Many people make an estate plan and never update it again. They just think that having a plan is the only requirement. Once they have drafted a will, they forget about it, and they don’t make any adjustments. You can do this, but it can create numerous problems. It’s...
You may hear people say that everyone needs to have an estate plan. At the same time, you’ll hear others say that estate planning is something to do after you retire or as you grow more advanced in age. Life expectancy is around 79, so people sometimes assume they...
As you begin to create your estate plan, you’re likely focused on how you can best share the assets you’ve acquired over the years with loved ones and worthy non-profit organizations. You’ll probably focus on ways to prevent your estate from being taxed unnecessarily...
Many people use trusts to hold some or all of their estate. A trust can keep those assets from having to go through the time-consuming process of probate. In some cases, they can protect them from creditors, divorcing spouses, Medicaid and the IRS. One type of trust...
A will is an important legal document that is part of an estate plan, which is used to decide how an estate should be managed. When an individual dies with a will, the estate is distributed according to the instructions left behind. Typically, this means that a...
Only someone who expects to get an inheritance can officially be disinherited. This generally means that they were included in the estate plan or they are someone like an adult child, who would naturally expect to inherit. When this person is then cut out of the...
Estate planning is one of the most crucial processes for all adults. However, it's associated with a lot of misinformation that, in most cases, leads to costly mistakes. You need to learn more about this process, including its myths. Below are two common estate...
The familiar family structure has changed over the years, and now almost 40% of marriages in the United States have created a blended family, consisting of parents, children from previous relationships, and possibly new children the couple has together. Estate...
Estate planning helps ensure that you bequeath the financial and tangible assets you've accumulated throughout your life to your chosen beneficiaries. In the digital age, the estate planning process may not be complete without addressing your digital assets and online...
Estate planning for parents often begins with a guardianship designation. The parents are certainly going to consider other topics like how to pass their assets down by writing a will, but their main focus is on their child. In fact, having a child often is the...
