If you're like most individuals, you already know that estate planning is a good idea, but you might have put it off for one reason or another. There are five primary things that you can hope to accomplish in the estate planning process. Leaving Behind Property You might use a living trust, simple will or [...]
Probate is a very common legal procedure that many people think of as an expensive and complex process. For simplified estates, however, probate might be a basic formality. Probate is the court's way of a judge having discretion over the legal permission for assets to be passed on. If a person passes away with a [...]
When you think of the process of estate planning, there are two likely instruments that pop into your mind; a trust and a will. Wills are relatively easy to understand since these are the primary documents through which you could pass assets on to future generations. The concept behind trusts, however, is somewhat more difficult. [...]
The probate process should run quickly and smoothly, but this is not always guaranteed and the leading reason why people choose to use estate planning strategies and tactics to avoid the probate process. Probate refers to the process of distributing an individual's assets after he or she passes away through court supervision. One of the [...]
Establishing someone as the executor of your will requires advanced planning and careful thought about whether or not this person is indeed comfortable to serve in this role. This requires telling this individual that you intend to install him or her as executor and ensuring that they feel confidence in their ability to serve in [...]
Perhaps you are a loved one of adult elderly parents who may be in need of nursing home support and assistance or perhaps you are trying to help a friend who may need to go into a nursing home very suddenly. Paying for nursing home costs unexpectedly can quickly destroy a lifetime of savings. Long-term [...]
There's a strong chance that you don't have the knowledge, patience, interest or time to deal with complicated financial matters. This is one of the biggest reasons why people end up pushing these important financial and estate planning considerations off your plate and into the wings. But it can be a big mistake to ignore [...]
Many people might have overlooked the long-term implications of the Tax Cuts and Jobs Act. This 2017 act, however, has marked a real change from previous estate tax planning towards lifetime planning. There are major opportunities to mitigate estate tax liabilities by gifting wealth and assets outright to beneficiaries or giving them to a trust [...]
It's easy to get emotional about money, especially if you have spent much of your life working towards establishing and accomplishing financial goals. As your goals change through the various phases of your financial life, you will shift from accumulating assets to figuring out how to protect them and to distribute these to your loved [...]
Planning ahead for your future retirement and estate planning goals might lead you to question whose name is listed on the deeds to homes. Sometimes it can be the right decision to put your home into your children's names, but this can also create grounds for family conflict and problems if you have multiple children. [...]
