Currently, each person can give $11.58 million during life or at death. However, that amount will be cut in half by January 1, 2026. It may go down even sooner. Read on to learn why and how you should use it before you lose it. … [Read more...] about Use the Exclusion or Lose It
Estate Planning
Planning for Incapacity
There is more to estate planning than disposing of your assets after your death. Planning for your incapacity is just as important. Read on to learn more about how incapacity planning can save you and your loved ones' anxiety. Read on to learn more. … [Read more...] about Planning for Incapacity
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. … [Read more...] about Will Your Estate Plan Still Work If You Move?
Building Flexibility into Your Plan
There are all sorts of formalities to an estate plan. Does that mean you can’t change anything by yourself? Read on to learn how your estate plan, if done properly, can give you the flexibility to make changes by yourself as to certain assets. Read on to learn more. … [Read more...] about Building Flexibility into Your Plan
Do You Need a Lawyer to Plan Your Estate?
Far too many people procrastinate when it comes to estate planning because they think that it can be quickly taken care of in the future. This mentality has always existed, but it has become more widespread now that you can buy boilerplate legal documents on the Internet. The idea is that you simply download a will worksheet, you fill in the blanks, and the matter is closed. After that, everything will take care of itself. In reality, this is a very shortsighted approach, and it can yield … [Read more...] about Do You Need a Lawyer to Plan Your Estate?
Is a Shared Living Trust Right for You?
The revocable living trust is a very versatile and effective estate planning tool. One of the major advantages is the fact that asset transfers that are facilitated through the terms of a living trust are not subject to probate. This is a court proceeding that would enter the picture if you express your final wishes in a simple will. Inheritances are not distributed while the estate is being probated by the court, and it will take close to a year in most cases. Another drawback is the fact … [Read more...] about Is a Shared Living Trust Right for You?
Inheritance Planning Can Be Laser Focused
Some people are very meticulous about the way they go about things, because they want the outcome to be perfect. This can apply to different aspects of life, and financial decision-making would be a good example. A lot of folks that always cross all their t’s and dot their i’s do not pay the same attention to detail when they are considering the estate planning process. This is a mistake, because there are focused approaches that can be taken. The right way to provide for one loved one may … [Read more...] about Inheritance Planning Can Be Laser Focused
IRAs and Inheritance Planning
Many people contribute into individual retirement accounts with an eye on their golden years. This is a smart move, but if you are enjoying a good bit of financial success, you may never need to tap into the account. When you come to that realization, you can look at your account as part of your estate plan. With this in mind, we will explain the guidelines that are in place for IRA beneficiaries in this post. But first, let’s take a look at these accounts from an overview. Individual … [Read more...] about IRAs and Inheritance Planning
Don’t Buy Into These Myths About Trusts
People sometimes hear bits and pieces about certain aspects of the estate planning process. They let this limited information guide their thinking, and this can lead to mistakes that negatively impact their loved ones. With this in mind, let’s look at some myths that circulate about trusts. A will is a better choice than a trust unless you are a multimillionaire. This may be the most commonly held misconception, and if you have been under this impression, you would do well to put it behind … [Read more...] about Don’t Buy Into These Myths About Trusts
Assignment and Nominee
What’s an “Assignment and Nominee” agreement and what does it do? Some attorneys use such an agreement as a belt and suspenders approach to funding. Read on to learn more. … [Read more...] about Assignment and Nominee
