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There are some surprising conclusions that people reach after creating an estate plan. For example, after putting the finishing touches on estate planning documents, some parents discover that they do not want to pass on an inheritance to the couple’s children. This is often not because the children have done…
Every estate plan should include a living trust. A living trust is different from a trust and should be part of your estate plan along with a last will and testament and power of attorney (financial and medical) documents. Why a living trust is an important estate plan document…
Estate planning is difficult, but for loved ones with special needs, the process can be particularly challenging. Besides worrying about the type of care your loved one will receive, you are likely overwhelmed with many other questions including who will manage finances and whether the person will be able to…
If you’ve been asked to help a loved one manage their assets, you likely know that there are many complex issues to consider. One question that many people in this situation are often left wondering is whether it is better to be added to a bank account as a joint…
A power of attorney, including a heath care power of attorney, are crucial estate planning documents. This is especially important if you have Alzheimer’s disease, dementia, or are suffering from another chronic and debilitating illness. Individuals who are widowed or alone should carefully consider who they can trust to manage…
A trust is an important estate plan document. Other estate planning documents include a last will and testament and intestate succession. Every state has laws that determine who your heirs are and what proportion of the estate the heir is entitled to receive. Heir refers to blood relatives and…
Stretch IRAs refer to an estate planning strategy that was utilized to extend the tax-deferred status of an inherited IRA when it passed to a non-spouse beneficiary. Stretched IRAs allowed for continued tax-deferred growth. The SECURE Act, which was passed by the Senate on December 19, 2019, however, will end…
If you finally wrote your estate plan in 2019, you likely know just how difficult it can be to sit down and write an estate plan. Even after creating these documents, there are still several obstacles that can occur and prevent you from achieving your estate planning goals. As a…
Creating a thoughtful estate plan is one of the greatest gifts anyone can leave their loved ones. It is important to update your will when major changes occur. These might include marriage, divorce, opening or closing a business, buying or selling real estate, or birth or death of an heir.…
One of the most repeated pieces of estate planning advice is to routinely review and update estate planning documents. It is particularly important to revise estate planning documents following major life changes or if a beneficiary under a will passes away before the testator does. If a person fails to…