A lot of people think that estate planning boils down to one simple task. You take a little bit of time to record your final wishes in a will, and the matter is closed. All you have to do is buy a worksheet online and fill in the blanks, and you are good to go. That may sound sensible on the surface, but in reality, it is a gross oversimplification. Let’s look at some of the reasons why you may want to engage an estate planning lawyer to help you put your plan in place. Make Sound Asset … [Read more...] about Why Do You Need an Estate Planning Lawyer?
Can You Include Your Dog in Your Estate Plan?
According to the Insurance Information Institute, there is a pet of some kind in more than 65 percent of American homes. Dogs are the most popular pets, and believe it or not, there is a canine companion in 63.4 million households in the United States. Since dogs have relatively short lifespans as compared to humans, most dog owners do not have any concerns from an estate planning perspective. This make sense, and in most cases, there are multiple members of a given household that could care … [Read more...] about Can You Include Your Dog in Your Estate Plan?
Plan Your Estate With Precision
Estate planning can be approached in a couple of different ways. You can require direct, lump sum inheritances without regard to differences in beneficiaries' situations. The other approach would be a laser-focused plan that is built to suit each member of the family. There are many ways to get assets from point A to point B. The ideal method will vary depending on the situation. If you discuss the possibilities with one of our attorneys, we can gain an understanding of your family dynamic … [Read more...] about Plan Your Estate With Precision
Provide Guidance With an Incentive Trust
You have options when you are planning your estate, and this is one of the reasons why you should engage an estate planning attorney. If you have specific objectives, there is some type of approach that can be used to address them. With this in mind, let’s look at the legal device called an incentive trust. Encourage Positive Behavior A large windfall of money can potentially do more harm than good if the recipient has not reached full maturity. You may have concerns about this if you are … [Read more...] about Provide Guidance With an Incentive Trust
Wills Demystified
There are different types of wills and trusts used in the field of estate planning, and it can all be kind of confusing for someone who does not work in the field. This is understandable because we are in the same situation when it comes to subjects that are outside of our profession. In an effort to provide some clarity, let’s look at the different types of wills that are sometimes used. Simple Wills The one estate planning document that everyone has heard of is the simple will, which is … [Read more...] about Wills Demystified
Don’t Take Chances With an Outdated Estate Plan
They say that the only constant is change, and this is something to keep in mind when you consider the estate planning process. It is wise to put a plan in place as soon as you are a responsible adult with other people depending on you. Over the years, life will change, and the original estate plan will invariably come become outdated. Let’s look at some of the events that can take place that would trigger the need for an estate plan update. Additions to the Family We are providing a … [Read more...] about Don’t Take Chances With an Outdated Estate Plan
IRA RMDs Waived for 2020
We are going to share some information about a very important change to the guidelines for individual retirement accounts for current account holders and beneficiaries. Before we get to it, we have to provide some necessary background information about these accounts. Traditional Individual Retirement Accounts When you have a traditional individual retirement account, the contributions that you make into the account are made before you pay taxes on the income. This has positive tax … [Read more...] about IRA RMDs Waived for 2020
Estate Tax Could Be Expanded After Election
They say that elections have consequences, and this is definitely true. Whether or not the consequences are to your liking will depend upon the circumstances. This dynamic is going to play itself out in the near future, because 2020 is an election year. There could potentially be some changes in the tax structure that impact the taxes that are paid on inheritances. We will look at the details in this post. Federal Estate Tax Exclusion The federal estate tax looms large for very wealthy … [Read more...] about Estate Tax Could Be Expanded After Election
Veterans May Qualify for Aid and Attendance Pension
Americans who serve in the United States Armed Forces make sacrifices for the common good, and they are often asked to complete very difficult tasks. In return, they receive some valuable benefits that can set a service member up for a comfortable retirement. One of them is the retirement pension that veterans can receive after a minimum of 20 years of service. The amount of the payout increases if you stay in longer than 20 years, so an individual could stay in the service until he or she is … [Read more...] about Veterans May Qualify for Aid and Attendance Pension
Estate Planning for a Spendthrift Heir
One of the reasons why you should discuss your unique personal situation with an estate planning attorney is because there are many ways to proceed. A lot of people think that there are constraints when this is really not the case. You do not have to take risks if you develop your plan in a fully informed manner. With this in mind, let’s look at an estate planning approach you can take if you have a spendthrift on your inheritance list. Revocable Living Trust A relatively simple but highly … [Read more...] about Estate Planning for a Spendthrift Heir
