There are many different types of documents used in the field of estate planning. If you are not intimately familiar with this area of legal specialization, there is no reason why you would understand most of them. As a response, we will provide a basic overview of several different estate planning documents in this blog post.Last WillA will is the most commonly utilized legal device in the field of estate planning. Just about everyone is aware of the fact that you can use a will to state … [Read more...]
Estate Planning Is an Ongoing Process
Statistics consistently show that the majority of people are unprepared from an estate planning perspective. Clearly, younger adults typically feel as though they have plenty of time to take this action, but surprisingly, a significant percentage of people that are in their 50s and 60s have no inheritance planning documents in place.Because there is so much procrastination, in many cases, someone who finally takes action will stash the documents somewhere for safekeeping and forget about the … [Read more...]
Inheritance Planning: A Responsibility to Your Loved Ones
Inheritance planning is one of the core responsibilities of adulthood. You should definitely have a plan in place to preserve your legacy and protect your loved ones, regardless of your age. There are multiple components to consider, and there are different approaches that can be taken. Personalized attention is key, and this is exactly what you receive when you work with our firm.Last Wills & Living TrustsWhen you plan your estate, you arrange for the distribution of your assets to your … [Read more...]
Things to Consider When You Are Planning Your Estate
When you decide that you are going to dig into the estate planning process in earnest, it can be hard to know where to begin. Of course, you are well aware of the fact that you must state your wishes in writing with regard to the distribution of your resources after you are gone. But how should you go about it, and is there anything else to consider?We fully understand this dynamic, and we will share a basic outline in this post to provide some clarity.Inventory Your AssetsThe first … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful.Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
Prevent Estate Disputes Among Siblings
When you are planning your estate, you are doing so with the knowledge that you will not be around to see how things unfold when the assets are being distributed. This being stated, you should certainly consider the consequences of your decisions. If your estate plan allows for uneven distributions among siblings, it can cause serious problems that damage relationships.Communication is key on this level. Some people find it difficult to discuss very sensitive topics, and this is … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful.Grantor Trusts Provide Flexibility and Ease … [Read more...]
An Overview of the Trust Administration Process
A revocable living trust is a very versatile estate planning tool that can be a better choice than a last will. There are a number of reasons why a living trust will be preferable for most people, and we will look at them at another time. In this post, we will explain the anatomy of a living trust and provide a basic outline of the trust administration process.If you were to establish a revocable living trust, you would be called the grantor or settlor of the device. Some people that do not … [Read more...]
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more.Selecting an Agent … [Read more...]
Last Will vs. Living Trust: Weighing the Differences
Many people think that a last will is the only logical choice as an estate planning vehicle of asset transfer if you are not extremely wealthy. In reality, this is not the case at all. A last will could be the right choice for someone with a straightforward family dynamic and very little to pass along. However, most people that have enjoyed even a moderate level of success would be better served through the utilization of a revocable living trust.Last Will Problems and LimitationsThere are … [Read more...]
