Recent Blog Posts
Should Your Child’s Guardian and Trustee Be the Same Person?
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. So, what is the difference between… 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 »
Can Someone Else Pay for My Estate Plan?
Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning. The consequences of not having an estate plan can become more costly in the event… Read More »
Isn’t There Already a Law That Leaves Everything to My Spouse and Kids?
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics… Read More »
The Perils of Joint Property
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint… Read More »
Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust
You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? The truth is, Americans own a lot of stuff. Taking… 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 »
Funding a Special Needs Trust With a Structured Settlement
If you win a personal injury lawsuit, you may receive your award in a lump sum or as a structured settlement. With a structured settlement, you will receive payments over time; you may opt for a substantial initial amount, with lesser succeeding payments to provide for lost income. These periodic payments don’t count for… Read More »
What Conditions Can I Put on My Child’s Inheritance?
You have two primary options for leaving an inheritance to a child. The most straightforward is to give it to them in a single lump sum, with no strings attached. But this might not be the best option for some children. You may be concerned about the child’s ability to handle the money responsibly,… 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 »
