Regardless of the preferred record-keeping mode, most people have some sort of digital footprint, making it important to know who would have access to your digital assets if you became incapacitated and how those assets would be distributed in the event you pass away.
Is there a difference between a “living will” and a “do not resuscitate” order?
When it comes to a power of attorney document, you don’t seem to need it – until you suddenly, desperately do.
Q: Is there a difference between a ‘living will’ and a ‘do not resuscitate’ order?
A testamentary trust can control your assets after death. However, there may be a better option available, experts say.
A special needs trust is a popular strategy for those who want to help someone in need without risking that the person will lose their eligibility for programs that require their income or assets to remain below a certain limit.
…Ajemian’s account became the source of a nearly decade long legal battle that raised a salient question: Who can access your digital accounts after your death?
Here are four types of estate situations that could call for professional legal help.
Maximize the impact of your legacy and make sure it supports the people and causes that are most important to you.
Establishing an estate plan is extremely important. As life changes, it is necessary to update your plan to fit new circumstances.
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
An executor is the person whom you name to handle the settlement of your estate after you die, taking your estate through probate, a court-supervised process that winds up your affairs in the state where you were living at the time of your death.
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
Of all of the essential estate planning documents, the durable general power of attorney is usually the document that is needed first.
Even if you’ve already drawn up a will, if you’re in one of these situations, it’s a good idea to review your final wishes and make any necessary changes, so your money and personal belongings are left in the right hands.
So, what happens with your estate plans if you are not in a traditional nuclear family? There is quite a lot that can fall under the umbrella of a non-traditional family, and the recommendations will vary depending on your specific circumstances.
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
What will happen to your assets when you can no longer manage them?
Changes in tax law and in your personal life may mean that yours needs to be updated. Here are the easiest (and smartest) ways to do it.
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents are the most important step, that is irrelevant if the documents are lost when they most need to be used.
Stuck in a senior facility during the pandemic and unable to participate from far away, an elderly woman needed to sell her home but had never drafted her POA.
Since we’re all going to die (yes, even those of us who are still in our 20s!), we might as well make things easier for the loved ones who, along with grieving our loss, will have to deal with the financial and logistical pieces of our lives.
Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.
A pour-over will can be an important part of a person’s estate planning checklist.
Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
Grantor retained annuity trusts, intentionally defective grantor trusts, spousal lifetime access trusts, oh my! If you overhear two estate planning attorneys at a coffee shop, it would not be unreasonable to think that all clients have estate plans filled with trusts.
When you lose your mate, you lose so much—your best friend, your equilibrium and your future together. Just when you’re at your lowest, it hits you: You could lose a lot of money, too.
