A new study looking at people in retirement determines that retirees aren’t necessarily selecting to spend less in their golden years but are instead influenced by health and wealth issues. The Centre for Retirement Research at Boston College found that household consumption drops 0.7% to 0.8% each year on average during retirement when looking at… Read More »
Blog Posts
Can Your Former Spouse Still Inherit Money?
There are some situations in which your former spouse might inherit assets from your estate if you’re not careful with your estate planning strategy. The major concern in this area is to consider updating your beneficiaries on your retirement plan. This often-forgotten document is very important after you get divorced because failing to update it… Read More »
Understanding No Contest Clauses
Are you worried about your loved ones fighting over your assets and your estate? Depending on your family dynamics, this might be a serious concern. A no contest clause is a provision in your trust, will, or estate plan that can specifically impose a penalty if someone attempts to challenge the validity of your document…. Read More »
Asset Liquidity Influencers Executor Choices
Different types of assets can and should get different treatment within your estate. You might assume that leaving equally valued assets to your loved ones is in their best interests, but some assets are more liquid than others. You might leave behind a family vacation home to a child who cherishes it but if it… Read More »
Three Simple Steps to Basic Estate Planning
Most people undertake the goal of creating an estate plan to make things easier for their loved ones. Elderly parents don’t want their children to be burdened with the frustration of long term care support or the expense necessary to provide the same in a facility. There are three basic estate planning steps that should… Read More »
Which Digital Assets Could Be Missing From Your Plan?
Has your estate gotten more complicated as you’ve undertaken new online accounts, investments in cryptocurrency or other digital assets? If so, you need to incorporate these digital assets into your existing estate plan, preferably with the help of a knowledgeable attorney who can ensure that you have crafted appropriate strategies to pass these on. It… Read More »
How To Protect Your Social Media in Your Estate Plan
It might seem silly to make plans for your social media accounts and other online access points considering bigger issues in your estate plan like providing your loved ones or handling real estate. But it is a good idea to think about your final wishes and to document it in advance. First, consider what you… Read More »
Estate Planning Is Tax Planning, Too
When a transfer of wealth occurs when one person passes away, this means that assets are passed from one person to another, generating possible tax consequences. Taxes are inevitable, and any good estate plan created by an experienced attorney should look for ways to minimize this liability. There are a few different kinds of assessments… Read More »
Six Important Transitions for Business Owners
Business succession planning is an important process to engage in when creating your own company. This is because in the future, you will need to have plans in place to pass the business along. The support of an experienced business succession planning attorney in your area can support you with this process and empower you… Read More »
Should You Create an Important Legal Paperwork List?
It can be very difficult for executors and grieving family members to try to find all of the most important documents they need to access your estate and to file proper paperwork in the days and weeks after you pass away. The last thing you want is for your chosen heirs or administrator unable to… Read More »
Don’t Forget to Protect Your Family Business as The Family Grows
It’s engagement season, which means that many people are preparing to welcome new loved ones into their family on a more permanent basis. If you run a family business, this has important implications for your business succession planning strategy. Make sure that you’ve considered all possible issues that can arise as your family grows. Writing… Read More »
What Problems with An Agent Should Prompt You to Update Your POA?
Your best efforts to select a responsible and trusted power of attorney agent might not always work out. In those cases, you need to know when it’s time to adjust your plans. Your power of attorney document gives authority to another person known as your agent to make decisions and to take actions on your… Read More »
Did You Forget to Name a Contingent Beneficiary?
One of the most important aspects of the estate planning process is naming beneficiaries across all necessary accounts. This includes retirement accounts and life insurance policies most specifically. It is important not only to name a primary beneficiary, such as the person that you intend to receive all of the assets when you pass away,… Read More »
Year-End Questions to Ask Yourself Before an Estate Planning Evaluation
How long has it been since you sat down to think about your estate plan? Odds are you either don’t have one or it’s been years since those documents were reviewed. The end of the year is a popular time to meet with estate planning lawyers to discuss your next steps and your goals. A… Read More »
Questions You Need to Ask When It Comes to Pet Estate Planning
Planning ahead for your pets is just as important as thinking about your possessions. The more you can engage with the proper estate planning process for your pets the easier it will be for you to have peace of mind that they will be taken care of if something happens to you. If you’re not… Read More »
Is Cash the Ideal Holiday Gift for Your Loved Ones?
If you’re not sure what to get people on your Christmas list and as the deadline gets closer, you might be interested in taking advantage of your gift tax exemption. For example, in 2021, you can make a gift of up to $15,000 cash per person during the year without triggering the need for a… Read More »
Why Don’t Families Discuss Financial and Estate Plans?
If you have been putting off estate planning or having conversations with your family members about it, you’re definitely in the majority. So many people don’t want to broach the topic of their own planning, much less make it a featured conversation with their family members. But the truth is that if you don’t talk… Read More »
Creating A Management Business Succession Plan
Does your company have a documented succession plan you can turn to in order to plan for a possible departure in the future? What happens if you suddenly need to step out of the business or a disability renders you unable to work in the company any longer? Your business succession plan should include many… Read More »
How To Evaluate Your Financial Situation Before the End of The Year
When it comes to filing taxes in April, it is tempting to put this off and not think about it until the deadline is looming, but some proactive evaluations and action steps taken now can help to minimize your tax liability and give you a jumpstart on the planning process. The end of the year… Read More »
What Are the Three Phases of a Retirement Planning Strategy?
Approaching retirement requires thinking holistically about your individual financial goals and the strategies you’ll use not just to support yourself financially but to establish your legacy in your estate plan. Anyone who neglects one or both aspects of this retirement planning equation could find themselves facing challenges personally or setting their loved ones up for… Read More »
