Month: November 2020
“It’s hard to plan for next week, let alone the future, when our environment, the advice from the experts and indeed the outbreak itself, seems to change on a daily basis.” The fear of the unknown and a sense of loss of control is sending many people to estate planning attorney’s offices to have wills, […]
“A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.” Before accepting the role of a trustee, it is important to have a thorough understanding of what you will need to do […]
“When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.” For most families, the process of estate administration or the probate of a will starts weeks after the death of a loved one. However, before that time, there are certain steps that need […]
“It is estimated that by 2040, the number of Americans living with Alzheimer’s, dementia or other cognitive disorders is expected to double to close to 12 million due to the aging population, according to a recent study by RBC Wealth Management and Aon.” The impact of these diseases will not just be on the individuals, […]
“Personal property is a unique category of asset. Even in the simplest after-death distribution, personal property can become a hindrance to final distribution. There are a couple of reasons why.” Creating and probating a last will and testament is rarely a simple task, but one of the most challenging aspects is the distribution of personal […]
“The Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.” It’s true—many people still believe that they don’t have enough assets so they don’t need a will, or that their money will automatically go to a next of kin. Both […]
“Maybe not tomorrow, but the sunset of our historically high estate tax exemptions is coming—and with the election on its way, it could be sooner than you think.” In 2018, the Tax Cuts and Jobs Act (TCJA) doubled the lifetime gift, estate and generation-skipping tax exemption to $11.18 million from $5.6 million. With adjustments for […]
“Building enough wealth to sustain yourself in retirement is a monumental achievement. However, financial planning doesn’t end when you no longer rely on a paycheck.” How you handle money and legal matters during retirement is more important than during your working years. It’s harder to bounce back from financial setbacks when you aren’t getting a […]
“When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’” There are two different types of advance directives, and they have very different purposes, as explained in […]
“Although Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement.” When originally created, Social Security was designed to prevent the elderly and infirm from sinking into dire poverty. When most working Americans enjoyed a pension from their employer, Social Security was an additional […]
