An Overview of Durable Power of Attorney

Tag Archives: estate planning

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 […]

Common Myths About the Probate Process

The average person is not likely to be well versed in estate planning law, so it should come as no surprise that there are a variety of myths that surround the estate planning and probate process. Here are just a few of these most common probate-related myths and the truths behind them. MYTH: The probate […]

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 […]

Examples of Common Estate Planning Mistakes

There are some people who attempt to create their estate plans without any legal guidance. While this is technically possible and can save you some money, it also opens you up to many more potential mistakes that could cause unnecessary headaches and often eventually costs your estate much more than you saved making a do-it-yourself […]

Important Tips for a Personal Representative

Have you been selected as the personal representative of someone’s estate? Here are some tips to help you handle the job effectively. Get copies of the death certificate ASAP: As soon as you’re able, get copies of the death certificate. You’re going to need them if you are responsible for making funeral and burial arrangements, […]

Gifts That Could Raise Red Flags at the IRS

The IRS is, among other things, tasked with finding estate planning strategies that violate tax laws. Many of the circumstances that get people in trouble with the IRS through their estate planning involve illegal gifts. Here are just a few examples of some gifts that might cause the IRS to pay you some special attention. […]

Does a Personal Representative Have Any Responsibility for Paying Off Estate Debts?

One common question people often have when named personal representative of an estate is whether they have to worry about being personally responsible for any debts left behind with the estate they’re tasked with administering. The good news is no—personal representatives do not have to worry about paying any type of estate debt from their […]