Estate planning is a complex, yet incredibly important, undertaking. One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. Let's explore the importance of choosing the right fiduciaries. What Is a Fiduciary? The law defines a fiduciary as “a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons).” Typically, a … [Read more...] about The Importance of Choosing the Right Fiduciaries
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How Can I Protect My Aging Parent?
As an adult child, one of the most difficult things you may go through is watching your parent slowly succumb to the natural aging process and/or to one of the many age-related dementia conditions, such as Alzheimer’s. At some point, you may need to consider become your parent’s conservator. Petitioning for conservatorship, however, often feels as though you are taking away your parent’s independence and autonomy. What you need to focus on, however, is that failing to act could put your parent … [Read more...] about How Can I Protect My Aging Parent?
What is an Assignment and Nominee Agreement?
What’s an “Assignment and Nominee” agreement and what does it do? Prudent attorneys use such an agreement as a belt and suspenders approach to funding. We include this critical planning tool in each trust-based estate plan we create for our clients. See the following discussion of them by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about What is an Assignment and Nominee Agreement?
Leaving Assets Can Be Tricky – Part 3 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. For example, if you have a beneficiary with special needs, you must take special care. This last installment of a 3 part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 3 of 3
Leaving Assets Can Be Tricky – Part 2 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. This second installment of a three part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 2 of 3
Leaving Assets Can Be Tricky – Part 1 of 3
Leaving assets to your adult children or other beneficiaries may seem simple. But in many situations, it can be quite tricky. This three part series by my friend and colleague Steve Hartnett, an estate planning expert, explores these sometimes thorny issues. Read on to learn more. … [Read more...] about Leaving Assets Can Be Tricky – Part 1 of 3
Social Security Retirement Benefits Basics
The Federal Social Security Administration is responsible for providing Social Security retirement and disability benefits to qualified applicants. For this blog discussion, we’ll cover Social Security retirement benefits. Almost all of us have a right to claim Social Security retirement benefits once we reach retirement age. For those born in 1929 or later years, you can claim Social Security retirement benefits if you’ve earned a sufficient number of work credits. Usually, you must have … [Read more...] about Social Security Retirement Benefits Basics
So You’ve Been Named the Executor of A Will. Now What?
Under ideal circumstances, you will know well ahead of time if someone plans to nominate you to be the executor in a Last Will and Testament. Of course we all know that life doesn't always present us with ideal circumstances. If you have recently been notified that someone died and nominated you to be the executor of the estate in his or her Will, you may be wondering what to do next. To begin with, you need to know that you are not required to accept the position of executor. You are free to … [Read more...] about So You’ve Been Named the Executor of A Will. Now What?
Funeral Arrangements Can Make or Break Family Relationships
Until you’re in the heat of the moment in your own family or witness discord in someone else’s family, the thought of funeral arrangements making or breaking family relationships may sound downright silly. But, it’s not. In actuality, funeral arrangement disagreements (and the distribution of sentimental personal property) can and does cause too many family fights. Both can be avoided by planning ahead and communicating that plan to loved ones. Be sure to think about, plan, and let your … [Read more...] about Funeral Arrangements Can Make or Break Family Relationships
What’s the Difference between a Will and Living Will?
You’ve probably heard of the terms “will” and “living will.” However, if you are like most people, it may be confusing to fully understand the differences between these terms. While they are both very different, it is important to implement both into your estate planning. Take a look at what both of these legal documents offer: A will, also known as a last will and testament, is only effective after you die. It has no effect during your lifetime. A living will is only effective during … [Read more...] about What’s the Difference between a Will and Living Will?
