Category Archives: Estate Planning
Circumstances Requiring an Update to Your Estate Plan
If you have created an estate plan, you understand the importance of protecting your assets and those individuals you love. Nevertheless, estate plans may contain living documents that require periodic updates. There are several circumstances that should prompt you to change your estate planning documents, including: You got married. Any time your marital status changes, […]
How Estate Planning Affects Your Children
From your children’s first day of school to their college graduation, you strive to prepare them for any situation. However, many parents forget about one of the most important ways that they can look after their kids — an estate plan. Through your will, you can outline exactly who your children’s legal guardian should be […]
What Does it Mean to Have a Living Trust?
Revocable living trusts are the most common types of trusts available. They provide people with the peace of mind of knowing that they have outlined their wishes for passing down their assets and property to beneficiaries. Generally speaking, three people are involved in the creation of a living trust: a grantor, a trustee and a […]
Nearly 40 Percent of Wealthy Americans Have No Estate Plan
According to a recent survey from cable news network CNBC, more than one-third of America’s wealthiest individuals have not taken the proper steps to plan financially for their passing. The survey included 750 millionaires and found that 38 percent of participants had not created a will or otherwise acted to protect their investments or provide […]
What are the Limitations of a Will?
Having a will is the important first step of the estate planning process. Wills ensure that your wishes are known and carried out after you pass away. However, there are certain limitations that restrict what a will can accomplish, including the following: Wills cannot bestow certain properties to a beneficiary: Typically, a will cannot be […]
Should You Have a Special Needs Trust?
Special needs trusts are available to financially provide for individuals — typically children — who have a mental or physical disability. If you think your loved one may need additional protection after your passing, a special needs trust may be a wise decision for your estate plan. Who can benefit from this type of trust? […]
Estate Plan Considerations for Same-Sex Couples
Although an estate plan is an important part of any individual’s financial affairs, same-sex couples may have additional considerations to keep in mind when planning for the future. Through a sound estate plan, these couples can handle both legal and non-legal issues so that they remain protected in case one party passes away. Legal considerations […]
Can You Create a Trust for a Minor?
As families explore the various ways to manage their estates and care for their children, they may consider the benefits of a trust. Trusts are essentially legal arrangements in which property is transferred for the future use of a beneficiary. These estate planning tools are becoming increasingly popular, as they offer a number of tax […]
Learning the Basics on Trusts
When it comes time to begin making arrangements for your estate, you might find that there is a great deal of information to go through and understand. With so many types of estate planning tools available, each with its own relative benefits, you may be wondering what the best option is for you. Increasingly, Americans […]
Modifying or Terminating a Trust: a Primer
Most people associate estate planning with setting up a will, but depending on your circumstances and the value of your estate, there might be more to it than that. In fact, it might be possible to better protect your loved ones and your assets through a living trust. This represents an increasingly popular estate planning […]