Tag: estate planning
If You Have Complex Assets, Your Estate Plan Requires More Assistance
Posted on June 3, 2021
Estate planning is a crucial responsibility regardless of your net worth. However, individuals with large or complex estates must pay careful attention to how they structure their estate plans. The particular estate planning instruments and strategies you utilize can have profound financial implications and tax-related consequences. Failure to plan appropriately can also force your loved ones to hash out inheritance concerns on their own. The burdensome task of guessing how a deceased relative would have allocated his or her estate often leads to stress, confusion, and contentious family arguments. If […]
How is a Business Affected by the Death of the Owner?
Posted on May 25, 2021
As a business owner, it is important to consider what will happen to your business if you were to pass away. While it is an unpleasant reality to consider, none of us know which day will be our last. Unexpected tragedies happen every day. Therefore, planning for what will happen to your business should you as the business owner pass away is crucial. A key element in this process is creating a comprehensive estate plan. What Happens to a Business if the Owner Dies or Becomes Incapacitated? As we have […]
Why Your Estate Plans Need Periodic Review and Revision
Posted on May 13, 2021
If you have created a will, trust, or other estate plans, you are already ahead of most people. Although estate planning is an essential responsibility, many people avoid creating an estate plan or procrastinate it indefinitely. However, estate planning does not end once you draft and sign the estate planning documents. Your estate plans need to be periodically reviewed and updated as you and your family grow and change. Experts generally recommend reviewing your estate plan every five years to be sure that it still meets your needs and those […]
A Well-Designed Estate Plan Can Help You Avoid Probate
Posted on May 6, 2021
Proper estate planning is key to ensuring that your assets are distributed according to your wishes. You have worked hard to earn the property you own and you deserve to choose how that property is allocated after your death. Numerous estate planning tools can help you accomplish your goals and provide for your family’s future. The type of estate planning instruments that you utilize depends on your unique needs and objectives. For many, a key goal is avoiding the probate process. What is Probate and Why Would I Want to […]
Beneficiaries and Executors: Important Rights and Responsibilities
Posted on April 29, 2021
The process of estate planning allows us to make essential decisions about how our property is passed to beneficiaries. Beneficiaries have certain rights and responsibilities by law, as do those who have been given fiduciary responsibilities. Whether you are drafting a will, or you have been named as a beneficiary or executor in someone else’s will, it is important to understand exactly what these roles entail. In most cases, the creator, beneficiaries, and fiduciaries of an estate plan can benefit from consulting with a skilled estate planning attorney. Choosing Your […]
Comprehensive Estate Plans Include More Than Wills
Posted on April 15, 2021
For many people, the term “estate plan” is assumed to be synonymous with “will.” However, a last will and testament is only one element of a comprehensive estate plan. A will can accomplish several important purposes; however, wills are also bound by certain limitations. When building your estate plan, it is important to consider other estate planning tools such as a living will, trust, and power of attorney. With this in mind, our firm offers a variety of estate planning packages that can be customized to meet your particular needs. […]
Charitable Giving in Your Estate Plan Can Add to Your Legacy
Posted on March 18, 2021
When you think about the idea of estate planning, it is reasonable to primarily consider the variety of documents and tools that you will need to pass your assets and property on to your children—and possibly your grandchildren. The transfer of assets to future generations is, of course, an important goal of the estate planning process, but there other things to consider as well. For example, you might also wish to think about the legacy that you will leave behind. One of the most common ways for you to cement […]
Complex Estates and the Dangers of DIY Estate Planning
Posted on March 11, 2021
For more than 240 years, America has enjoyed a reputation as a nation of independent people who are willing and able to do things themselves. Bookstores and the internet are full of resources for those with a do-it-yourself attitude, as books and YouTube videos can show anyone how to do just about anything with the right tools. From auto repairs to home improvements to the basics of French cuisine, you can fairly easily find a way to get the job done. With just a few clicks of your mouse, for […]
The Dangers of Failing to Plan: Caregiving Misunderstandings
Posted on February 25, 2021
If you are like the vast majority of people, when you see or hear the words “estate planning,” you are likely to think about wills, trusts, and other formal instruments that are commonly used to transfer property from one generation to the next. While it is certainly true that the transfer and protection of assets are major components of any estate plan, there are several other elements that address quality of life concerns as a person ages. As an estate planning attorney, I realize that many important topics like these […]
Three Important Reasons You Need an Up-to-Date Estate Plan
Posted on February 4, 2021
For far too many people, estate planning is something they will take care of later, which is a nice way of saying that it is not very important right now. Unfortunately, “later” becomes “never” in a large number of situations, leaving family members and loved ones to make important decisions during a time already complicated by grief. In my practice as an estate planning attorney, I have witnessed first-hand the reluctance to address the future. I have also seen such hesitancy evolve into peace of mind as my clients put […]
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