There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
A power of attorney is an important document. It is, nevertheless, frequently disregarded in estate planning. People usually concentrate their efforts on their wills and trusts, naming a power of attorney at the last minute.
As we enter into a new era of tax code proposals from the Biden administration, it’s important to be thinking about what those changes may mean when planning for the upcoming tax season and retirement.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
Some people might assume that estate planning is only for the wealthy. However, the reality is that anyone can, and should, engage in estate planning, regardless of wealth. Although creating an estate plan for same-sex couples isn’t totally different than for heterosexual couples, there are some considerations that are unique to same-sex couples.
There is a general understanding that every adult should have a last will and testament. However, for most people, exactly how that will is used remains a mystery.
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.
A will is a legal document that spells out the distribution of your assets and how your children will be cared for at your death. Probate is a process used to prove a decedent’s will is valid and to supervise the handling of their estate.
Charlie Daniels played his last show before the pandemic on March 13, 2020, at the Mark C. Smith Concert Hall in Huntsville, Ala. Hunkered down at home in Mt. Juliet, Tenn., he spent the following months telling anyone who would listen — his son, journalists — that he couldn’t wait to get back on the road, where he still played up to 140 dates a year, an ambitious schedule for any artist, much less an 83-year-old.
Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Perhaps one of the most difficult, and increasingly common, estate planning questions involves the inclusion or disinheritance of an estranged child.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
A trustee is a fiduciary which, essentially, is a person that owes a legal, ethical and, perhaps, moral obligation to act in the interest of another.
The conversation about being prepared for the passing of a partner can be difficult to have but navigating the issue can be more complicated for LGBTQ+ families.
This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
An estate plan tells your heirs and the courts how to divide up your assets, but it also helps protect your loved ones from unnecessary hassle and expense–as well as potentially months, even years, tied up in the court system settling your estate.
If you are drawing up your will and want to leave money to a minor child, using a testamentary trust is one way to do so. This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
Trust funds are not just for the ultra-rich. These sophisticated estate-planning tools can make just as much sense for middle-class Americans who own a home and have a net worth of at least $100,000.
Whether referred to as companion animals, service animals or simply as pets, they play an important part in the lives of many. Owners can use estate planning tools to ensure their pets continue to receive proper care, if the owner becomes incapacitated or dies.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions, when you pass on.
In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.
Your estate plan is much more likely to be successful, when you recognize and avoid the most common mistakes and take some key actions that often are overlooked.
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
