The Motley Fool recently issued a new article dispelling the myth that trusts are only for wealthy families with walk-in vaults and rivers of gold. The truth is that trusts have become an essential building block in today’s middle-class and working-class estate plans. View image | gettyimages.com Trusts can save everyone money, heartache, hassle, and… Read More »
Posts Categorized: Estate Planning
Death Taxes Not Quite So Dead
For the last few years, the rap on the estate tax is that unless you’re extremely wealthy, you don’t have to worry about it anymore. That’s true to some considerable extent. After all, the federal government has exempted most people making less than $5.43 million this year, and many states have gotten rid of or… Read More »
Seniors’ Advice Needs Are Changing: Less Recreation, More Care
We recently came across an interesting article written specifically for financial advisors. It’s an industry article that encourages those professionals to brace themselves for a major change in their trade. Investment News magazine reports that most of the advisors they talk to are primarily interested in the IRA rollover market these days. Their clients are… Read More »
Doctors and Hospitals Sometimes Ignore Advance Directives
Advance directives have been a popular part of estate planning since at least 1990, when Congress passed the Patient Self-Determination Act. Since then, Americans have only grown stronger in their sentiment that they should decide for themselves what kind of treatment they’ll receive in the face of terminal illness. View image | gettyimages.com Advance directives… Read More »
Divorce Means a Split for Couples and Their Estate Plans
From a legal perspective, divorce is an onerous process. From discovery and negotiation to alimony and custody, couples often emerge beleaguered and ready to give the formalities a rest. View image | gettyimages.com That’s understandable. But as The Wall Street Journal points out, there’s at least one more step that recent divorcées need to take: estate… Read More »
Choosing the Wrong Personal Representative for a Will Could Cost Millions
We always stress the importance of choosing the right personal representative for a Last Will and Testament. The ideal candidate is someone impartial, capable, trustworthy, and fair. It isn’t a decision to make lightly. View image | gettyimages.com Why not? Well, consider this story from Forbes. The cast of characters, as they put it, includes:… Read More »
Don’t Assume Your Estate Plan is All Set
So, you have your estate plan in place. If you did it more than a few years ago, have you reviewed it? Does it still make sense for your needs? Are your accounts and beneficiary designations correct? Take some time to double-check and actually schedule a time to talk with your estate planning attorney to… Read More »
SELECTING FIDUCIARIES
The term “Fiduciary” defines anyone who acts on behalf of another. The simplest fiduciary is an “agent,” often appointed under a Power of Attorney. But other agents are appointed by court (guardians, conservators, administrators, and personal representatives) or by written agreement (health care proxies and trustees). Since one purpose of estate and long-term care planning… Read More »
A 2015 New Year’s Resolution – Finally Get Your Estate Plan Done
It’s that time of year again – time to make your New Year’s resolutions! Consider doing or updating your estate plan as a New Year’s resolution for 2015. Here are the reasons why you should get your estate planning done this year. Why should you do an estate plan? 1) Probate Avoidance: With no estate… Read More »
Understanding a Pour-Over Will
A Pour-Over Will is a type of Will that directs your assets to a trust that is separate from the Will. The reason for “pouring” assets from the Will over to a trust is so that the trust will direct what happens with your assets. Having your trust control the assets provides for potential tax… Read More »