Estate planning is a topic that we've all come across, but there are several things surrounding it that need to be clarified. Some believe that it's only relevant to others and not to themselves. However, that is incorrect. Estate planning is crucial for everyone, whether young or old, healthy or sick. Essentially, it is a plan for life, not just death. • Estate planning is crucial for everyone, even the young and healthy. It helps to prepare for unforeseen events, such as unexpected … [Read more...] about Common Mistakes in Estate Planning
How to Conduct an Estate Plan Review
If you're a beginner when it comes to estate planning, it's important to know that reviewing your estate plan is just as important as creating it. Here are five steps on how to conduct an estate plan review: Step 1: Gather all relevant documents. This includes your will, trust documents, powers of attorney, and any other estate planning documents you may have. You should also gather information about your assets, including bank account statements, retirement account statements, and deeds to … [Read more...] about How to Conduct an Estate Plan Review
What Happens When You Don’t Trust Your Trustee – Part I
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, every trust needs a trustee. The grantor may name the beneficiary as trustee, or the grantor may name another individual or entity as trustee, creating a natural tension between the beneficiary and trustee. If the tension becomes too great, the beneficiary may seek to have the trustee removed. As … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part I
How to Protect Your Assets Through Estate Planning
If you want to protect your assets and ensure that they are distributed according to your wishes, estate planning is essential. Here are some key steps you can take to protect your assets through estate planning. First, you should create a comprehensive inventory of your assets. This can include real estate, investments, bank accounts, and personal property. By creating a detailed list of your assets, you can ensure that nothing is overlooked and that your estate plan is … [Read more...] about How to Protect Your Assets Through Estate Planning
The Benefits of Estate Planning for Business Owners
As a business owner, you have worked hard to build your business and create a secure financial future for yourself and your loved ones. But have you considered what would happen to your business and your assets if something were to happen to you? Estate planning is an important process that can help protect your business and ensure that your assets are distributed according to your wishes. Here are some of the key benefits of estate planning for business owners. First and foremost, estate … [Read more...] about The Benefits of Estate Planning for Business Owners
Want Privacy? Use a Trust
Do you like your nosy neighbors keeping tabs of your business? Do you want them knowing how much money you left to your kids? Do you want Aunt Fern knowing that you left money to your favorite uncle but not to her? If you leave only a Will, it will all be a matter of public record. Your neighbors, your relatives, your co-workers, telemarketers, and even more nefarious individuals can just walk right into your local court house and ask to see your file after you have died. By doing so they can … [Read more...] about Want Privacy? Use a Trust
Your Grandkids Could Retire as Millionaires
You’ve worked hard all your life. You may not have started with much, but now you have a comfortable life. You have a family you love and you no longer have to clip coupons, though you may still out of habit. When your children were growing up, you had work and responsibilities and were not able to savor their childhood as you wanted. It hardly seems possible, but now they have kids of their own. But, this time around, you can savor the children. You can take them to the park, play board … [Read more...] about Your Grandkids Could Retire as Millionaires
SuperBowl Champ’s Final Pass Incomplete
He was a high school dropout who started by selling encyclopedias door to door. Through determination and good fortune, Super Bowl Champ, Jack Kent Cooke amassed an estate of $1.3 billion by the time of his death at age 84 in 1997. He lived his dreams, owning a successful NFL franchise, the Washington Redskins, and one of the world’s most recognizable landmarks, New York’s art deco Chrysler Building. He spent his life steering the Redskins to SuperBowl championships and moving among … [Read more...] about SuperBowl Champ’s Final Pass Incomplete
Now That Mid-Terms Are Over, Let’s Talk Taxes
As inflation continues to rise, more and more individuals seek ways to stretch their dollar further. One of the many factors to consider is their overall tax burden. Sometimes, simply moving to another state, if otherwise feasible, can make a significant impact on an individual’s bottom line. Wonder how your state measures up? Read on to learn more. … [Read more...] about Now That Mid-Terms Are Over, Let’s Talk Taxes
Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
The holidays are a great time to review the past year and make plans for the upcoming one. Part of those plans should be reviewing your Estate Plan and considering what, if any, steps you should take to help you achieve your goals. One of the easiest, but most overlooked, ways to do some quick planning is to take advantage of the annual per donee exclusion amount which can have a tremendous impact on reducing the estate without use of the applicable exclusion amount. Read on to learn more. … [Read more...] about Don’t Be a Turkey – Take Advantage of Your Annual Per Donee Exclusion Amount
