A spousal elective share is a protective mechanism that allows a surviving spouse the right to “elect” against the will of their deceased spouse and request a minimum amount of the estate. This protects a surviving spouse if the will tries to disinherit them or only provide them with a small portion of the estate. The elective share serves to ensure that surviving spouse’s needs are provided for when their spouse dies, in a similar way that a spouse would provide alimony if the couple were to … [Read more...] about What is a Spousal Elective Share and How Does it Work?
Estate Planning
Three Harmful Estate Planning Myths
It seems that there are a variety of myths surrounding the concept – and practice – of estate planning. In an effort to dispel these myths, and help people provide for their family once they’re gone, this article addresses some of the most common harmful estate planning myths. 1st Myth: You have to be wealthy to make an estate plan If you own any property, you’ll have an estate when you die. If you fail to make a plan about what to do with it when you die, then whatever property you have will … [Read more...] about Three Harmful Estate Planning Myths
Estate Planning Questions – What Does “Insolvent Estate” Mean?
When people die, they leave behind both assets and obligations. For example, let's say a relative dies leaving behind assets worth $500,000, but also a mortgage, credit card debts, and other obligations worth $700,000. In this situation the estate is deemed insolvent because there are not enough assets to pay for the remaining debts. What happens to insolvent estates and what impact do they have on the families of the deceased person? Let's take a look at some common situations. Some creditors … [Read more...] about Estate Planning Questions – What Does “Insolvent Estate” Mean?
3 Estate Planning Issues You Need to Think About if You Have Stepchildren
Anyone living in a blended family situation faces several estate planning concerns that non-blended family households do not share. Whether you have recently entered into a new marriage or have been living as a blended family for some time, there are several issues you will need to think about when making your estate plan. Here is a brief list. Issue 1: Inheritances Many parents of stepchildren want to leave those stepchildren some form of inheritance upon their death. However, your … [Read more...] about 3 Estate Planning Issues You Need to Think About if You Have Stepchildren
Estate Planning Myths: Who can Have Power of Attorney
Myth 1: Only my lawyer can be a power of attorney Much of the confusion surrounding powers of attorney and what they do comes from the name. Powers of attorney are just a kind of document, one through which you can choose someone else to make legally enforceable decisions on your behalf. The person you choose becomes known as your “attorney-in-fact.” However, that is merely a title, and it conveys no requirement that the person you choose must be a lawyer. You can choose anyone you like as long … [Read more...] about Estate Planning Myths: Who can Have Power of Attorney
Your Living Trust – Three Questions About When You Want to Change Terms
Question 1: When can I change the terms of my revocable living trust? Essentially, whenever you wish. A person who creates a revocable living trust, known as a settlor or a trustor, retains the ability to modify or alter the terms of the trust whenever he or she desires. For example, if you create a revocable living trust which names your child as a beneficiary, you can change the terms of the trust after the birth of a second child so the trust also include the new child as a … [Read more...] about Your Living Trust – Three Questions About When You Want to Change Terms
Why You Need to Consider Your Estate Plan When You Become Pregnant
As a good rule of thumb, you should review your estate plan any time you experience a significant life event, such as a divorce, marriage, or death of a child or family member. You should also include pregnancy in this list, as there are specific estate planning concerns you will want to address once you learn you are pregnant. Let's take a look at some of the most important issues. Medical Directives When you become pregnant you may want to change the terms of your living will or other … [Read more...] about Why You Need to Consider Your Estate Plan When You Become Pregnant
How to Prepare Your Estate For Your Executor
If you've gone to the trouble to create a Will, powers of attorney, trusts or other estate planning elements, you should take a little time to think about how your executor will handle your estate. Your executor, also called your personal representative, is the most important person in your estate because he or she will have the responsibility to administer the estate through the probate process. You should always choose your executor carefully, but once you've made the choice there are a few … [Read more...] about How to Prepare Your Estate For Your Executor
Asking and Answering the Tough Estate Planning Questions
Why do so many people understand the need for creating an estate plan, yet so few of them ever carry it out? The answer isn't that people refuse to do it because they are lazy, uneducated, or uninformed, but rather because estate planning is itself a difficult proposition to face. The questions you have to ask yourself during the estate planning process can be incredibly uncomfortable and even depressing. Introspection and coming to grips with your own mortality can be a daunting challenge, but … [Read more...] about Asking and Answering the Tough Estate Planning Questions
Protecting Your Elderly Father From Financial Predators
Of all the potential problems facing elderly parents and the children who worry about them, one of the more difficult situations to deal with is when an elderly parent, typically a father, falls prey to a financial predator. Often referred to as “gold diggers,” financial predators seek to exploit an elderly parent's loneliness, isolation, and fear to their own financial gain by promising hope of a new romantic relationship. If you are concerned that your parent might fall victim to financial … [Read more...] about Protecting Your Elderly Father From Financial Predators
