Most people do not have estate plans in place, and many of them are well aware of the fact that they should take action. The reason why they procrastinate is because they really do not know where to begin. With this in mind, we will provide a brief outline in this post so you can start to think about the structure of your plan if you have not done so already. Create an Inheritance List Clearly, some people have very straightforward inheritance planning intentions. For example, you and your … [Read more...] about Estate Planning: Where Do You Begin?
It’s good to try not to overcomplicate things that are basically very simple at their core. Unfortunately, people sometimes go in the reverse direction. They assume that a task is simpler than it actually is, and they try to take the matter into their own hands. In far too many instances, the results are disastrous. If you take a moment to think about it, you can probably recall more than one sitcom episode that is built on this very premise. This perspective often enters the picture when … [Read more...] about Do You Need an Attorney to Plan Your Estate?
When the calendar turns over, people look at the event as an opportunity to get a fresh start, and they make resolutions. You may resolve to try to overcome some unhealthy proclivities, and there are those that decide that they will tie up some loose ends once and for all. As estate planning attorneys, we urge people to take action in 2021 to protect their assets and preserve their legacies, because procrastination is all too common. Most People Are Unprepared Caring.com has been conducting … [Read more...] about New Year’s Resolution: End the Estate Planning Procrastination
Most people in the United States do not have estate plans in place, and the lack of preparedness is not confined to very young adults. Less than half of people that are in their 40s and 50s have estate plans, and there are different reasons for their inaction. One of them is the simple fact that they don’t know where to begin, even though they acknowledge the fact that estate planning is important. In this post, we will share the basics. Create a General Outline Before you start to dig into … [Read more...] about Estate Planning Demystified
It is wise to put an estate plan in place as soon as you are a self-supporting adult, and it becomes a must when you have other people relying on you. Though the reasons for this are rather obvious, studies that are conducted reveal a startling lack of preparedness. Less than 30 percent of people that are between 35 and 54 years old have put estate plans in place according to Caring.com. When folks take chances like this when they have life partners and/or children, they are really being … [Read more...] about Is Your Estate Plan Outdated?
Everything has changed since the coronavirus has become part of our lives, and it has taught us some important lessons. One of them is the stark realization that life-threatening circumstances can present themselves when you least expect it. Caring.com is a popular website that keeps a finger on the pulse of the estate planning preparedness of American adults. They have released their survey results for 2020 alongside the 2019 data in an effort to draw comparisons. The results are not very … [Read more...] about COVID-19 Shows the Importance of Estate Planning
There are far too many myths that circulate about estate planning. When people buy into them, they sometimes make mistakes that yield negative consequences. In this post, we will dissect some misconceptions about trusts so that you can go forward with sound information. Trusts are only for the rich. This assertion would be true if the word “only” was not part of it. High net worth individuals that face estate tax exposure can absolutely benefit from the utilization of certain types of … [Read more...] about Four Myths About Trusts Debunked
When we post on this blog, we usually share information about what you should do when you are planning your estate. On this day, we are going to go in a different direction that is just as useful if not more. We are going to look at five common estate planning mistakes that should definitely be avoided. Intestacy Let’s face it, passing away is at the very bottom of everyone’s to-do list. For many, it is a subject to be avoided, and this can yield negative consequences. If you keep … [Read more...] about Top Five Estate Planning Mistakes
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. Planning for Special Needs Children … [Read more...] about Planning for Special Needs Children
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds. Planning for Education Expenses … [Read more...] about Planning for Education Expenses