Some people make estate planning mistakes that jeopardize their dreams and goals. It’s important to avoid common estate planning mistakes so that you and your family are well prepared for the future. With the right plan in place, your wishes will be followed and you will remain in control. Take a look at some of the common mistakes below. If you have questions about your individual estate planning needs, meet with an estate planning attorney. Put off estate planning for the future. … [Read more...] about Don’t Make These Estate Planning Mistakes! (Part 1 of 2)
Why Does My Estate Planning Attorney Want to Know Whether My Children are Adopted?
Your estate planning attorney may ask you whether any of your children are adopted. This may seem like an odd question, among many odd questions, but the question is important. Your estate planning attorney is trying to determine whether your child has been legally adopted or is a step-child or other important child in your life. If your child has been legally adopted, he is treated the same as your biological children under the law. In other words, there is no legal difference between … [Read more...] about Why Does My Estate Planning Attorney Want to Know Whether My Children are Adopted?
Update Beneficiary Designations NOW!
Sometimes beneficiary designations get overlooked during the estate planning process or as life unfolds somewhat chaotically. Just like the rest of estate planning, beneficiary designations are not a “once and done.” It is imperative that you ensure your beneficiary designations are in line with your current intent and estate planning documents. Be sure to review and update beneficiary designations, as needed, every three to five years or upon the occurrence of a significant life event. … [Read more...] about Update Beneficiary Designations NOW!
Do I Need a Will or a Living Will?
You’ve probably been told at some point in your life that you need a will and a living will. While these legal documents are an important part of planning, it is important to understand what each document offers. Take a look at the following guide to learn the importance of both a will and a living will. If you don’t have either in place, consult with a qualified estate planning attorney. What does a will do? A will is a legal document that you create during your lifetime. This document … [Read more...] about Do I Need a Will or a Living Will?
I Have a Will. Is That Enough?
A will is an essential part of estate planning. If you already have a will in place, you are one step ahead of many people. While a will can allow you to choose how some of your assets will be distributed after your death, who will manage and distribute those assets and who will care for your child if you die, there are many things that a will can’t do. Take a look at some of the examples below. If you only have a will, it is important to create a full estate plan with the help of an estate … [Read more...] about I Have a Will. Is That Enough?
Protecting Life Insurance from Federal Estate Tax
No one wants to lose half of the value of their life insurance to the federal estate tax. But that is exactly what can happen if you don’t plan carefully. You’re in luck because the federal estate tax is often a voluntary tax. You volunteer to pay by not planning. We suggest that you plan and avoid the federal estate tax. Unified Credit – Each individual can pass a certain amount during his lifetime or at death without paying federal estate tax. This amount is called the unified … [Read more...] about Protecting Life Insurance from Federal Estate Tax
Why Do I Need Estate Planning?
Who me? Estate planning? Many people assume that there is no need for an estate plan or that it is okay to put it off for a later day. While it can be difficult to think about hard issues such as death and illness, it is important to have a plan in place for the future. Yes, even YOU need an estate plan! Take a look at some of the reasons why you need an estate plan. Then, schedule a time to meet with an estate planning attorney today! If you want to have a say in how your assets will be … [Read more...] about Why Do I Need Estate Planning?
How to Protect Assets from Lawsuits
If you’re in a “high risk” profession such as medicine, law, or real estate, it is likely that you are concerned about protecting assets from lawsuits. Asset protection is part of the estate planning process. And, while we always recommend that you carry good insurance, there are other techniques that can be used to protect your assets if a judgment exceeds your insurance limits. Here are some asset protection options for your consideration: Trusts By giving your assets during your lifetime … [Read more...] about How to Protect Assets from Lawsuits
Blended Families: Fostering Good Relationships
If you’re like most people with a blended family, you would like your family to be as happy as the Brady Bunch. Carol became “Mom” to Mike’s sons and Mike became “Dad” to Carol’s daughters. As viewers, it was easy to forget that the Bradys were a blended family. In our own lives, it’s not so easy to forget. And, we shouldn’t. Blended families call for caring communication, and careful estate planning. Without these things, relationships can be strained, mistrust fostered, and children … [Read more...] about Blended Families: Fostering Good Relationships
Behind Every Good Trust, There is a Good….
The Revocable Living Trust is dynamite! Most folks benefit from having a trust and they seem to work magic, avoiding probate, providing disability planning, keeping you in control, and providing asset protection for your beneficiaries’ inheritances. However, no good trust acts alone. There are supporting documents that work in conjunction with and help the trust do its work. For example: Bill of Sale The bill of sale is a legal document used to transfer your tangible personal property into … [Read more...] about Behind Every Good Trust, There is a Good….
