Estate Planning

Thursday, January 20, 2022

Making Sure Your Children Inherit Your Home

Are you planning to leave your home to your children? It is very common for parents to want to do this, especially considering a person’s home is usually one of their biggest assets. If you know that you want to leave your home to your children, have you considered how you want to do this? There are, in fact, several ways you can plan for the transfer of your home to your children after you die.

Making Sure Your Children Inherit Your Home

A will is probably the most well-known estate planning tool, especially when it comes to mechanisms for the transfer of assets to heirs after a person’s death. You can, of course, leave your house to your children through your will. You should note, however, that some people shy away from using wills to transfer assets as it means heading to probate.
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Monday, January 17, 2022

Estate Planning for Your Invaluable Assets

Have you considered what will happen to your most treasured possessions after you die? We are not just referring to those assets that are great in monetary value such as real estate and investment accounts. What about those assets that are truly invaluable? We all have those items that may not be worth much in terms of money, but hold a priceless amount of sentimental value. Have you considered these invaluable assets in your estate plan?

Estate Planning for Your Invaluable Assets

Whether you have an estate plan in place or not, you may have overlooked the distribution of your invaluable, sentimental assets. These are things that may include family pictures and videos or family heirlooms passed down from one generation to the next. In any event, it is dangerous to assume that such treasures will find their way to the right person after you pass away.

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Wednesday, December 15, 2021

Will a Revocable Trust Avoid Probate?

A properly structured revocable trust can be a really valuable estate planning tool for a number of reasons. Many people who choose to include a revocable trust in their estate plans do so, at least in part, to avoid probate. Probate can be problematic on a number of levels. First, probate is a public court proceeding and a matter of public record. This means goodbye privacy for your estate and family following your death.
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Sunday, December 12, 2021

Out of State Property and Funding a Trust

Much can be accomplished with a strong and comprehensive estate plan. Estate taxes can be avoided. Probate can be avoided. A person’s wishes can be memorialized and protected. Property can be protected from the heirs of creditors and be distributed according to the decedent’s wishes.
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Sunday, November 14, 2021

What to Include in Your Revocable Trust

A revocable trust can be a valuable estate planning tool for many reasons, such as avoiding the time-consuming and financially draining probate process. In order to establish a revocable trust, the creator of the trust, known as the “grantor,” puts the trust in place and funds the trust by transferring ownership of assets over to the trust itself.
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Sunday, October 31, 2021

What Is Guardianship?

While each state may have its own unique laws and procedures in order to have a guardianship established, the fact remains that a guardianship is a court order established legal relationship where one person, the guardian, is essentially granted control of another person, the ward. Here, we will go over some of the more detailed aspects of guardianship, how it can be established, and how it can be avoided, in some cases.

What Is Guardianship?

Depending on the type of guardianship established, a guardianship can give a guardian control over the ward, the ward’s property, or both. This will depend on what is needed in a certain situation. In order for a guardianship to be established in the first place, however, it must be established that the potential ward is, in fact, incapacitated.
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Saturday, October 30, 2021

Why Your Older Parent Needs a Durable Power of Attorney in Place

Estate planning is important at any age. This is true regardless of your level of wealth.
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Monday, September 27, 2021

The Importance of an Estate Plan Update After Moving

Have you recently moved? Are you planning to move soon? When you are assembling your seemingly never ending to-do list, be sure that an estate plan update tops the list. It can be important for a number of reasons which we will discuss in more detail here.

The Importance of an Estate Plan Update After Moving

First of all, it is important to note that state laws can have serious impacts on what you are considered to be owner of upon your death, which will, in turn, likely have significant consequences for your estate plan. Some states are community property states. In these states, almost all property and other assets acquired during a marriage are considered to be owned in equal parts by both spouses, with some exceptions.
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Thursday, July 29, 2021

Tips for Choosing the Personal Representative of Your Estate

If you are taking steps to establish an estate plan, then you have already made important progress towards protecting the future you want for yourself and your loved ones. During the estate planning process, there are many important decisions you will need to make.
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Monday, July 26, 2021

Estate Planning Changes and the For the 99.5% Act

Recently, Senator Bernie Sanders introduced sweeping reforms to the federal estate tax. He introduced the “For the 99.5% Act” to Congress back in March. If passed, the impacts on estate planning will be significant. Fortunately, the changes would not go into effect until the end of 2021.
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Monday, June 28, 2021

Where Should You Keep Your Original Estate Planning Documents?

Estate planning can be so much more about a will, although a will can be important. A will can not only detail how you wish your property to be distributed upon your death, but it can also do things such as name the personal representative of your estate as well as an alternate should your first choice be unable to serve for one reason or another and you can also name a guardian of your children should you have any minor children at the time of your passing.
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