Holidays trigger many different emotions, and Thanksgiving is a time for gratitude. You have received gifts of various kinds throughout your life, and in a real sense, you pay your gratitude forward when you plan your estate. This is something to think about if you don’t have a plan. If you are unprepared, you are not alone. Caring.com conducts annual surveys that focus on the estate planning preparedness of American adults, and the results are not encouraging. In 2017, 42 percent of … [Read more...] about Pour Thanksgiving Gratitude Into Your Legacy Plan
We will share some information about the Uniform Probate Code (UPC) in this post, but before we get there, we will provide an explanation of the probate process in general. Estate Administration When an estate plan consists of only a will, or when no estate plan exists, the probate court provides supervision during the administration process. The hands-on administration tasks are completed by the executor of the estate. The probate process exists for multiple reasons. In addition to the … [Read more...] about Is the Uniform Probate Code Used Everywhere?
The active retirement years can be among the best years of your life if you take the right financial steps along the way to prepare yourself. If you are in a position to choose your ideal retirement lifestyle, you may consider relocation. Mild weather is a priority for many people, and there are other quality of life factors that enter the picture. These would include the dining scene, access to recreation and culturally enriching activities, and a highly rated health care system. On a … [Read more...] about Retirement Destinations and Taxation
The COVID-19 pandemic reminds us that the unthinkable can happen at any time. You may be living life as usual one day, and find yourself in an ICU unit a week later. While COVID-19 raises the likelihood of health problems, the truth is that the potential for medical problems is always a reality. Advance Directives for Health Care The current threat is very real, but we all know most people go through an ordinary aging process without experiencing sudden catastrophe. Nevertheless, it is … [Read more...] about Prioritize Planning During Pandemic Surge
If you have always assumed that you will be expressing your final wishes in a simple will, you should explore the benefits that living trusts provide before you make any final decisions. In this post, we are going to share four compelling reasons why a living trust can be a better option. Efficient Estate Administration A will must be admitted to probate after the passing of the testator. The executor that is named in the document acts as the estate administrator, and the probate court … [Read more...] about Five Reasons to Use a Living Trust
Legacy planning can be broadly defined as a more comprehensive, complete form of estate planning. People with considerable resources have opportunities to create a legacy beyond their money, a legacy that will persist after they are gone. If you are in this position, you can be creative about the way that you provide for your loved ones. Charitable giving may be part of the plan. Aside from direct contributions, you could establish a private foundation or establish a donor-advised fund with … [Read more...] about Legacy Planning: Things That Money Can’t Buy
Every person has their unique estate planning DNA. There is no cookie-cutter, one-size-fits-all estate plan. Every situation is different. Where people are starting in the process, where they want to go and issues that stand in the way are all different for each of us. There is no 'one size fits all' solutions. This is why you should discuss the possibilities with an experienced estate planning lawyer. At the same time, there is a certain framework that applies to everyone, and we will … [Read more...] about Estate Planning 101
Many people have heard stories of someone contesting a last will. An interested party can in fact challenge the validity of a will during probate. There is a built-in process in place, because a court provides supervision during probate whether there is a challenge or not. Since the administration of a living trust is not subject to probate, you may assume that the terms of a trust cannot be contested. In fact, this is not the case. An interested party can file a lawsuit to challenge a … [Read more...] about Can a Living Trust Be Contested?
Regardless of your age or circumstances, it's almost certain that your estate plan will change as you get older. When people ask us to help them create an estate plan, they sometimes have the mistaken belief that once they complete the planning process, they will never have to worry about their plans again. While having a complete estate plan is absolutely essential for any responsible adult, the process doesn't end once your plan is in place. Over the years you have to make it a … [Read more...] about Why Your Estate Plan Will Change As You Age
If you've been reading this blog for a while, you have probably heard us refer to executors numerous times. But what is an executor? Who determines who this person is? What does the executor do? Understanding an executor's duties, the role he or she plays in your estate plan, and what you can do to choose an executor is absolutely essential when crafting a plan. Today we are going to take a closer look at executors, what you have to do to choose one, and other important issues surrounding … [Read more...] about Understanding Estate Planning – What is an Executor?