Knowing how your accounts are titled and who can access them isn’t just a matter of convenience—it’s key to making sure your assets pass seamlessly to your loved ones and stay safeguarded against potential risks. So, how do you get it right? Read more.
Read MoreLosing a loved one is incredibly tough, but the pain can deepen when disagreements over their personal belongings cause rifts within the family. When cherished items become the center of conflict, the emotional scars can run deep, sometimes never fully healing. Read more.
Read MoreDid you forget any of these critical financial steps when you created a Trust? Be sure to read this week’s blog to learn why proper funding of your Trust is essential to making it work! Read more.
Read MoreIf you have a Trust that is a partial or full owner of a business, the business may be required to disclose certain information about your Trust in an annual report under the new Corporate Transparency Act. So how do you know if the new rule applies to you? Keep reading to find out more.
Read MoreAs the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs.
Ensure Your Wishes Are Respected
The primary reason to update an estate plan is to ensure that an individual's wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or has had changes in family structure (such as marriage or children). In that case, updating the documents that outline how assets should be distributed is important. If the documents are not updated, this could lead to disputes between family members and legal complications when probate occurs. Additionally, if laws change at the state or federal level, those changes need to be incorporated into the existing estate plan to remain valid and effective.
Read MoreThe holidays are here, and there's no better time than now to talk about your estate planning.
Estate planning is a topic that you probably don't think about very often, but it's one of the most important—and potentially confusing—decisions you'll make in your lifetime. After what happened for the past two years, talking about these issues is particularly urgent this time around.
That said, asking your dad about his end-of-life wishes while he’s watching football isn’t the best way to broach the subject. In order to make the talk as productive as possible, consider the following four tips.
Read MoreYou might think that only the super wealthy need to worry about asset protection planning. But the truth is that you may be at even greater risk if you don't have millions. For instance, a $50,000 judgment against you might not be that big of a deal if you are a multi-millionaire. But for a family with a modest income, savings, and home, it could be devastating.
Furthermore, asset protection planning isn’t something you can put off until something happens. Once you are under threat of a lawsuit, it’s likely too late to protect your assets. Like all types of planning, to be effective, you must have your asset protection strategies in place well before something happens. And your asset protection plan isn’t a one-and-done deal: it must be regularly updated to accommodate changes to your assets, family dynamics, and the law.
Read MoreDespite the fact that it happens to every single one of us and is every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.
Yet the pandemic might be changing this.
According to Census figures, the pandemic caused the U.S. death rate to spike by nearly 20% between 2019 and 2020, the largest increase in American mortality in 100 years. More than two years and 1 million deaths later, it's more clear than ever that death is not only ever-present but a central and inevitable part of all our lives.
Yet, in what may be one of its few positive outcomes, some in the end-of-life industry believe that the pandemic’s massive loss of life has created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designed to help families navigate the logistical and emotional challenges following the death of a loved one.
Read MoreWith divorce occurring in roughly 50% of all marriages in the U.S. and life expectancy increasing every day, second—and even third—marriages are becoming quite common. And when people get remarried in mid-life and beyond, they often bring children from prior marriages into the mix. Such unions are often referred to as a “blended” family or a “Brady Bunch” family.
But blended families can also take other forms. Whether you have stepchildren, adopted children, children from a previous relationship, or you have someone you consider “kin,” even though that individual might not be classified as your legal relative in the eyes of the law, these are also examples of a blended family.
Whenever you merge two families into one, you are naturally going to encounter some challenges and conflict. To this end, blended families present a number of particularly challenging legal and financial issues from an estate planning perspective. Indeed, though all families should have an estate plan, planning is absolutely essential for those with blended families.
Read MoreWills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different.
From when they take effect and the property they cover to how they are administered, wills and trusts have some key differences that you need to consider when creating your estate plan. That said, when comparing the two documents, you won’t necessarily be choosing between one or the other—most plans include both.
In fact, a will is a foundational part of nearly every person’s estate plan. Yet, you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. As you’ll learn below, the biggest of these blind spots is the fact that if your estate plan only consists of a will, you are guaranteeing your family has to go to court if you become incapacitated or when you die.
Read MoreThere are a number of special considerations you should be aware of when including digital assets in your estate plan, and this series addresses each one. Last week in part one, we discussed some of the most common types of digital assets and the current legal landscape governing what happens to those assets upon your death or incapacity. Here, we offer some practical tips to ensure all of your digital assets are properly included in your estate plan, so these assets can provide the most benefit for your loved ones for generations to come.
Read MoreLast week in part one of this series, we offered a brief synopsis of the movie, which revolves around Marla Grayson, a crooked professional guardian who makes her living by preying on vulnerable seniors, and we then outlined the true events that inspired the fictional account. The film’s writer and director, J. Blakeson, came up with the idea after reading news stories of a similar scam involving a corrupt professional guardianship agency in Las Vegas.
Read MoreHere, in the second part of this series, we’ll first look at the different ways a Lifetime Asset Protection Trust would have benefited Larry’s children. From there, we’ll discuss the complications that are likely to arise given that two of Larry’s children died before he had the chance to update his plan—and the planning lessons we can take away from this mistake.
Read MoreIf you’re like most people, you likely think estate planning is just one more task to check off of your life’s endless “to-do” list.
You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.
The problem is, estate planning is not a one-and-done type of deal.
Read MoreWith all of the media about “digital wills” and “online estate planning” it could be tempting to think you can do your estate planning yourself, online. And, maybe you can. But, if you do, you need to know the potential pitfalls. Online estate planning could be a big trap for the unwary and actually leave your family worse off than if you had done nothing at all.
Read MoreIn the first part of this series, we discussed the potential ramifications the SECURE ACT has for your estate and retirement planning.
Here, we’ll cover the SECURE Act’s impact on your financial planning for retirement, offering strategies for maximizing your retirement account’s potential for growth, while minimizing tax liabilities and other risks that could arise in light of the legislation’s legal changes.
Read MoreAs a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the motivating factors driving your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered. In some instances, an inheritance can even wind up doing your kids more harm than good.
Creating a will or a revocable living trust offers some protection, but in most cases, you’ll be guided to distribute assets through your will or trust to your children at specific ages and stages, such as one-third at age 25, half the balance at 30, and the rest at 35.
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