Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
Estate planning should be viewed as an ongoing process. The initial estate plan that you put in place will be based on a snapshot of your life at that time. Over the years, things change, and there are also legislative mandates that can impact have inheritance planning implications. A change in marital status will always trigger the need for an estate plan update. There are many different approaches that can be taken, and the optimal choice will depend upon the circumstances. If you … [Read more...] about Estate Planning for Second Marriages
A lot of people assume that a last will is the right estate planning document to use unless you are very wealthy with a complicated estate. This is a misconception, because there are trusts that are useful for people that are not multimillionaires. The one that is the right choice for the widest range of people is the revocable living trust. Let’s look at four compelling reasons to use a living trust as the centerpiece of your estate plan. Consolidation of Assets If you maintain direct … [Read more...] about Four Reasons to Use a Living Trust
One of the main reasons why it is important to work with an attorney to devise your estate plan is because as a layperson, it is unlikely that you would understand all of your options. There are many different ways to proceed, and the optimal course of action will depend upon the circumstances. A major misconception that often enters the picture is the idea that trusts are only used by very wealthy people. The above statement could potentially be true, but you would have to remove the word … [Read more...] about Are There Different Types of Trusts?
It can seem like estate planning is all about the execution of a static document. You certainly have to leave behind instructions, but who will follow them, and how will it be done? The process of estate administration should be considered when you are planning your estate, because your understanding of it will impact the choices that you make. Last Wills A lot of people just blindly assume that a last will is the right asset transfer vehicle to utilize unless you are super rich. It can be … [Read more...] about Estate Administration: Keep It Simple
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
The vast majority of Americans do not have estate plans in place, and this is even true when you are talking about people that are in their mid-30s through to the age of 60. Of course, the preparedness level is extremely low among people that are younger than 35. You may say that there is nothing to see here; these figures are just common sense. It is true that the average life expectancy is 78 years, but significant numbers of younger people pass away every day. If you don’t have anyone … [Read more...] about Advance Directives Are a Must for Young Adults
People that don’t have enough good information sometimes make estate planning errors that yield negative consequences. In this post, we will look at three common estate planning traps that you would do well to avoid. Going It Alone There are those that know they should put a plan in place, but they keep procrastinating for one reason or another. Some of these folks see ads placed by websites that sell do-it-yourself legal documents, including last wills. Going this route can seem like a good … [Read more...] about Avoid These Three Estate Planning Traps
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
A lot of people know that they should take action to put an estate plan in place, but they procrastinate for one reason or another. It stays on the back burner for years, and the years turn into decades. In far too many instances, these individuals pass away without ever getting around to it. When this happens, the condition of intestacy is the result. Under these circumstances, there is a government mechanism in place to respond, and we will look at the process here. Intestate Estate … [Read more...] about Don’t Let the State Plan Your Estate