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
To Avoid Estate Planning Mistakes, Utilize a Team of Professionals
It is important to assemble the right professional team for the creation of your estate plan in order to receive the best advice and legal documentation to protect your legacy. Besides an estate planning attorney, who often specializes in elder law, you will likely need the services of a certified
When Are Equal Distributions Appropriate?
Equal is Equitable, Most of the Time We have a lot of choices to make in our lifetimes, especially when it comes to our children. When we are faced with the hard decisions on how to leave property to your children, the clear choice is to divide everything into equal shares.
Planning For Family Members in Need
There are a variety of ways to help our loved ones who need a little extra help. These days, many people are struggling with a substance-abuse problem, living on the streets, or suffering from mental disability – or all three simultaneously. Many families want to assist family members struggling like
Estate Planning of Pet Trusts
You may have heard, back in 2007, of a Maltese pet pup named "Trouble" whose human, hotel heiress Leona Helmsley, left a trust fund of $12 million to pay for Trouble's care. Unfortunately, pet inheritances ever since have enjoyed a dubious reputation. The Value of an Animal Trust for Your Pet For