Category Archives: Estate Planning
Qualified Domestic Trusts: Your Jumpstart to Protecting Your Noncitizen Spouse
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your hard-earned money and… Read More »
What Can I Not Do as Trustmaker and Trustee of a Revocable Living Trust?
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust or… Read More »
What Happens to An Adult Child Living at Home When Their Parents Pass Away?
Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children… Read More »
Who Will Care for Your Child When You Cannot?
As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child’s other parent were unable to care for them? It is important… Read More »
What to Do When a Disability Throws Your Estate Plan into Chaos
As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can force you to reevaluate the core assumptions you used to… Read More »
Intrafamily Loans and How They Work
Intrafamily loans are financial arrangements between family members—one who is lending and another who is borrowing. An intrafamily loan may be used to help a family member who needs money for a number of reasons: buying a home funding or purchasing shares in a business adding accounts or property to investment portfolios paying down… Read More »
Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts?
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most of the… Read More »
5 Life Events That Require You to Update Your Estate Plan
An estate plan is a magical thing: it allows you to maintain control of your assets, yet protects you should you become incapacitated. It takes care of your family and pets. And, if carefully crafted, it reduces fees, taxes, stress, and time delays. Your estate plan can even keep your family and financial affairs… Read More »
Beware of Nonlawyers Acting Like Lawyers
When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan may seem like simple forms, these important estate planning… Read More »
Probate and Estate Administration Details that TV and Movies Get Wrong
While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries… Read More »
