Category Archives: Estate Planning
What You Should Know About Living Wills
A living will is an important component of an estate plan that allows you to leave instructions to your health care surrogate regarding your medical desires. With a living will, you can achieve greater peace of mind that you will get the care you desire, and prevent your family members from having to decipher what […]
You Should Know the Limitations of Your Will
A will is a simple and effect method of handling many of your estate planning needs. However, it should not be looked at as a one-size-fits-all tool that will address all your needs. Here are a few examples of some of the limitations of wills that you should be aware of when planning your estate: […]
Reasons to Consider Implementing a Trust
Today’s most common estate planning strategy is to create a will that pours your assets over into a revocable trust. When you pass away, any assets you hold solely in your name become part of your estate. The will provides instructions to your personal representative to transfer those assets to the trustee of your trust. […]
What Happens if a Will Beneficiary Passes Away Before Inheriting?
During the estate administration process, the personal representative might discover that a named beneficiary under the will, predeceased the testator. What happens next depends on what is written in the will. The testator may name a contingent beneficiary, in which case that person would inherit. But if there’s no alternate beneficiary, the property might go […]
The Most Common Mistakes People Make When Naming Beneficiaries
The estate planning process is critical for safeguarding your future and that of your heirs. As you go through the process, it is important to be thorough and thoughtful so you can create a plan that clearly outlines your wishes and is protected from potential challenges of its validity. Part of this is being careful […]
Key Estate Planning Strategies for High Net Worth Families
High net worth individuals are much more likely to have a federal taxable estate. As such, their estate planning strategies will typically include not just how they wish to divide their assets after their death and arrange for end-of-life care, but also how they can minimize their potential estate tax liability. Here are a few […]
Interesting Stats About Millennials and Estate Planning
By now, a majority of millennials are in their 30s, with some approaching their 40s. This means they may be achieving a certain level of financial stability and starting a family A majority of millennials do not yet have an estate plan in place. But the number of individuals in this generation who establish crucial […]
How Estate Planning is Getting Increasingly Digital
Businesses of all types are going increasingly digital with their operations. This has been in the works for years, but was accelerated due to the COVID-19 pandemic. Many fields of law are also seeing an increased reliance on digital technology, and estate planning is no exception. Consider the following: Multiple states already allow digital estate […]
Life Insurance Can Assist With Estate Planning
Life insurance exists to protect your loved ones after your passing and ensure they have sufficient resources to get by in your absence. It can also be a critical tool for your estate planning. Here are just a few instances where life insurance can be helpful as you plan your estate: Covering end-of-life expenses: Life […]
How to Take Full Advantage of Gifts in Estate Planning
If you have an estate plan, chances are you have outlined how you would like to divide your wealth and assets among your friends and loved ones. But you can actually maximize the power of gift giving for estate planning by giving gifts while you are still alive, and have the added benefit of being […]