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 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 about Is Your Estate Plan Outdated?
When entities conduct research into the estate planning preparedness of American adults, the numbers are hard to understand. Caring.com has taken on the task over the last few years, and they have seen a steady decline in the number of respondents with estate plans in place. In the 2020 survey, less than half of individuals that were 55 years of age and older had wills or trusts. The number was less than 30 percent for people between the ages of 34 and 55. Estate planning procrastination … [Read more...] about Develop an Estate Plan While You Can
When you are planning your estate, you are going to have to make choices with regard to how your resources will be distributed. This can be a simple matter for some people. For example, you and your spouse may decide to leave all assets to the surviving spouse. You can then leave each of your children equal shares of the estate that is left behind by the survivor. Unfortunately, everyone does not have the same balanced family dynamic. For some reason, you may want to distribute resources … [Read more...] about Will Your Estate Be Challenged?
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
You should work with a licensed estate planning attorney to help you prepare your plan for a number of different reasons. One of them is the simple fact that there are many different ways to go about it, and the right choice will depend upon the circumstances. If you are not aware of all the options that exist and the reasons why one asset transfer method may be preferable to another under, you can make mistakes. While you will not be around to see the outcome, your loved ones will be forced … [Read more...] about Asset Transfers: Explore Your Options
People can sometimes become cynical and question why they need the assistance of experts. You can just go online and learn how to do anything you need to do for yourself, right? This is the information age, so we are no longer at the mercy of those who have gained professional expertise. The above may be true when it comes to something like making simple household improvements. However, there are many things that you should not try to do for yourself, and estate planning is one of them. As … [Read more...] about DIY Wills: Proceed at Your Own Risk
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 not on anyone’s to-do list. For many, death is a taboo subject, and while it may be understandable, this perspective can yield negative … [Read more...] about Top Five Estate Planning Mistakes