While you may know that your estate plan should contain, at a minimum, a will and advance medical directives, you may also need to consider a prenuptial agreement as well. Prenuptial agreements, also known as premarital agreements or “prenups,” are contracts that prospective spouses enter into before they get married. These agreements can be a very important part of your estate plan, especially if you already have children from a previous relationship or are entering into a second … [Read more...] about Second Marriages, Estate Planning, and Prenuptial Agreements
Estate Planning
Writing Your Letter of Instruction – 3 Tips
Sometimes we can get so caught up in the larger questions surrounding estate planning that we can miss many of the important details that will provide practical assistance to our families after we die. One of the best ways to provide certain types of information is not through a will, trust, or power of attorney, but rather through a letter of instruction. These letters allow you to provide your family and estate executor with relevant, pertinent, and useful information immediately after your … [Read more...] about Writing Your Letter of Instruction – 3 Tips
Some Wealthy Parents Choosing to Skip Giving Inheritances
A survey has showm that more and more parents are choosing to either spend their wealth on themselves or give it to charity instead of providing their children with an inheritance. A large trust company recently conducted a survey in which it interviewed people with a net worth of at least $3 million or more, not including the value of their homes. The survey showed that 32% of parents who qualified as high or ultra-high net worth individuals said it isn't important to leave an inheritance to … [Read more...] about Some Wealthy Parents Choosing to Skip Giving Inheritances
Religious Values and Estate Planning
While estate planning attorneys are experts in advising clients on how to create an estate plan that fits their needs, there is one part of that equation the attorney is unable to answer. You are the only person who can tell your attorney what your religious values are and how important it is to you to reflect those values in your estate plan. Here are three tips you can use to help you decide what role your religious values should play as you create your estate plan. Tip 1: Consider your … [Read more...] about Religious Values and Estate Planning
Learning About Probate Language
If you are ever in a meeting with your estate planning attorney, or reviewing some documents or reading material your attorney asked you to look at, you may sometimes come across specific words that you've never heard before. It's sometimes easy for estate planning professionals to forget that many of the words they use are not commonly encountered by most people. Here are a few examples of some estate planning and probate terms that you may come across. Testator A testator is simply a … [Read more...] about Learning About Probate Language
Common Mistakes in Estate Planning – Part V
Some individuals create a Revocable Trust, pour-over Will, Property Power of Attorney, Health Care Power of Attorney, Living Will, Health Insurance Portability and Accountability Act Authorization Act and think that those documents alone constitute a complete Estate Plan that will protect their family. While the documents themselves represent a solid beginning, the documents don’t cover every asset or concern. A qualified and experienced Estate Planning attorney will consider and provide advice … [Read more...] about Common Mistakes in Estate Planning – Part V
Helping Your Parents with Their Estate Planning
As your parents continue to age, their estate plan needs to be updated. If you’re unsure whether your parents have done their estate planning, including long term care planning, it’s okay to chat with them. While this can be difficult to do, these are important conversations to have. Take a look at the following information, for advice on what topics to discuss. If you have any questions, or if you’d like to assist your parents with their estate planning, contact an experienced and … [Read more...] about Helping Your Parents with Their Estate Planning
Common Mistakes in Estate Planning – IV
With the proliferation of the internet has come a plethora of websites claiming that individuals may take a “Do It Yourself” approach to Estate Planning. While individuals may think that a plan created by one of these companies will meet their needs and save them money, the opposite is true. These plans often fail to contain necessary provisions and usually cost the family more in attorneys’ fees. In addition, a Trusts and Estate practitioner can alert a family to techniques designed to lower … [Read more...] about Common Mistakes in Estate Planning – IV
Common Mistakes in Estate Planning – Part III
Those who take the time to create an Estate Plan usually desire to keep it private and to ensure that no beneficiary can alter the plan after their death. Sometimes, the desire to maintain privacy backfires and produces unanticipated consequences, such as litigation. Read on to learn more. … [Read more...] about Common Mistakes in Estate Planning – Part III
Common Mistakes in Estate Planning – Part II
When people think about an Estate Plan, they often have tunnel vision and focus on just a few of the many considerations that influence the plan. Most individuals focus on their assets and figuring out to whom they want those assets to pass. While those things matter, thinking about the intended beneficiary and their individual circumstances also matters. Certain types of beneficiaries require additional planning. My friend and colleague Tereina Stidd, an estate planning expert, looks into this … [Read more...] about Common Mistakes in Estate Planning – Part II
