Category Archives: Estate Planning
What to do with your inherited retirement account
For decades, common financial planning wisdom has encouraged almost all-American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large,… Read More »
A Tale of Two Celebrities: Chadwick Boseman and Eddie Van Halen
Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. This year, the deaths of two significant celebrities—the international rock superstar Eddie Van Halen and the global acting phenomenon Chadwick Boseman —provide examples of… Read More »
What is the Probate Process?
Probate is the legal process for authenticating a deceased person’s last will and testament, reviewing their assets, paying their outstanding debts and taxes, and distributing what remains to their heirs. After an asset-holder dies, the court will appoint the person nominated as personal representative under a valid will to administer the estate of the… Read More »
Letter of Instruction for Your Estate Plan
Whether you are starting from scratch or have an estate plan in place, a letter of instruction (LOI) is an important part of any comprehensive plan. A letter of instruction can help your loved ones manage important information about you. A letter of instruction conveys your desires, includes practical information about where to find… Read More »
How to Own Your Real Estate
Real estate encompasses not only one’s primary residence, but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer guidance about the… Read More »
Seven Bad Reasons for Delaying Estate Planning
Too many people in this country mistakenly believe that estate planning is only for the wealthy. In reality, an estate plan is an important financial document that everyone should have, no matter how many assets they currently own. Below are 7 common scenarios that lead people to think that estate planning is unnecessary for… Read More »
Buyer Beware: How to Avoid Estate Planning Scams
Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50… Read More »
All in the Family: Making Sense of Per Stirpes, By Representation, and Per Capita Distributions
“That’s not fair!” In many households, this is the common refrain of children as they advocate for themselves or express what they feel to be unjust. This pursuit of fairness, however, is not limited to arguments between parents and young children. The notion of fairness often pervades family dynamics and may continue even beyond… Read More »
Serving as a Fiduciary: What You Need to Know
You may be asked to be power of attorney for a family member or friend. Your family member or friend may be planning for when they might become unable to take care of their affairs. For example, they might become disabled or incapacitated, and they would need a trusted person to step in and… Read More »
Coming of Age and Powers of Attorney
When your child turns 18 (in most states), it might be hard to imagine that the little child who once needed you for everything has now become – overnight – an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live… Read More »
