Tag Archives: estate planning lawyer
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 […]
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 […]
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. […]
For Which Debts Will Your Estate Be Responsible?
After you pass away, your estate will still be responsible for settling some of your debts. Here’s a quick overview of what you can expect to happen to some of these common debts and which ones will take priority: Mortgage: Mortgage loans must be paid. In most cases, the beneficiary whom you named to receive […]
Why Having Children Makes Estate Planning Even More Important
Everyone should make estate planning a priority, but having a will in place becomes especially important when you have children. Here are just a few of the reasons why having children should encourage you to expedite your estate planning: You can (and should) arrange guardians: Your will enables you to choose whom you want to […]
Options for Donating to Charity Via Your Estate Plan
If you’re interested in using your estate plan to leave behind money to a charity or cause of your choice, there are several ways you can accomplish this. Here is a quick overview of a few of them. Charitable trusts You can name a charity as a beneficiary of a simple revocable or irrevocable trust. […]
How to Handle Pets in an Estate Plan
If you have pets, you may be wondering how you can account for them in your estate plan to make sure they’re properly taken care of in the event of your death. You cannot leave any property behind to your pets, because pets cannot legally own property. However, there are ways you can use your […]
Estate Planning Tips for Small Business Owners
Small business owners have some additional complications to consider when planning their estates, especially if they wish to ensure a smooth transition in the company upon their passing. Here’s a quick overview of the steps business owners should take to set their company up for success after their death. Start with the basics: Begin with […]