What Does End-of-Life Planning Entail?
The topic of end-of-life planning is generally difficult for people. We don’t like to think about it or discuss it, but without planning, we will have fewer options, and things may not go as expected. You may wish to pass away in the comfort of your home, but without making proper arrangements in advance, you […]
How to Use 529 Plans for Education in Your Estate Plan
Families are seeking ways to save for college because the cost of higher education is rising each year. One option is a 529 plan. These investment plans allow families to put money away for a child’s future education expenses and gain tax benefits. While you may discuss your options with a financial advisor, an estate […]
Accumulation and Transfer of Wealth
In order to build lasting wealth over multiple generations, careful planning and patience are required. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90 percent will lose it in the following generation. The sooner you begin implementing the principles […]
The Estate Planning Process for Young Parents
It is unlikely that most parents think of dying or becoming seriously ill or injured when they are young, but it is still possible. This is why we pay for medical insurance, disability insurance, and life insurance. Even though many young parents acknowledge the possibility of a life-altering event by maintaining insurance policies, a much […]
Post-Pandemic Estate Planning
During the COVID-19 pandemic, our lives were transformed in unprecedented ways. From remote working and online schooling to virtual doctor consultations and contactless deliveries, technology enabled us to adapt and continue functioning while practicing social distancing. Estate planning attorneys also had to adjust to the new normal by adopting online tools and platforms to interact […]
Your Loved Ones Will Appreciate a Proper End-of-Life Plan
The topic of death is uncomfortable for most of us and we avoid it as much as possible. Since we don’t want to talk about it, many of us don’t make plans for what we want to happen before or after we pass away. More than half of Americans think that end-of-life planning, or estate […]
How to Navigate the Probate Process
As defined by the American Bar Association (ABA), probate is the legal process by which a will is granted formal recognition, and the personal representative (executor) is appointed to administer the estate. Navigating the probate process will vary according to state law. Therefore, it is good to contact a probate lawyer to determine if the […]
Plan Your Estate in Light of Tax Reform
Your estate plan may need to be reviewed and amended annually to keep up with the complex and ever-changing federal estate tax law, gifts, and GST exemptions. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation every year, will default back to pre-2018 exemption levels on the first day of 2026. […]
Will Versus No Will
It’s uncomfortable to think about death, especially our own. Add to that the question of what will happen to our assets after we die and it’s no wonder, so few people have created wills. According to a 2021 Gallup poll, only 46% of US adults have a will. This is a slight increase from 2016 […]
The Estate Planning Needs of Non-Traditional Families
It was only thirty years ago that a traditional family consisted of a husband and wife who married young, bought a house, had children, and worked toward financial security and stability. As family structures have changed, so has the practice of estate planning. In 1949, 79.8 percent of American households were married couples, but in […]