The Significance of Trusts as Essential Estate Planning Instruments
Estate planning is a crucial process that involves dividing money and property after someone passes away. Though many people are familiar with wills as a means of distributing assets, trusts can be even more effective. A trust is a legal arrangement where a person, known as the grantor, settlor, or trustmaker, transfers their assets to […]
Financial Planning for Graduates
Help your child plan for their financial future, no matter where they are in life. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare them. Budgeting Expectations and Boundaries Nearly one-third of young adults don’t have a budget because […]
The Importance of Choosing a Health Care Power of Attorney
When you are unable to express your wishes, your health care power of attorney becomes your voice. The Role of a Health Care Power of Attorney A power of attorney, also known as a health care proxy, is a legal document that allows you to appoint a trusted individual to make decisions on your behalf […]
A Fiduciary’s Role in Estate Planning
Fiduciaries are individuals, professionals, or organizations that are legally obligated to act in the best interest of their appointed beneficiaries. Carrying out the terms of a will or trust or making medical or financial decisions on behalf of another are fiduciary roles that come with specific responsibilities. Will The fiduciary of a will is referred […]
Avoiding Probate Litigation
It is common for disputes over guardianships and conservatorships, wills and trusts, and family real estate to arise as part of probate litigation. The most successful approach to mitigating or avoiding probate litigation risk is careful planning. Comprehensive estate plans that are routinely updated, careful consideration and documentation of gifts, and protective measures in the […]
Should Inheritances for Children be Equal?
Children should be divided assets equally in many situations. Yet, in some families, each child receiving the same inheritance can be inappropriate, deplete the estate’s assets due to ensuing litigation, or cause other family issues after you are gone. While the answers depend on your family circumstances and concerns, be aware of several known scenarios to […]
Estate Planning with Life Insurance
A grieving loved one should not inherit assets only to discover that they cannot be accessed for cash expenditures they will be responsible for after you die. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to get cash. Life insurance can provide the liquidity needed when managing and distributing your estate […]
Understanding Trust Types
We’ve all heard of trusts, often in reference to someone who is the beneficiary of a trust fund. Some may believe that only wealthy people have trusts, but they are common and useful tools when creating estate plans of all sizes. They are used to manage and protect assets, control the distribution to beneficiaries, and […]
Six Estate Planning Errors to Avoid
When you plan your estate, your assets, interests, and loved ones are protected after your death. There are many individuals who make costly mistakes when they do not seek the advice and guidance of an experienced estate planning attorney. Poor planning can cause additional stress to your heirs in the time of grief in addition […]
History’s Biggest Wealth Transfer
Never before in human history has there been a time like this in terms of finance. Baby boomers are preparing estate plans to leave their legacies to their children, putting America on the cusp of the largest transfer of wealth ever. There will be a wealth transfer of unprecedented proportions over the next 25 years, […]