It is a good feeling to get away and spend time at your vacation home if you are fortune enough to have an additional piece of property out-of-state. You can make memories with your family and friends, and real estate can be a good investment. When you are planning your estate, you should be aware of the potential for ancillary probate if you are in this position, and we will examine the subject here. Estate Administration Probate is a process that serves a purpose when an estate is being … [Read more...] about Avoid Ancillary Probate With a Living Trust
There are some terms used in the estate planning realm that may be unfamiliar to many people. One of them is “fiduciary,” and we will demystify the term in this post. Legal Responsibility A fiduciary is someone who has a special legal responsibility to someone else, or multiple people. The fiduciary must put the interests of those individuals first, and they are legally bound to do so. Executor of an Estate One prime example of a fiduciary is the executor of an estate. If you use a will to … [Read more...] about What Is a Fiduciary in Estate Planning?
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