Many people believe that if they were to pass away unexpectedly, their children would naturally be taken care of and inherit their assets. Yet, the truth of the matter is much more complicated and potentially worrisome. Here's why basing your plans on assumptions alone might put your children's futures at risk.
Read MoreAs we embrace the New Year, brimming with optimism and goals for a better future, prioritizing one resolution is key – establishing a Kids Protection Plan™. Continue reading to learn more…
Read MoreAugust is “National Make-A-Will Month,” and if you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. Only 33% of Americans have created their will, according to Caring.com’s 2022 Wills and Estate Planning Study.
Yet, while having a will is important—and all adults over age 18 should have this document in place—for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict. With this in mind, here we look at exactly what having a will in place will—and will not—do for you and your loved ones in terms of estate planning. If you have yet to create your will, or you haven’t reviewed your existing will recently, contact us, your Personal Family Lawyer® to get this vital first step in your estate planning handled right away.
Read MoreIf you are a mom or dad with children under the age of 18 at home, your number-one estate planning priority should be selecting and legally documenting both long and short-term guardians for your kids. Guardians are the people legally named to care for your children in the event something happens to you.
And if you’ve named guardians for your children in your will—even with the help of another lawyer—your kids could still be at risk of being taken into the care of strangers!
One of the most disturbing aspects of this situation is that you probably have no idea just how vulnerable your kids are since this is a blind spot inherent to the estate plan of countless parents around the world. Even many lawyers aren’t fully aware of this issue—and that’s because most lawyers simply don’t understand what’s necessary for planning and ensuring the well-being and care of minor children.
Read MoreThe pandemic has caused Americans to change their behavior in a number of different ways, and one of the most positive of these changes is related to estate planning. For the first time since the study’s inception, Caring.com’s 2021 Wills and Estate Planning Study found that young adults are now more likely to have an estate plan than middle-aged adults.
Specifically, the study found that in 2020 only 16% of Americans aged 18 to 34 reported having a will or another estate planning document, but in 2021, that percentage rose by 10 points to 26%—a 63% increase in just one year. Conversely, the 2021 study found that the number of 35 to 54 year-olds with an estate plan actually decreased from 27% in 2020 to 22% in 2021.
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