Estate Planning
How Do You Divide Jewelry in an Estate?
Posted on June 22, 2022
Rings, necklaces, bracelets, and other types of jewelry often have great sentimental value as well as significant financial value. Determining how to address jewelry in your estate plan can sometimes be overwhelming. Should you leave all the jewelry to one individual or split jewelry up between your loved ones? Do you need to have the pieces appraised before assigning them to heirs through your will? Can children, grandchildren, and other loved ones figure out how to divide jewelry on their own after your passing? Whether it is your high school […]
Should You Plan and Finance Your Funeral?
Posted on June 9, 2022
Although it can be uncomfortable to think about, it is important for everyone to consider how their final arrangements should be made. The average funeral costs upwards of $7,000. This can be a major expense for grieving family members to contend with. Consequently, many people choose to finance their funeral and burial ahead of time. They also make sure family members are aware of their preferences regarding funeral arrangements such as music or religious ceremonies. If you are creating your estate plans, take some time to think about pre-planning and […]
Do You Need a Contingent Beneficiary on Your Estate Planning Documents?
Posted on June 2, 2022
Estate plans allow you to pass on assets of both financial and personal value to your loved ones upon your death. The individuals you choose to designate assets to are called beneficiaries. Choosing beneficiaries and deciding how to distribute your possessions is no easy feat and there are many different factors to consider. This is why most estate planning lawyers encourage people to take their time and weigh their options carefully when creating a will, trust, or other estate planning document. When choosing beneficiaries, many people overlook a crucial question: […]
At What Age Should You Put Your Children in Charge of Your Estate?
Posted on May 19, 2022
If you are a parent, you know just how vital estate planning is for your family. Parents who pass away without a will and other estate planning documents leave personal decisions about property and healthcare up to their children. When parents die intestate, the children and other family members are essentially forced to guess what the parents’ final wishes are. This can be an enormous burden to bear. Creating a comprehensive estate plan and sharing your wishes with your children is crucial. You may also wish to make your child […]
How Does a Trust Work Once I Have One?
Posted on May 12, 2022
Many people know that trusts are valuable legal tools useful in a wide variety of situations. However, fewer people understand exactly how trusts work. They may wonder how trust funds are accessed, whether trust assets may be sold, and how trusts influence their tax responsibility. If you are exploring your estate planning options, you may want to consider using a trust to ensure your assets are managed according to your wishes both during your lifetime and upon your death. Trusts have many benefits, including asset protection, tax advantages, and reduced […]
Do My Adult Children Need Wills?
Posted on May 3, 2022
Many people assume that estate planning is only for elderly individuals or those in poor health. While it can be tempting to procrastinate estate planning until later in life, doing so can have negative consequences – both personally and financially. Realistically, every adult should have an estate plan, and it is never too early to start. If you are a parent of adult children, you may be thinking about their estate plans. Even if your children are only in their 20s or 30s, it is a good idea to start […]
Have You Included Your Pets in Your Will?
Posted on April 27, 2022
Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets. Animal Companions in Your Estate Plans Taking care of pets can be expensive, […]
What Makes a Complicated Estate?
Posted on April 19, 2022
As you contemplate your estate plans, there are more complicated factors than you may realize. Having children, buying and selling property, getting married or divorced, and making investments can all complicate estate planning. No matter what phase of life you are in, there are documents that you should have in place to ensure that your assets are handled properly and can be transferred to your beneficiaries according to your wishes with minimal tax implications. Whether you are a single person with very few assets or a married couple with significant […]
The Tax Consequences of Leaving No Will or Estate Plan
Posted on April 7, 2022
This time of year, everyone is thinking about taxes, but taxes are something you should plan for long before April 15. When you do not leave a will or, better yet, a full estate plan, you may incur tax consequences that take money away from those you love and want to take care of. By planning ahead and using the correct financial instruments, you will be able to reduce your tax burden and have more control over your assets. Why Have a Will and Estate Plan? Without a will, your […]
What Is the Right Tax Strategy for Your Estate Plan?
Posted on March 29, 2022
It is important for families to plan for the future. During the estate planning process, a person or married couple may decide how different types of property or assets will be passed to their heirs while also ensuring that they will have the financial resources they need in the future. Wealth protection is a key part of estate planning, and this includes tax planning. By understanding the role that estate taxes and other taxes will play when transferring assets to family members or other heirs, a family can determine the […]
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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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