estate planning
Talk to Loved Ones About Your Estate Plans
Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you do not want your children to realize how much they may receive after your death, or perhaps you think your choice of heirs could change in the future. If you do not discuss your estate plans, disagreements and […]
Read MoreDivorce and Finances
While divorce may end a marriage, it does not end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help them establish a new, post-divorce life. Alimony may be […]
Read MoreA Fresh Look at Distributing Inherited Assets
In theory, parents can get as specific as they want, deciding which children and grandchildren should get the fancy lamp from the living room or the painting of the ship in the dining room. But unless they are items of great intrinsic value, that usually isn’t done. Even if an estate is left equally to […]
Read MoreEstate Planning When You Remarry
Many marriages are blissfully successful, but many end in divorce. According to the American Psychological Association, 40-50% of first marriages end in divorce. For second marriages, the rate is higher, with 60-67% ending in divorce. This is a sobering statistic for someone considering remarrying. Marriages that create blended families, those that include children from prior […]
Read MoreDo You Need a Trust?
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents […]
Read MoreWhat To Know About Trusts and Taxes
For all intents and purposes, a trust is considered its own entity. Trusts are legal documents, but they are also taxed separately from those to whom the assets within a trust will be distributed. People who are in the process of planning their estates rely on trusts because trusts serve as protection over the assets […]
Read MoreA Close Look at the Duties of a Trustee
The most important part of choosing a Trustee is trust. The highest ethical standards are required for all types of trustees, whether they are dealing with personal assets or business interests. In all cases, the golden rule is that a trustee must put the beneficiary’s interest first. Important guiding principles The first and foremost duty […]
Read MoreHow to Deal With Estate Litigation
Death is just the beginning. When a loved one passes, navigating through the probate process can dredge up unresolved emotions and family conflicts, all intensified by grief. As survivors find themselves rehashing the past, the settlement of probate can ignite long-buried resentments. If the parties have been looking for a fight for years, probate unleashes […]
Read MoreYour Executor Must Wear Many Hats
When you write a will, one of your most important decisions will be whom to appoint as the executor, responsible for carrying out the terms of the document. It is not a casual choice. Executors play a crucial role in ensuring your wishes are implemented faithfully and efficiently. The ideal candidate would bring a combination […]
Read MoreFour Ways to Pass Your House to Your Children
Your home is probably your most valuable asset. You are clear about whom you want to end up with it when you die. If you’re a parent, you want your kids to inherit your home. Ensure that your wishes become reality. Among available options are including your home in your Will, transferring your home to […]
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