Category Archives: Estate Planning
Basics of Estate Taxes
In the United States, estate taxes are levied on the transfer of assets from a deceased individual’s estate to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the… Read More »
Nonjudicial Settlement Agreements: The Good, the Bad, and the Ugly
Some trusts are irrevocable as soon as they are created, which means that, in general, the trustmaker (the person who created and funded the trust) cannot terminate or modify it and take back the money or property that it holds. You may wonder why anyone would want an irrevocable trust, but irrevocable trusts can… Read More »
Ways Your Will Can Be Revoked
A will (which should be accompanied by other important documents such as healthcare and financial powers of attorney, as well as a living will) is a foundational estate planning document. However, according to Gallup, only 46 percent of US adults have a will.[1] This number has remained consistent in Gallup polls dating back to… Read More »
Three Things You Need to Do When Your Spouse Dies and Their Will or Trust Has a Disclaimer Provision
Losing your spouse is one of the most difficult things you might face in life. Although it is important to take time to grieve, there are also some crucial steps you need to take as soon as possible to address your spouse’s accounts and property and secure your own future. For example, if your… Read More »
Pros vs. Cons of a Beneficiary-Controlled Trust
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property held by… Read More »
Ten Facts to Understand about Living Wills
A living will is not a last will and testament used to pass your assets and property after you die. Instead, it is a mechanism to communicate to your family and doctors how you want medical care conducted when you aren’t able to convey your wishes. Living wills are an essential part of an… Read More »
Estate Planning for Surviving Spouses
After losing a spouse or long-time partner, it’s difficult to look past your grief. However, it’s crucial to understand the important and timely decisions you must make regarding your finances and personal estate planning for surviving spouse. Estate planning is an ongoing process as it accounts for changes in marriages, deaths, divorces, and births… Read More »
Estate Planning Issues for the Modern Family
As the name suggests, ABC’s TV show Modern Family depicts the relationships and experiences between a fictional extended family. Throughout the course of the series, the show addresses many issues that families deal with each day. For a close-knit family such as this fictional one, estate planning is crucial to ensure that everyone is… Read More »
Why You May Still Have to Open a Legal Probate Proceeding
Probate is the legal process for recognizing the validity of a person’s will after their death and appointing the nominated decision maker. This person, also known as an executor or personal representative, administers the deceased person’s estate and ensures that their money and property are transferred to the beneficiaries specified in their will. If… Read More »
Proper Estate Planning Reduces Probate Issues
Probate is a legal process that happens after someone dies. While probate can be complex, lengthy, and expensive, proper estate planning can mitigate unwanted risks and probate issues by anticipating what might happen and preventing problems before they arise. Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate’s… Read More »
