Plenty of grandparents and parents have firm ideas about what they’d like their loved ones to receive when they pass away. But research shows that nearly 6 in 10 people in the United States have no will in place. This is the most basic cornerstone document of estate planning, and is extremely important to have… Read More »
Blog Posts Page 2
What To Know About Your Heir Being Recognized As Executor
When you intend to accomplish your estate planning and to name someone else as your personal representative or your executor, this is an important step in the process to ensure that your wishes are followed. Being recognized as executor by the court is the first and important step towards allowing someone to have the legal… Read More »
How To Prepare to Discuss Your Future Legacy With Your Loved Ones
Talking about estate planning can be uncomfortable, but it’s also an important conversation to have for more than just asset transfer. You may want to communicate important values about your legacy and it’s a good idea for older generations who are completing their estate planning to bring their family members together to discuss legacy plans… Read More »
What To Avoid Putting in A Living Trust
Are you thinking about creating a living trust as part of your estate plan? When used properly, a living trust is a powerful estate planning tool that helps you to add a layer of control and privacy to how you pass on assets. Many people turn to a living trust because of the flexibility afforded… Read More »
Charitable Giving Being Impacted by Cultural and Financial Changes
Many people are turning to financial professionals in higher numbers than ever to weather concerns such as inflation, uncertainty in global markets and the possibility of shifting tax laws. But giving to charity is still of interest to many as a planning tool. A recent study published in the Journal of Financial Planning highlights that… Read More »
Three Tax Buckets to Consider in Your Retirement Planning
If you’re looking ahead to retirement 5 years from now or 20 years from now, you need to have a specific strategy in place to help protect your interests. The support of an estate planning lawyer can help guide you through this process and help you make adjustments to your plan as needed over the… Read More »
What You Should Know About Helping a Loved One Choose a Nursing Home
It’s never easy to acknowledge that a loved one’s care needs might have advanced beyond what family and friends can provide. However, it is extremely important in these situations to think carefully about what is most important to their overall care and how you can find a facility that will support your loved one now… Read More »
What Founders and Entrepreneurs Should Know About Estate Planning
Running a business requires keeping track of a lot of details, but there’s noe common one that many people overlook: protecting the business with a succession plan. Starting and running a business can be an exhilarating and, at times, a very challenging venture. But unfortunately, if you fail to have an appropriate succession plan in… Read More »
Study Shows African American Communities Have Put Off Estate Planning
A potential $68 trillion wealth transfer is in the mix in the coming years for African Americans, but a significant lack of estate planning could affect heirs and beneficiaries in these families. Designating who receives your possessions after you pass away is only one part of this process, even though it is an important one…. Read More »
Your Business Is Growing Quickly and So Should Your Estate Plan
If you experience the benefits of a fast-growing company, it’s easy to overlook the potential downside. What happens if you’re no longer in a position to make these important decisions? Growing an estate plan is crucial for entrepreneurs and business owners. Having an estate plan helps you and any chosen loved ones or key employees… Read More »
Is There Such a Thing as Too Soon When Distributing Estate Assets?
When you appoint someone as a personal representative or an executor, it is their responsibility to complete a variety of different tasks before distributing any remaining assets. Many estate executors, however, may be unfamiliar with this process and might instead focus on estate taxes. Assets cannot be given to loved ones immediately after a person… Read More »
Study Shows Many People Experiencing Financial Anxiety
Many uncertainties in the market have prompted plenty of people to develop financial anxiety, and studies show that financial planners and other professionals might be underestimating the level of worry that people experience. The MQ Research Consortium in Kansas State University Personal Financial Planning Program determined that over 71% of those clients currently working with… Read More »
Succession Plans Versus Estate Plans: What Is the Difference?
Every person, regardless of their age or how many assets they own, should have an individual estate plan. If that person also owns or co owns a business, however, further planning is required to cover all the most important issues in that person’s estate. In those cases, both an individual estate plan and a strategic… Read More »
Elder Care May Be More Expensive for Your Loved Ones Than You Intended
Having to pay out of pocket for nursing home or assisted living facilities can be expensive given that the median cost for a private room in a nursing home is over $100,000. This means that elder care often falls to family members first so long as family members are able to cover the basic needs…. Read More »
Decision Making Issues to Consider Before Creating a Living Will
Many different end of life care concerns should be addressed in your living will. If you have questions about certain medical decisions, you’ll want to discuss them with your doctor in advance so that you have a clear idea of the options available to you. If you have specific wishes regarding any of this medical… Read More »
Does Your Business Need Succession Planning?
Succession planning requires stepping back and looking at the big picture of your business and all of the key players responsible for maintaining it. Taking a holistic view of your future as well as your current goals ensures that you have the right training, the right people, and the right systems and processes in place… Read More »
Widows Need a New Financial Plan
It can be a dramatic adjustment to your life after a spouse has passed away, but widows must pay special attention to their planning and their finances after losing a husband. Some short-term adjustments might be necessary to recalibrate your goals and to determine your next steps. Getting a clear handle on your finances is… Read More »
Should I Change an Advanced Directive?
Much like other estate planning documents outside of an irrevocable trust, you can change your advanced care directive at any time. However, how you approach the process of making changes is important for maintaining this as a legally valid document. If you want to make changes you need to create a new form, distribute new… Read More »
What Californians Should Know About the Upcoming Medi-Cal Eligibility Threshold Change
Do you have a plan for covering payments if you needed a nursing home? Without personal savings or long term care insurance in place, you could be exposed to difficult questions during a time when your focus should sit mostly with the related health issues. This is why you need to think about qualifying for… Read More »
Which Assets Do and Do Not Belong Inside a Living Trust?
The major reasons for creating a living trust are to distribute assets according to your wishes and in time effective and cost-effective manner and to avoid probate. This means thinking carefully about which assets you will title inside the living trust. Some of the most common assets to be titled into a living trust include… Read More »
