The estate planning process is going to culminate in the administration of the estate. When you use a last will to direct future asset transfers, you name an executor, and this is the person who will be handling the estate administration tasks after you pass away. There is a common misconception with regard to the estate administration process. You may imagine the executor calling family members into a study for a "reading of the will." The suggestion is that the executor can follow the … [Read more...] about What Qualities Should an Executor Possess?
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Tax Planning for 2020
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way. Tax Planning for 2020 … [Read more...] about Tax Planning for 2020
Can a Living Trust Be Contested?
To understand the context of the question that serves as the title of this blog post, you have to digest some background information about probate. The most widely utilized vehicle of asset transfer in the field of estate planning is the last will. Many people assume that a last will is the ideal choice, because it is a simple method to get assets into the hands of your loved ones after you are gone. In fact, it is not as simple as it may seem to be on the surface. If you were to execute a … [Read more...] about Can a Living Trust Be Contested?
Make Estate Planning Your New Year’s Resolution
Earlier this year, Caring.com conducted a survey in an effort to get a feel for the estate planning preparedness of American adults. Unfortunately, the results were not encouraging. While 76% of people that responded said that they understood why estate planning is important, only 40% of these people actually had plans in place. As you might imagine, older people are more prepared than younger adults, but the statistics for those that are getting up in years are quite surprising. Only 18% … [Read more...] about Make Estate Planning Your New Year’s Resolution
What Are Advance Directives for Health Care?
A well-constructed estate plan will go beyond the facilitation of postmortem asset transfers. It will also address eventualities that you may well face toward the end of your life. To understand the importance of this facet of your plan, you have to hear some statistics on aging. Life Expectancy Until you have actually had a particular experience, it is pretty much impossible to put yourself in that position. For example, when you were a little child, you were probably incapable of being able … [Read more...] about What Are Advance Directives for Health Care?
