Estate planning is essential to most older adults. Still, nearly half of Americans age 55 and older have no will, and fewer still have powers of attorney, a living will, or health care directives. You can use these documents to…
For estate planning purposes, there are many different trust types; the two most common are revocable and irrevocable. While there are some similarities between these two types of trust, their purposes in your estate planning are quite different. Although trusts…
You may not agree with your children, including minors and adults, regarding family circumstances, particularly when it comes to inheriting your estate. When you die, relationships can change and become more intense as underlying issues arise, causing tensions about your…
Creating an estate plan can ensure that your assets, interests, and loved ones are protected after you pass away. Unfortunately, many individuals make costly estate planning mistakes without proper advice and guidance from a qualified estate planning attorney. Poor planning…
Leaving your property to your heirs might seem like an easy task. Having your will or a trust, doing the deed of transfer on death for your real estate, adding your children to your bank account, and naming beneficiaries for…
When parents wait too long to begin instilling family values, it can be difficult to address and legally formalize inheritance. There is no doubt that childhood is the best time to teach and empower your children as eventual heirs of…
A third-party special needs trust, sometimes referred to as a supplemental needs trust, can be used to provide estate planning tools to the parents of children with physical/mental disabilities. In this type of trust, assets will be provided to the…
Entrepreneurs share specific characteristics, such as motivation, creativity, persuasiveness, risk tolerance, versatility, vision, innovation, communication and collaboration, flexibility, and decisiveness. Individuals like these create new businesses, taking on most of the risks and reaping most of the rewards. Entrepreneurs, because…
The loss of a spouse can be extremely challenging emotionally, financially, and spiritually. An aging widow or widower may find herself in a complex financial situation with more questions than answers as one spouse handles family tax and estate planning.…
Having the right professional team to create your estate plan can provide you with the best advice and legal documentation to protect your legacy for future generations. Along with an estate planning attorney, who specializes in elder law, you may…