You may be thinking carefully about the legacy you wish to leave behind for your loved ones, and the unique considerations of your family dynamics and your individual beneficiaries. This raises plenty of questions, including whether or not you can place restrictions on an inheritance left behind for loved ones. Anyone who is on the receiving end of an inheritance should clearly read the fine print of the will or Read More
Why Is A Living Trust An Important Part Of Your Financial Planning?
After you pass away, you may still want to have some level of control over your finances so that you know that your family is protected as well as financially stable. A leading estate planning document for accomplishing this goal is a living trust. There are many different benefits of using a living trust, but the first is that it allows a great deal of flexibility and control. In a revocable living trust, you can Read More
It’s Time To Spring Clean Your Estate Plan
As you clear out closets and look to make donations to make way for summer, don't forget about the important consideration of reviewing and updating your estate plan. An estate plan only functions properly when it is reviewed on a regular basis. A major life event could be a reason to stop and review your estate plan, such as a marriage, divorce or birth of a child or grandchild. However, every five years you Read More
Women Must Plan Ahead for Their Financial Future and Life Insurance May Be the Option
A 2021 Insurance Barometer survey found that 43% of women felt they would leave their families with a difficult financial situation if they passed away unexpectedly. This number was five full percentage points more than the answers given by men in the same survey. Women face earning power challenges that make it more important for them to look ahead into their future to plan for retirement and also need to generate Read More
It’s Time to Stop Stalling and Create Your Estate Plan
If you want to protect your heirs from going through the difficult situation of trying to sort through all of your papers, belongings and debts, you can do them a big favor by undertaking estate planning. Estate planning is not necessarily a comfortable topic, but it is one that can save your heirs a lot of frustration in the future when you take the time to get organized now. Most people recognize the overwhelm and Read More
Three Different Approaches to Value Unique Assets
When someone passes away, items in their estate might need to be valued for the purposes of estate taxes or so that an executor can determine fair market value for liquidating them. If you have a unique collection or other assets inside your estate that may be difficult to value at the time you pass away, it's important to do some advanced planning and potentially work with an experienced lawyer to come up with a Read More
What Are Your Odds of Needing Long-Term Care in The Future?
Most people hope to live a long and healthy life remaining in their own home until they pass away, but the need for possible long-term care or health care assistance cannot be ignored. Anyone might require assistance as they age due to frailty, loss of eyesight, illness, dementia, or slip and fall injuries like a broken hip. How long this assistance will last and its cost can vary tremendously. You may need total Read More
How To Gather Key Information Before Creating Your Financial and Estate Plan
Whether this is the first time you're meeting with an estate planning attorney or you're setting up your first consultation with a financial planner, there are several important planning steps you can take in advance to make this easier. Having documents and a clear understanding of your current financial picture makes it simpler to tell the story of where you're at and where you hope to go. Any questionnaires that Read More
Creating A Memorandum for NFTs And Cryptocurrencies in Your Will
When you are adding NFTs or cryptocurrencies to your estate planning, security is a very unique challenge. As your will gets admitted to probate, this means it becomes a part of the public record where you live. You do not want to include significant details about crypto currency and other digital assets because this could create a security issue. A memorandum that goes with your will should be included along with Read More
Should I Put Real Estate into A Living Trust?
Many people have questions about both the creation of a living trust and the kinds of assets that should be placed inside it. One key question you might wish to ask your estate planning lawyer is, should I put real estate inside my living trust. There is a good chance that your primary home is one of your biggest assets, which can be beneficial from the perspective of creating a living trust since you can transfer Read More
