If you’re like most people who have recently moved, you’re thinking about all the things you need to change and update. There are new bank accounts, new grocery store memberships, and, yes, new estate planning documents. Intra-state move If you’ve moved intra-state, meaning that you moved within the same state where your current estate planning documents were executed, it is prudent to update your estate plan if your current plan is more than three to five years old. This is also an … [Read more...] about I’ve Moved: Do I Need to Update My Estate Planning Documents?
Blog – Latest Articles and Updates
An Estate Plan For Your Unique Situation
Everyone’s personal and financial situation is different, which is why every estate plan is different. Your plan will depend on what you hope to achieve with your estate plan, as well as your family and financial circumstances. In some cases, people don’t know if they even need an estate plan. Although this may come down to personal preference, there are some cases when you will certainly want some type of estate plan in place, no matter how much money you have. Children – If you have children … [Read more...] about An Estate Plan For Your Unique Situation
A Plan to Protect Your Children
Although having a will is extremely important to protect your children in case something should happen to you, this is only one element of a complete plan. Anything could happen to you or your spouse; many things can happen that would put your children in jeopardy. You could have an auto accident while your spouse is out of town; you and your spouse could be in an accident at the same time, etc. Everyone wants to live to see their grandchildren grow up but tragedies do happen, and to protect … [Read more...] about A Plan to Protect Your Children
What to do With Your Estate Plan When You Relocate
When you relocate there are a lot of details to attend to, especially if your new home will be in another state. With so much to do it is easy to forget about your estate plan and how your move may affect it. If you intend to move to another state, you will want to update your estate plan after your move by contacting a local attorney experienced in estate planning law. Most of your estate planning documents will be valid in another state, but you could still run into some problems. If you own … [Read more...] about What to do With Your Estate Plan When You Relocate
A Family Meeting to Discuss Options for Aging Parents
If your parents are in their golden years, one of the most important things that you can do for them and your entire family is hold a family meeting. By getting everyone together, you can better discuss options for the future, including what should be done if one of your parents suffers from a disability or illness. One of the most common reasons why there is conflict within the family when a parent dies or becomes ill is because some family members simply don’t have all of the facts and … [Read more...] about A Family Meeting to Discuss Options for Aging Parents
Potential Problems With Joint Tenancy
People often share ownership of money and assets by putting someone else on an account or deed under Joint Tenancy. One of the main advantages of Joint Tenancy is that when one of the owners dies, the property will automatically go to the other owner, and there is no need for a will or probate. But there are disadvantages you should consider before putting someone else’s name on something. If you have a home and have listed someone as co-owner as Joint Tenants, you will not be able to do … [Read more...] about Potential Problems With Joint Tenancy
5 Estate Planning Tips
Everyone over the age of 18 needs an estate plan and these five estate planning tips will help you to move forward with your own estate planning. 1. Find an experienced estate planning attorney who actually focuses on estate planning. Be sure it’s a main area of concentration for the attorney. Do not try to do your own estate planning. Doing your own planning is likely to cost you more in the long run than the professional fees. 2. Disclose all of your personal and financial information … [Read more...] about 5 Estate Planning Tips
Estate Taxes: A Quick Summary of the New Estate Tax Law
Federal estate taxes are transfer taxes due when the assets of a deceased person pass to another person or entity. If you’re like most people, you've heard estate taxes referred to as the death tax and you know that there’s a new estate tax law, but you don’t know what the new tax law means to you. Will you have to pay any estate taxes? The new estate tax provisions of the Tax Relief, Unemployment Insurance Act became law on December 17, 2010. Everyone is affected by the new estate tax law, … [Read more...] about Estate Taxes: A Quick Summary of the New Estate Tax Law
I Know I Want to Avoid Probate, but what is Probate?
If you’re like most people, you think you want to avoid probate, but you still have the question, “What is probate?” You’re not sure exactly what probate is. Technically, probate is the process the court uses to determine whether a Will is valid or not. But the term “probate” is also used to describe the entire process of administering your estate. The executor of your Will probates your estate, usually with the help of an estate planning attorney, under the supervision of the court. The … [Read more...] about I Know I Want to Avoid Probate, but what is Probate?
Your Durable Power of Attorney – Will it Work When it is Needed
One of the most important elements of a solid estate plan is having a Durable Power of Attorney; this is a legal document you use to appoint someone of your choice to handle your financial and legal affairs if you are unable to. But not all institutions will accept these documents as valid, and you may not know ahead of time which institutions will honor your Power of Attorney and which ones won’t. The main reason that some banks and other types of institutions won’t honor a Power of Attorney … [Read more...] about Your Durable Power of Attorney – Will it Work When it is Needed
