Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Common Estate Planning Myths (part 3 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 5. I don’t need a trust because I have a will. Myth!!! Most people would benefit from having a revocable living trust in addition to a pour-over-will. While your will is necessary, it is only effective after you’re dead. … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Common Estate Planning Myths (part 1 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 1. Estate planning is only for the rich. Myth!!! Estate planning is really for anyone who cares about someone else. If you want to take the burden off your loved ones’ shoulders, keeping expenses, hassle, and time delay to a … [Read more...]
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...]
Making Estate Planning Easier
If you are intending to create or update your estate plan in 2019, congratulations. Unfortunately, for too many, procrastination causes delays in creating much needed plans. one reason for the delay is that estate planning can seem overwhelming and stressful because it’s a whole new “thing” with new lingo and big decisions to be made. As if that weren’t enough, estate planning involves talking about our health, death, incapacity, interpersonal relations, and finances. At this point, you … [Read more...]
Estate Planning Considerations Entering the New Year (part 2 of 2)
When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
The importance of reviewing your IRA Beneficiary Designations
Whether you realize it or not, you have a beneficiary designation on your IRAs (i.e. individual retirement accounts.) It would be prudent for you to check the beneficiary designations to ensure that they are in line with your current intent, goals, and estate planning documents. Stretch out goals IRAs make great inheritances for children and grandchildren who, with proper planning, can stretch the IRA distributions out over their life expectancy. The tax deferred growth is amazing and … [Read more...]
Common Planning Traps to Avoid
You can, likely, benefit from the mistakes of others. For your review, here are 17 common estate planning traps to avoid. If any of these mistakes seem to apply to you, consult with an experienced, qualified estate planning attorney. An ounce of prevention is worth a pound of cure (Benjamin Franklin.) Dying without a legally valid, effective will or trust. Not having a recent, comprehensive financial/general durable power of attorney in place. Failing to own your assets properly. … [Read more...]
Top Reasons Your Estate Plan May Fail You (part 2 of 2)
You not only need to an estate plan, but you need one that will meet your individual needs. With the right plan in place, you and your family will be protected for the future. There are reasons why your current plan may fail you. Take a look at the following reasons, to better understand the importance of a solid plan. If you have any questions, or if you’d like to update your estate plan, contact a qualified, experienced estate planning attorney. You only create a will. Many people … [Read more...]
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