Many people are under the impression that a last will is the most simple and efficient estate planning tool. They assume that trusts are only useful for very wealthy individuals that have complex inheritance planning concerns. In reality, the administration of a will is actually quite complicated. However, you can create a type of trust that benefits people who are not among the financial elite. Probate Process When it comes to the complications, the process of probate is the culprit. If … [Read more...] about Inheritance Planning Solution for a Spendthrift Heir
Estate Planning
DIY Estate Planning: Why Take the Risk?
Planning your estate is a complex and vital task involving critical decisions about your assets' management and distribution. While the prospect of using online resources or DIY estate planning kits might seem appealing, the DIY approach poses significant dangers and pitfalls. In this article, we'll highlight the risks of DIY estate planning and underscore the importance of hiring a seasoned estate planning lawyer. Such a professional can protect your interests and guarantee a thorough and … [Read more...] about DIY Estate Planning: Why Take the Risk?
R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Individuals often have reservations about seeking out an attorney’s help with their Estate Plan. Sometimes they worry about the cost, other times they think that they can do it on their own, and sometimes they die before the thought of creating an Estate Plan ever crosses their mind. Unfortunately, the issues that arise from a lack of proper Estate Planning on death don’t care who we are. As this blog demonstrates, even celebrities struggle with creating a comprehensive Estate Plan. Read on to … [Read more...] about R-E-S-P-E-C-T Find Out What It Means To…Your Estate Plan
Understanding and Manipulating Estate and Gift Taxes
Most everyone knows that each American can pass nearly $13 million in assets before worrying about an estate tax. In addition, it’s possible to pass an unlimited amount to a spouse without incurring any tax. Of course, to obtain the benefit of the unlimited marital deduction, the amount passing to the spouse must meet specific requirements. Read on to learn more. … [Read more...] about Understanding and Manipulating Estate and Gift Taxes
Do You Need a Will and a Living Trust?
There are good reasons why you may be somewhat confused about wills and trusts. People tell you that you should definitely have a will. Yet, at the same time, estate planning lawyers tout the benefits of living trusts. On one level, you do choose between a trust and a will as your primary vehicle of asset transfer. However, even if you make a living trust the centerpiece of your estate plan, you still need a will. This may sound counterintuitive, but we will provide an explanation after we … [Read more...] about Do You Need a Will and a Living Trust?
Does Your Estate Plan Include a Letter of Last Instruction?
A lot of people look at estate planning as the act of stating your wishes in writing regarding the way that you want your monetary assets to be transferred after you die. This is certainly at the core of the matter, but it is also important to think about the practical side. If you use a will as your primary vehicle of asset transfer, you would name an executor in the document to serve as the administrator. Simply stating the way that you want the pie to be cut up is great. But where are … [Read more...] about Does Your Estate Plan Include a Letter of Last Instruction?
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes many who should undertake Estate Planning to skip it altogether or to look for ways to complete the planning on their own without the services of a qualified Estate Planning attorney. As the last article in this two-part series demonstrated, numerous taxes impact Estate Planning. This second part of … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
The Intersection of Bank Failure and FDIC Insurance
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well. Read on to learn more. … [Read more...] about The Intersection of Bank Failure and FDIC Insurance
Key Facts About Simple Wills
The simple will is the estate planning document that people are most familiar with in a general sense. However, few laypeople have a thorough understanding of the intricacies. Therefore, we will share some information about simple wills here. The Basics You can use a will to state your final wishes with regard to inheritance distributions, and you can designate a guardian for dependents. In the document, you name an executor to act as the estate administrator. Technically, any competent … [Read more...] about Key Facts About Simple Wills
Five Thoughts About Estate Planning for Blended Families
There are different approaches that can be taken when you are planning your estate, and there is an ideal response to every type of situation. With this in mind, we are going to share some thoughts about estate planning for parents that are getting remarried. Look beyond a simple will with your spouse as the sole beneficiary. If you rework your estate plan to leave everything to your new spouse in a simple will, it can seem like a statement of trust. Your spouse-to-be will know that you would … [Read more...] about Five Thoughts About Estate Planning for Blended Families
