When you start to explore your options with regard to estate planning devices, you may come to the conclusion that a living trust is the ideal centerpiece. There are a number of different benefits if you go this direction, and one of them is the avoidance of probate. If you use a will to state your final wishes, the executor would admit the will to probate, and the court would determine its validity. Going forward, the executor would handle the estate administration tasks under the … [Read more...] about Who Will Administer Your Living Trust?
Responses to Out-of-the-Ordinary Inheritance Planning Scenarios
One of the reasons why it is important to discuss your unique inheritance planning needs with a licensed attorney is because there are different approaches you can take. The ideal course of action for one family may not be appropriate for the next, and a legal professional can guide you in the right direction. With this in mind, we will look at some estate planning solutions that can be implemented when certain circumstances exist. Preservation of Government Benefits Most Americans with … [Read more...] about Responses to Out-of-the-Ordinary Inheritance Planning Scenarios
Five Things You Need to Know About Probate
If you use a will to state your final wishes, your executor would submit it to probate. This is a legal process that takes place under the supervision of a court. To plan your estate effectively, you have to understand this process, and we provide five key facts in this post. It serves a purpose. When you poke around on the Internet looking into the process of probate, you will find negative statements made about it. We will cover the drawbacks in some of the other sections, but it does serve … [Read more...] about Five Things You Need to Know About Probate
Don’t Oversimplify the Planning Process
There is an expression that is often used about a little knowledge being a dangerous thing. This applies to the estate planning process, like many other things. People often hear about so-called “simple solutions” that sound great on the surface. However, when you know all the facts, you often see gaping holes in many of these notions. In this post, we will look at a few of them so that you understand the limitations and potential drawbacks. Joint Tenancy With Right of Survivorship Some … [Read more...] about Don’t Oversimplify the Planning Process
Digital Estate Planning 101
Back in the day, all property and records related to monetary assets were tangible. From an estate administration perspective, trustees and executors would handle hard copies of everything, and property of value would be physical. Now, the playing field has changed since we spend so much of our lives in a virtual space. This shift has added a new facet to the estate planning process. With this in mind, let’s look at some of the steps that you can take when you are planning your estate to … [Read more...] about Digital Estate Planning 101
Estate Planning Is a Must in the COVID-19 Era
Most American adults do not have any estate planning documents in place, and this is true even for those who are 50 years of age and older. The popular website Caring.com conducted a survey that compared the estate planning preparedness of American adults in 2019 and 2020. This year, they have found that 47.9 percent of people who are 55 years of age and older have estate plans. Last year, the number was 60 percent, so we are trending in the wrong direction. Young adults are much less … [Read more...] about Estate Planning Is a Must in the COVID-19 Era
Will Your Estate Be Contested?
Potential estate challenges should be taken into consideration when you are planning your estate. If you know that there is someone close to you who will not be happy with your decisions, don't ignore the potential fallout. Yes, you have the right to make your own choices, and you will not be around to hear any negative feedback. That being said, a disgruntled individual could potentially issue an estate challenge which could bring the administration process to a standstill. Even if it is … [Read more...] about Will Your Estate Be Contested?
Elder Law Answers: Hospice Care 101
To be completely prepared for your twilight years, you should understand all of the eventualities and include family members who will be by your side. Death is one of the certainties of life so it is wise to be prepared and make things as comfortable as possible for yourself and the people that you love. With this in mind, it is important to understand the value of hospice care. Ordinarily, when you seek out health care assistance, recovery is the objective. Things are entirely different when … [Read more...] about Elder Law Answers: Hospice Care 101
Bryant’s Death Teaches Estate Planning Lesson
We do not usually have the opportunity to hear about people passing away when they are relatively young adults or minors, but it happens all too frequently. The only time that we really hear this news is when someone famous passes away. One of these incidents rattled the collective consciousness recently when basketball great Kobe Bryant was killed in a helicopter crash. In addition to his 13-year-old daughter Gianna, a total of seven other people passed away in the devastating accident. … [Read more...] about Bryant’s Death Teaches Estate Planning Lesson
Estate Tax Exclusion Has Been Increased
Before we get to the increase in the estate tax exclusion, we should explain how taxes apply to inheritances in a broad sense. Many people assume that you are required to report an inheritance when you file your regular income taxes, but this is not the case. Inheritance is not taxable income for a logical reason. Assets that comprise estates are left over after the decedents paid taxes throughout their lifetimes. For example, if a person saved a certain amount of money every pay period for … [Read more...] about Estate Tax Exclusion Has Been Increased
