Estate Planning
What You Need to Know About Joint Trusts
Posted on January 17, 2023
There are seemingly countless estate planning instruments to choose from when creating your estate plans, and each has its own unique advantages. Trusts offer many benefits when compared to transferring assets through a will. Unlike property transferred through a will, assets transferred through a trust usually avoid probate. Furthermore, the trust maker, or grantor, enjoys greater control over how and when trust assets are distributed to heirs. There are many different types of trusts to consider when building your estate plans. In this blog post, we will discuss the basics […]
How Do You Set Up a Trust For Your Grandchildren?
Posted on January 10, 2023
One of the greatest joys of being a grandparent is leaving a legacy for your grandchildren. Establishing a trust is one way to ensure that your grandchildren will benefit from the fruits of your labor even after you are gone. There are many different types of trusts to choose from and the type of trust you utilize will depend on your personal and financial objectives, your financial circumstances, and the type of assets you want to transfer to your grandchildren. When transferring wealth to children, grandchildren, or other loved ones, […]
Know When to Revise Your Will & Estate Plan
Posted on December 13, 2022
Writing a will is not a one-time event. Life is full of changes, and it is very likely that you will need to modify your will to account for these changes. It is recommended to review your will every five years to make sure it still reflects your wishes. Anything from changes in your family to changes in state law can influence your will and other estate planning documents. Reviewing and updating estate plans tends to be one of those tasks that gets put at the bottom of the priority […]
Does Your Estate Plan Have All The Needed Pieces?
Posted on December 6, 2022
According to a recent poll, only 46 percent of adults in the United States have a will. Even fewer have comprehensive estate plans. A last will and testament is the fundamental estate planning instrument. Through a will, you can specify who will receive your assets, personal possessions, and real estate after you pass away. You can also name a guardian for your minor children in the event that you and the other parent pass away before the children are adults. Without a valid will, state law determines how your property […]
Get Your Charitable Giving Done Before The New Year
Posted on December 1, 2022
There are so many worthwhile charitable causes you can contribute to that help people, animals, and the environment in many needed ways. Helping others is part of being human – it makes the world a better place for all of us. There are also tax advantages associated with charitable giving that can help you financially. So, it is truly a win-win situation. There is still time to get your charitable giving before the end of the year so it qualifies on your upcoming tax return. Read on to learn about […]
Talk About Death Openly To Make Things Easier For Your Loved Ones
Posted on November 29, 2022
Many people shy away from discussing death openly, but it is something that should be talked about as a part of life. Talking about your eventual passing ensures that everyone who cares about you knows how to best deal with things once you do pass away. Death can happen to anyone at any time, so it is important to have some ideas regarding funeral and burial services and what you want to be done for your children, pets, and important assets. When loved ones understand your wishes, they do not […]
Should Your Home Be In A Trust?
Posted on November 15, 2022
When property is held in a trust, the grantor gives another party, called a trustee, the right to control and manage the property for the benefit of a third party, called a beneficiary. A trust can be created during the grantor’s lifetime or after his or her death. Trusts are valuable estate planning tools with a wide range of possible uses. Trusts can be used to control how property is managed and distributed, minimize estate taxes, bypass probate, protect assets from creditors, and more. Some people put their homes in […]
Plan How To Best Distribute Items To Family And Friends
Posted on November 8, 2022
One of the greatest gifts you can give your family is detailed information about how to distribute your property upon your death. It can be a daunting task for surviving loved ones to take care of things once you have passed away. The more information you can provide in advance, the better. You may wish to leave some decisions to their discretion but leave detailed directions for certain items. The specifics are up to you, but getting a blueprint from you will help your loved ones get through the process […]
Reduce Tax Burdens With Smart Estate Planning
Posted on October 18, 2022
One of the key aspects of strategic estate planning is reducing the amount of taxes you pay. You worked hard to acquire and keep the assets you accumulated over your lifetime and any money that goes to taxes is money that does not go to your loved ones. If you are like most people creating an estate plan, you want to minimize the amount of taxes your heirs have to pay as much as possible. “Do it yourself” estate planning services often seem appealing to individuals hoping to draft estate […]
Retirement Planning Should Be Part of Your Estate Plan
Posted on October 11, 2022
Retirement planning is critical, and should ideally be started long in advance of your actual retirement date. By incorporating retirement planning into your overall estate plan, you can ensure that all your assets are properly handled and that necessary things like beneficiaries, transfer of ownership, and tax protection are in place for when you retire and also for when you pass away. For business owners, retirement planning is even more important. Retirement accounts and pensions must be addressed properly and thoroughly during retirement planning. There is an art to protecting […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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