources that comprise your estate and you would probably do well to make a small investment into a properly constructed estate plan rather than seeking out do-it-yourself alternatives. There … [Read more...] about Joint Bank Accounts: Worth the Gamble?
