Many people find that creating an estate plan is, contrary to their initial instinct, a rewarding and richly satisfying experience. When you create a plan to help and support your family after you’ve gone, there is a certain kind of satisfaction that comes from the process. However, some people need to create a plan that takes into consideration a troubled child, grandchild, or other relative. While you may feel free to leave an inheritance to family members who are in good control over … [Read more...] about Estate Planning for the Troubled Child or Grandchild
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Retiring? Single? You Need to Think About Estate Planning Right Now
If you are nearing retirement age and are a single person, you face a range of issues that a lot of married people don’t have to deal with, or do not have to worry about as much. For single people, it’s just as important to develop a complete estate plan as it is to have a good retirement plan ready for when you stop working. Here’s why. Living Arrangements Almost everyone will need some kind of help as they grow older, but for single people, finding the appropriate help at the appropriate … [Read more...] about Retiring? Single? You Need to Think About Estate Planning Right Now
Be Careful With DIY Powers of Attorney
A good power of attorney is essential to most estate plans. In fact, good estate plans usually include at least two, and possibly more depending on your situation. Unfortunately, a lot of people who know what powers of attorney are and why they’re important may choose to use do-it-yourself guides to create their own documents. This may be less expensive in the short term, but the potential problems that can arise from do-it-yourself powers of attorney are significant. Here are a couple of … [Read more...] about Be Careful With DIY Powers of Attorney
4 Questions About the GST
Question 1: What is the GST? GST stands for generation-skipping tax, or sometimes as it is referred to, the generation-skipping transfer tax. It is a federally imposed tax that applies when people transfer wealth from one generation to another that is at least two generations removed. Essentially, this means it applies when grandparents give gifts to their grandchildren or great-grandchildren. Question 2: How does it work? The GST is similar to both the estate tax and the gift tax. When the … [Read more...] about 4 Questions About the GST
Why Your Will Has Those Clauses
When you first make a will you usually rely on your estate planning attorney to tell you what you need to include. No two wills are identical, and each of them contains provisions or clauses that relate to the will maker’s individual circumstances. There are, however, certain clauses that are very commonly found and, while they may not be required by law, they are an important piece of any last will and testament. Here are two of the more common ones. Revocation It’s common to begin a will … [Read more...] about Why Your Will Has Those Clauses
