Far too many people assume that estate planning boils down to the creation of a will. In fact, there are limitations when you use a will. On the other hand, there are trusts that can accomplish things that cannot be done with a will. In this post, we will look at four of them. Nursing Home Asset Protection When you reach the age of 67, your life expectancy is 87 years if you are a woman, and 85 years if you are a man. Most people expect to live long enough to collect Social Security. If you … [Read more...] about 4 Things Trusts Do That Wills Can’t Do
Downsizing Can Be Part of Your Estate Plan
People typically think of estate planning as an exercise in document creation. At some point, you create a will or a trust, and you state your wishes with regard to the division of your property. This is certainly at the root of the endeavor, but you could embrace a more hands-on, holistic approach. Family Home and Vacation Property If you have lived in the same home for many years, it is naturally going to have sentimental value. This is especially true if you raised your family on the … [Read more...] about Downsizing Can Be Part of Your Estate Plan
Now That Mid-Terms Are Over, Let’s Talk Taxes
As inflation continues to rise, more and more individuals seek ways to stretch their dollar further. One of the many factors to consider is their overall tax burden. Sometimes, simply moving to another state, if otherwise feasible, can make a significant impact on an individual’s bottom line. Wonder how your state measures up? Read on to learn more. … [Read more...] about Now That Mid-Terms Are Over, Let’s Talk Taxes
Prevent the Nightmare of Ancillary Probate
When you buy a vacation home out-of-state, you are making an investment that you can enjoy on an ongoing basis. Your family members and friends can get together when you all have spare time. Memories are made when you can relax and enjoy the vacation experience. If you are in this position, you should consider the estate planning implications when it comes to the estate administration process. Simple Will and Probate When a will is used to facilitate postmortem asset transfers, the executor … [Read more...] about Prevent the Nightmare of Ancillary Probate
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified Estate Planning attorney will consider all and provide advice regarding … [Read more...] about Common Mistakes in Estate Planning – Part V
Take These Steps to Prevent an Estate Contest
A well-constructed estate plan will take the administration phase into account. It is important to make sure that you do everything possible to ensure the facilitation of hassle-free distributions to the heirs. Clearly, an estate contest would create a messy, time-consuming situation, and there are steps that you can take to make this outcome less likely. Don’t Drag Your Feet Surveys that are conducted to gauge the estate planning preparedness of American adults consistently yield … [Read more...] about Take These Steps to Prevent an Estate Contest
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower … [Read more...] about Common Mistakes in Estate Planning – IV
When Should You First Create an Estate Plan?
Surveys that are conducted find that most Americans are unprepared from an estate planning perspective. In fact, Caring.com has been providing relevant figures on an annual basis for many years. Year after year, they find that two out of three people do not have estate plans in place. Curiously, when they look further, they have found that most people without plans know that it is important, yet they procrastinate for one reason or another. Some of them do not act because they feel they don't … [Read more...] about When Should You First Create an Estate Plan?
What Are the Benefits of Living Trusts in Oklahoma?
Living trusts are widely utilized by people that take the time to gain an understanding of the advantages they provide. In this post, we will look at the benefits of living trusts in Oklahoma. Efficient Administration and Spendthrift Protections There are two features that stand out in a big way, and one of them is the streamlined estate administration. If you use a will instead of a living trust, you would name an executor to administer the estate. They would be required to admit the will … [Read more...] about What Are the Benefits of Living Trusts in Oklahoma?
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part III