You create an estate plan with the idea that it’ll protect you, your loved ones, and your finances both now and upon your death. However, there’s something you may be overlooking: your estate planning needs can and probably will change as you age. For this reason, it’s critical that you update your estate plan as necessary. Here’s what you should do: Review it: Review your estate plan from start to finish, ensuring that you fully understand the current conditions and what no longer suits … [Read more...] about Do You Suspect That Your Estate Plan Needs Updated?
How to Choose an Estate Planning Attorney You can Trust for Life
Once you create an estate plan, it’s easy to talk yourself into believing that it’ll remain viable for the rest of your life. And while that may hold true with the majority of your plan, there’s a good chance you’ll have to make changes as you age. For this reason, it’s critical that you develop a relationship with an experienced estate planning attorney that you can trust. Here are five questions to answer as you begin your search for the perfect attorney (and legal team): What types … [Read more...] about How to Choose an Estate Planning Attorney You can Trust for Life
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
The Problem with DIY Estate Planning
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
Shrunken Asset Values Open Estate Planning Opportunities
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
Don’t be Afraid to Create Your First Estate Plan
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
Reasons to Consult with an Estate Planning Attorney
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
Do You Need a Financial Power of 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?
Preparing for Coronavirus
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 in Estate Planning
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
