In today’s day and age, more people than ever before like to do things on their own. And for this reason, DIY estate planning has seen an uptick in activity over the past few years. While it may be something you’re considering, you should think twice before you go down this path. There are many problems lurking, any of which could slow you down and cause you trouble now and/or in the future. Here are some of the reasons why DIY estate planning is a bad idea: You don’t understand … [Read more...] about The Problem with DIY Estate Planning
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
There’s something about estate planning that scares many people. In fact, you may be so scared and intimidated that you put the process on the backburner. This is particularly true among those who are creating an estate plan for the first time. Despite your unanswered questions and concerns, there’s nothing to shy away from. Once you have a clear idea of how to create your first estate plan, you can quickly go down this path as to put your mind at ease. Here are some of the things you can … [Read more...] about Don’t be Afraid to Create Your First Estate Plan
If estate planning is on your mind – regardless of the reason or your circumstances – you should consider the benefits of consulting with an estate planning attorney. Upon doing so, you’ll feel less pressure and more inclined to make sound decisions. Here are some of the many reasons to consult with an estate planning attorney: Professional guidance: If nothing else, your estate planning attorney will provide you with all the guidance you need. For example, if you’re trying to decide … [Read more...] about Reasons to Consult with an Estate Planning Attorney
Like most people, you have a strong interest in maintaining stability with your finances. But what would happen if you’re incapacitated and unable to make your own decisions? Would your finances still be in good hands? This is where a financial power of attorney can help. Not only is this useful for you, as it provides peace of mind, but it’s also something that can help your family during a difficult time. If you’re interested in creating a financial power of attorney, you first need … [Read more...] about Do You Need a Financial Power of Attorney?
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Learn what steps you can take to prepare yourself and help prevent its spread. Read on to learn more. … [Read more...] about Preparing for Coronavirus
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis