Estate Planning

Thursday, January 3, 2019

Do You Own Rental Property? How Proactive, Comprehensive Estate Planning Can Help

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan.

If you own rental property, however, your estate plan will be more complicated because there are some unique considerations.


Read more . . .


Monday, December 24, 2018

Are Payable-On-Death Accounts Right For You?

A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.

Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture.


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Tuesday, October 30, 2018

Not Just Death and Taxes: 5 Essential Legal Documents You Need for Incapacity Planning

Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. 

What happens without an incapacity plan?

Without a comprehensive incapacity plan in place, your family will have to go to court to get a judge to appoint a guardian or conservator to take control of your assets and health care decisions.
Read more . . .


Tuesday, October 23, 2018

Debt After Death: Why You Should Think About It When Estate Planning

If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or -- if you owe a large amount of money -- may wipe out your estate completely. Debt comes in many different forms including credit cards, student loans, car payments, mortgages, and other financial obligations.

Not Just About Assets

Estate planning lets you name people you trust to manage your affairs if you’re unable to do so and lets you indicate who will receive your property upon your death.
Read more . . .


Tuesday, October 16, 2018

Do It Now: Name a Guardian for Your Minor Child(ren)

We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you - your child’s guardian could be a relative you despise or even a stranger you’ve never met.


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Thursday, October 11, 2018

Better to Play it Safe: Proactive Estate Planning and Cognitive Impairment


Most financially savvy individuals begin planning their estate when they’re in peak mental shape. The idea that this might change at some point in the distant future is an unpleasant one, and they would rather go about their estate planning as if they’ll be as sharp as a tack late into their golden years. Unfortunately, this common approach of ignoring a potential problem and hoping it simply won’t happen can leave a giant hole in your estate plan. Read on to find out that this common hole can be more easily filled than you might think. 

Expect the best, but plan for the worst

The reality is that an individual’s chances of experiencing some form of cognitive impairment rise with age.


Read more . . .


Friday, September 28, 2018

Kids Going Away to College?


Why You Should Include Estate Planning When Preparing to Send a Child to College

 

You may have been running around for weeks, getting your new college student off to school. It's exhilarating, and your heart likely is bursting at the seams. You're probably prouder than you can say, but you're a little afraid, too. How can you make sure your kid is going to be safe at school, so far away from home? A new Bed Bath and Beyond matching sheet set for the dorm sounds great, but it just doesn't seem like quite enough, does it? So what else can you do?


Actually, there is something, probably not yet on your to-do list, that absolutely can make all the difference. Bring your child to a local estate planning attorney.


Read more . . .


Tuesday, June 19, 2018

Avoid Living Probate: How to Keep Guardians and Conservators Out of Your Estate

While most proactive individuals know the importance of having a well-rounded estate plan, it is typically considered as something that will take effect after they have passed away. But there are in fact many ways in which comprehensive estate planning can have a positive impact on your life while you are still around to reap the benefits.
Read more . . .


Tuesday, June 12, 2018

Can You Bequeath Your Frequent Flyer Miles?

If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your accumulated miles once you’re gone. They could be worth thousands of dollars, so you probably don’t want them to just disappear, but some airline policies say that’s exactly what will happen.
Read more . . .


Wednesday, June 6, 2018

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

There is a common misconception that estate plans are only for the ultra-rich - the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order.


Read more . . .


Tuesday, February 20, 2018

Organizing for Tax (and Estate Planning) Season


It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan.

Some things to think about:
● Did you get married or divorced? Did any of your children or grandchildren?
● Did you welcome a child or grandchild into your family by birth or adoption?
● Have any of your children or grandchildren reached the age of majority?
● Have you dealt with illness or hospitalization? Have you incurred medical expenses?
● Did you buy or sell a new property or any other major assets, like a vacation home?
● Did you move to another state?
● Did you buy, sell, open, or close a business?
● Have you made any charitable donations?
● Do you have any new life insurance or pension plans?

After you’ve answered these questions, get to work on gathering the corresponding paperwork.
Read more . . .


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