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Will an Inheritance Affect Child Support?
Child support arrangements can be modified when the person paying or receiving child support experiences changing circumstances in their life, including the amount of money they have. It is worth noting, though, that in most cases gifts and inheritances are not included in calculated income for child support purposes. Still, a court can consider an […]
An Overview of Durable Power of Attorney
Power of attorney is a type of legal document that empowers another person to act on your behalf in certain situations. This is a handy stipulation to have in your estate plan in the event you become incapacitated. If a power of attorney is “durable,” that means the document will remain in effect even upon […]
When Can a Will Be Declared Invalid?
There are some circumstances in which a person might challenge the validity of a will. As you prepare your will, it is important for you to create it in such a way that it avoids any of these potential pitfalls so it withstands any potential challenges it might face. Undue influence: If there is any […]
Why It’s a Good Idea to Plan Your Estate While You’re Young
There is a common misconception that estate planning is something people only need to worry about when they have a high-value estate, or have hit a certain age. The truth is everyone can benefit from estate planning, including people who are still quite young. Here are just a few of the benefits that come with […]
How Prenuptial Agreements Can Affect Estate Planning
If you pass away before your spouse and do not have a prenuptial agreement in place, he or she will have almost complete control over your estate and possessions. This is not necessarily a problem in some cases, but in other cases you may wish to maintain some element of control over what happens to […]
529 Savings Plans Have Estate Planning Benefits
Thanks to the changes to tax law made under the 2017 Tax Cuts and Jobs Act, there are now opportunities to use 529 college savings plans as estate planning tools, while also allowing you to still use them to pay for more education-related expenses than you may have been able to in the past. Leveraging […]
Tips for Disinheriting an Heir from Your Will
There are some situations in which a parent may wish to disinherit a child from their will. This is not a decision people make lightly—it can be quite painful to essentially cut a child out of their possible inheritance. If you decide to do so, it is important you do it correctly—you must expressly disinherit […]
Estate Planning Tips for Wealthy Retirees After the SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, recently signed into law by President Trump, has some wide-reaching impacts, particularly in the realms of retirement and estate planning. The main effects of the law are that it modified required minimum distribution rules for retirement plans, expanded retirement plan access and increased lifetime income […]
How to Involve Your Family in Estate Planning
As you go through the process of planning your estate, it is advisable to get your family involved in the conversations. Not only can they provide you with support during what can be a stressful process, but it’s also helpful to prevent there being any surprises in the estate plan. If people know what to […]