A living trust is a versatile and highly effective estate planning tool that can be a better choice than a last will as the centerpiece of your estate plan. Unfortunately, many people that could benefit from the utilization of a trust do not consider this option. One of the reasons why you may ignore the possibility of trust creation is because you fear a loss of control. Yes, it would be nice to set aside resources that you would like to leave to your loved ones, but you do not know what … [Read more...] about Can You Change a Living Trust?
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...] about The SECURE Act and What It Means for You
You should consider the finer details when you are engaged in the process of estate planning, but unfortunately, some of them are often overlooked. In this post, we will look a little bit beneath the surface to provide some insight. Life Insurance Life insurance is going to be a part of most estate plans. It can serve as a safety net that will provide income replacement for your loved ones if you were to pass away before your time. It is important to evaluate your family’s financial … [Read more...] about Estate Planning: Attend to the Details
Many people have misconceptions about the way things transpire after someone passes away. For example, you may conjure images of scenes that you have seen in movies and on television shows. There is a funeral, and the attendees gather at the home of a family member after it is over. Certain people are called into a room where a meeting is convened, and there is then a “reading of the will.” The idea is that the executor that reads the will has the power to distribute the assets independently … [Read more...] about Consider Estate Administration Realities
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. Read on to learn more. … [Read more...] about Preparing for Coronavirus
On January 26th, shocking news came out of Calabasas, California. Basketball great Kobe Bryant, who was just 41 years of age, died in a helicopter crash along with his 13-year-old daughter Gianna. Seven other people passed away along with them, and they were all minors or relatively young adults. There is nothing that can be stated about this tragedy that has not already been acknowledged in a general sense. However, from an estate planning perspective, it points out the importance of … [Read more...] about Kobe Crash Shows Importance of Planning
If you have been very successful from a financial standpoint, you have to be concerned about the potential impact of estate taxes. Many people contend that the death tax is not fair, because your estate is comprised of resources that you have been able to retain after paying innumerable taxes throughout your life. Why should your death be a taxable event in and of itself? This a good question, but whether it is fair or not, the federal estate tax is a fact of life. The good news is that … [Read more...] about Estate Taxes Can Erode Your Legacy
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. The first article in this series examined the SECURE Act. This article examines some planning strategies for dealing with the SECURE Act. Read on to learn more. … [Read more...] about Planning for the SECURE Act