RESOLVED: Get Your Estate Plan in Order
The first new year's resolution you need to keep is to visit your friendly elder-law attorney, who can guide you through the estate planning process. Sadly, the pandemic is not over yet. It's important to prepare your papers in advance in case you become ill and cannot speak for yourself.
Surviving Spouses’ Estate Planning
It's hard to consider more than just your grief after losing a spouse or long-term partner. There are, however, several important and timely decisions you need to make regarding your finances and personal estate planning. As marriages, divorces, and children and grandchildren are born, changing circumstances impact estate planning. Making
The Powers and Limitations of a Will
A will specifies who will receive your property after your death and is an essential part of a comprehensive estate plan. When you die without an estate plan (intestate), the state will distribute your assets and property according to state law and possibly against your wishes. Having a will allows
Trusts For Life Insurance and Wealth Management
As the federal estate tax exemption allowance could be lowered, you may want to rethink the way you plan to pass generational wealth to your heirs. The Senate Democrats are proposing to reduce the current estate tax exemption from $11.7 million to $3.5 million for individuals and $23.4 million to
The Farm Belongs to Whom?
Assume that mother and father have managed the family farm for many years. They are getting older now, however, and they are considering moving into a smaller place. One of the daughters and her husband run the farm, but the others have moved away and aren't interested in returning. Now
Who Gets an Inheritance if the Beneficiary is No Longer Alive?
In the event that your beneficiary is no longer alive, what happens to your inheritance? You may be wondering what happens if you leave property to your brother Jim, but he dies before you do. Would his children inherit the property in his place? No, unless you explicitly mention it
Appointing a Legal Representative
Despite the widespread effects of the Coronavirus pandemic, life remains uncertain. Many aging Americans faced a life-threatening COVID-19 illness in 2020 without sufficient legal documents specifying who would make health care decisions for them in their absence. A family caregiver is generally assigned the responsibility of some medical and financial
Family Communication About Estate Plans and Goals
Creating an estate plan is the first step toward a successful transfer of wealth. However, many of us overlook the necessity of communicating our estate plans to family and heirs. Even if you have a thorough and current estate plan, your family may suffer emotional or financial turmoil. It is
The Process of Amending an Estate Plan for a Widow or Widower
The loss of a spouse can be extremely challenging emotionally, financially, and spiritually. In many cases, one spouse handles family tax and estate plans, and a widow(er) may be looking at a financially complex situation with more questions than answers. Upon the passing of a spouse, it is a mistake
Here Are Five Mistakes People Make When Planning Their Estates
In your adult life, you spend the first half trying to achieve financial stability, followed by the second half trying to maintain it. According to this adage, many people devote considerable time and effort to ensuring their wishes in their estate plan are carried out. Being able to provide for