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 […]
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 […]
Medical Estate Planning Documents
Wills and trusts are usually associated with estate planning and passing assets to future generations. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you thought about what type of medical care and treatments you want, or don’t want, if you become incapacitated […]
Digital Estate Planning Obstacles to Avoid
With the Internet of Things (IoT), identifying and managing your digital property is more important than ever. From smart home devices to online investments and bank accounts, we’ve gone way beyond using the internet to email family and social media to connect with friends. Today, understanding which digital information and accounts you can legally leave […]
Powers of Attorney Explained
Power of Attorney (POA) documents are an essential part of estate planning. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal authority to act as your agent or proxy on your behalf. Depending on which POA you choose, the […]