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
Trusts
Estate Planning Demystified
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
Is Your Estate Plan Outdated?
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 about Is Your Estate Plan Outdated?
COVID-19 Shows the Importance of Estate Planning
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
Four Myths About Trusts Debunked
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
Top Five Estate Planning Mistakes
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 for Special Needs Children
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 for Education Expenses
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
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
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 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well. 529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...] about 529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Your Estate Plan Should Be Custom Crafted
The ideal estate plan will include documents that are created as a response to the specific circumstances that exist. You have many different options, and you should act in a fully informed manner. An estate planning document that is appropriate for one person may not be necessary for the next. For example, high net worth individuals who are exposed to the federal estate tax would want to implement estate tax efficiency strategies. The tax comes into play if you are transferring more than the … [Read more...] about Your Estate Plan Should Be Custom Crafted
