Category: Estate Planning
“Beneficiary designations, tying up loose ends, reporting last wishes—here’s what you can do now.” The COVID pandemic has become a painful lesson in how important it is to having estate plans in order, especially when a spouse becomes sick, incapacitated, or dies unexpectedly. With more than 400,000 Americans dead from the coronavirus, not every one […]
“When these types of situations arise, there are many steps you can take to avoid your will from being contested by individuals who believe they are entitled to receive your assets.” Disinheriting a child or any person trying to gain access to your assets after you have died requires skilled estate planning. The things that […]
“If the durable power of attorney can’t be transferred, what needs to be done to establish a new durable power of attorney for my aunt despite her mental incapacity?” The situation facing one family is all too common. An aunt is now incapacitated with severe Alzheimer’s disease. Her brother has been her agent with a […]
“Many timeshare contracts include a perpetuity clause, which means the contract and all its fees and obligations are yours for life. It may not end there.” Ask anyone who ever purchased a timeshare and changed their mind about it. Getting rid of a timeshare can be problematic. However, imagine if your parents purchased a timeshare […]
“Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.” Changes in the White House and the Senate have many people wondering how federal estate and gift tax laws may change and when those changes will […]
“Gifting stock to family members may lack the pizzazz of leaving a luxury car adorned with a bow in the driveway, but it’s a gift that can add value to their lives long after most other gifts have been forgotten.” There are a number of ways to gift stock to family members, during your lifetime […]
Second marriages can present unique challenges when it comes to estate planning, particularly if you or your new spouse have children from previous marriages. Let’s take a look at some of the factors, tools, and strategies to consider when planning for a second marriage. Prenuptial Agreements You’ve been married before, so you’re a little bit […]
“The couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.” For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried couple does not enjoy all […]
“The death of a loved one is always a difficult time. The last thing most people want when they’re grieving is to have to deal with the IRS and state tax officials.” Unfortunately, unless the person you love has an estate plan and has spoken with you about it, the time you are grieving will […]
“Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.” Any trust created while the person, known as the “grantor,” is living, is known as a “living trust.” However, the term is also used interchangeably with “revocable trusts,” which can be changed according […]
