Category: Estate Planning
“My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.” From the description above, it’s clear the family had a plan for their land. However, from […]
“Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.” Seniors who are married to younger spouses have a special situation for estate planning, a situation that’s become more common, according to Barron’s recent article “Couples with Big […]
When your children turn 18 they are legal adults. They might not act like adults all of the time, and you may still be supporting them financially, but in the eyes of the law they are indeed adults. This means that you can no longer make certain decisions for them, including health care decisions. Furthermore, […]
An “I Love You Will” is a last will and testament in which the testator—the person who makes the will—leaves everything to his or her spouse. If you have thought about making a will in the past, you likely considered this approach. Perhaps you have already created such a will. While an I Love You […]
“The person signing the power of attorney, which gives someone else the authority to act for them, is called the ‘principal’ and the person who is given the power to act for you is called your ‘agent.’” Power of attorney is an important tool in estate planning. The recent article “Top Ten Facts About Powers […]
“Due to the debilitating nature of Alzheimer’s and related forms of dementia on your loved one’s ability to make sound financial decisions, the sooner you can get financial matters in order the better.” If a loved one has been diagnosed with Alzheimer’s disease or any other form of dementia, it is necessary to address legal […]
“The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.” The federal estate and gift tax exemption is applied to […]
“Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.” Let’s say you divorce and remarry and forget to change your beneficiary from your ex-spouse. Your ex-spouse will be smiling all the way to the […]
“If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones.” Well-meaning relatives may not understand that putting a family member with special needs in their will could put your family member’s lifestyle and […]
“How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?” When parents die suddenly, in this case due to COVID-19, and there is no will and no discussions have taken place, siblings are placed in an awkward, expensive and emotionally fraught situation. […]
