If you own your own company, you know that running a business is a complicated venture that takes loads of planning time. Besides planning to grow and expand your business, you must also determine what will happen after your death. No Business Estate Plan If you don’t include your business in your estate plan, then it may not survive your death. If you have full or partial stake in a business, it will be considered a part of your estate upon your death. If you have not named someone to … [Read more...] about Family Estate Planning Should Include the Family Business
Proper Asset Ownership
Estate planning is an ongoing process – when life changes, so should your plan. Many believe that once estate planning documents, such as a will, living trust or a durable power of attorney, are executed, their estate plan is complete. This is not the case – in fact, there are several mistakes that people tend to make in estate planning: 1. Failing to keep documents up to date. Changes such as marriage, divorce or the death of a spouse, beneficiary or executor should trigger a … [Read more...] about Avoiding Estate Planning Mistakes
While there are some rather complicated estate planning instruments utilized to achieve certain objectives, there are some simple and straightforward ways to transfer assets to your loved ones as well. One of these would be through the utilization of payable on death (POD) or transfer on death (TOD) accounts. You can set up an account like this at banks or credit unions, and some brokerage houses will allow for transfer on death options as well. When you set up the account you name a … [Read more...] about Are Pay on Death (POD) Accounts a Good Idea?
Many people mistakenly believe that a simple Will is all the estate planning they need. However, it is very likely you may need more than a Will to cover your all assets. A Will does not cover all types of property. This is a list of five items your will cannot cover or address. Survivorship property: If you own property in joint tenancy with a right of survivorship with a co-tenant, your Will does not determine ownership and succession rights. Instead, the surviving joint tenant … [Read more...] about 5 Types of Assets A Will Does Not Cover
If one of your loved ones has a substance abuse problem, an inheritance may make the addiction worse or even kill him or her. At the least, the inheritance is likely to be squandered. For anyone who has an addiction such as drugs or alcohol, it is best to pass the inheritance in trust, not outright. How Outright Inheritances Work Outright gifts pass into your beneficiary’s individual name. They are within your beneficiary’s full control, to be spent any way he deems appropriate. This … [Read more...] about The Addicted Beneficiary: A Problem and a Solution
Even in the best of times, people are always looking for ways to save money. During tough economic times, like we have seen over the past few years, finding ways to save money becomes even more important. Cutting corners when it comes to estate planning, however, is not one of the ways you want use to cut costs. Let’s look at just one example of the bad estate planning that results when trying to save money by “do-it-yourself” estate planning. Imagine the following scenario. You decide that … [Read more...] about Transferring Ownership of Your Home–An Example of Bad Estate Planning
No way! Married people need estate plans. Some folks think that because they own assets jointly with a spouse, they don’t need an estate plan. In fact, joint ownership is called a “poor man’s estate plan.” In reality, it should just be called a “poor estate plan.” Joint tenancy ownership is riddled with perils. Likely, the most serious peril is the unintentional disinheritance of your children. Sadly, it happens too often because of joint ownership. This is what can happen when you … [Read more...] about Married People Don’t Need Estate Plans, Right?
When someone dies, they typically leave behind various estate assets. This may include cash, investments, personal property or real property. All of the decedents property must be legally transferred upon his or her death. How the property is handled depends on a number of factors. Property held in joint tenancy with another person will pass by operation of law to the surviving joint tenant when the one of the joint tenant dies. In many cases, property held by husband and wife as community … [Read more...] about What Happens To One’s Property After They Die?
If you’re like most people, you may be startled to learn that your will won’t do what you think it should do. A will is effective for naming guardians for minor children, naming an executor, and directing assets titled in your individual name or payable to your estate. A will may not control all property because of the way most property is owned. For example, consider Marv’s will. Marv’s will provides that all of his assets go to his children upon his death because he spouse, his second … [Read more...] about When a Will Helps and When it Doesn’t Help
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ+ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...] about Important Estate Planning Tools for the LGBTQ+ Community