You drafted your estate plan years ago, but now you are doing an update and reviewing your decisions. Specifically, there is one child you initially included who has developed problematic spending habits. You are worried that they are just going to waste the...
If you own your home free of a mortgage, that’s likely one of the most valuable single assets you have to pass down to your loved ones when you’re gone. Maybe you have your family home as well as a vacation home or rental property. These could have a combined (and...
When planning for the future, individuals and families often seek ways to minimize their tax liabilities. Understanding the difference between tax avoidance and tax evasion can help those interested in minimizing their tax burdens and the tax burdens on their heirs to...
You’re trying to pass assets on to the next generation without having to pay inheritance taxes. You’d like to do this in advance to reduce the size of your estate. Unfortunately, you know that you are only allowed to gift assets with a value of up to $17,000 per year...
Estate planning is an important process for married couples. This effort helps ensure that assets are protected and distributed according to a couple’s wishes. With that being said, many couples assume that a joint estate plan is sufficient. In reality, spouses often...
Owning property or other assets in multiple states can complicate your estate plan. However, with the right approach, you can protect your loved ones from unnecessary burdens after you’re gone. Every state has its own laws for handling property after death, making it...
Effective estate planning is about more than just deciding who inherits your assets; it’s also about minimizing tax burdens on your loved ones. Legal tax avoidance strategies can help preserve the wealth you’ve worked hard to build while better ensuring that your...
You don't need to explain your estate planning decisions to your family, but it can help to discuss your wishes with them. This can reduce the chances of conflicts in the future, especially if you have distributed inheritance unequally. But how can you hold such a...
When planning to relocate, you probably take steps to ensure a smooth, stress-free move, such as securing a residence and setting up utilities in advance. Like most, you probably give little thought to updating your estate plan. Yet, it is a critical consideration...
Most people establishing an estate plan choose between using a trust or a will as their primary testamentary instrument. A standard will allows the testator to name candidates to serve as their personal representatives. They can identify their beneficiaries and...