Category Archives: Uncategorized
Money Isn’t Everything in Estate Planning: How to Pass Your Stories and Values to Future Generations
Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of family traditions can be built into your estate plan alongside your wishes regarding the distribution of your money, property,… Read More »
Why Joint Ownership Should Not Be the Go-To Plan for Newlyweds
If you recently married or have been married for a while and have acquired additional money or property (or plan to), you have options regarding how your assets can be owned. Although joint ownership seems easy and convenient, it may not always work as well as you think it should, depending on the circumstances…. Read More »
Estate Planning for Parents of Children with Mental Illness
Mental illness in the United States is more common than most people may think. More than one in five U.S. adults live with a mental illness and one in six U.S. youth aged 6 to 17 experience a mental health disorder each year. Many different mental, behavioral, and emotional disorders fall under the umbrella term of mental illness…. Read More »
Enriching Life with a Third-Party Special Needs Trust
A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many… Read More »
Caution: Using a DIY Deed to Avoid Probate Can Lead to Unintended Consequences
One common way to avoid the probate requirement for real estate after the owner dies is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights and one joint owner passes away, the remaining owners automatically receive the entire interest of… Read More »
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a… Read More »
Do It Now: Name a Guardian for Your Minor Children
We know it is difficult, even horrific, to imagine someone else raising your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, or your relatives and friends—will determine who raises your children if something happens… Read More »
Able Accounts Can Play a Key Role In Special Needs Plans
Special needs plans that utilize ABLE accounts can enhance quality of life for people with disabilities, offering financial protection while preserving access to public benefits for some individuals. Living with a disability can present numerous financial challenges. Many people with disabilities bear the costs of health care, accessible vehicles, assistive technologies, and more. According… Read More »
Can I Leave My Spouse Out of My Estate Plan?
The relationship between spouses is special in all contexts, not the least of which is the estate planning context. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. That being said, depending on the circumstances surrounding your marriage, you may be wondering – “Can I… Read More »
Are You Single with a Minor Child? If So, You Need a Plan
You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. Estate planning for single parents is critical so you can address your minor child’s care and custody and provide instructions about… Read More »
