Loneliness is a challenge for many seniors that have lost loved ones along the way. Clearly, a pet could make a world of difference, but responsible folks are going to have longevity concerns. Of course, you do not have to experience social isolation to benefit from pet ownership as an elder. Still, the $10,000 question remains: What would happen to the pet if you were to predecease the animal? This is a good question, and many years ago, there was no ironclad solution. Yes, you could … [Read more...] about A Trust Can Facilitate Responsible Pet Ownership
Estate Planning
Jim Morrison of the Doors Made Huge Estate Planning Errors
July 3rd was the 51st anniversary of Jim Morrison’s death. He died in Paris back in 1971, and people are still enjoying the music that he helped create all those years ago. His estate is also making money, just as it has done for the last 50+ years. Who gets these funds? In this post, we will look at some estate planning mistakes that he made in an effort to raise awareness. You may not be a multimillionaire rock star, but you can fall victim to the same errors if you do not take the … [Read more...] about Jim Morrison of the Doors Made Huge Estate Planning Errors
Vacation Homes Can Trigger Ancillary Probate
Now that we have been enjoying the summer months, many people are spending time in their vacation homes. It is great to be able to get away from the grind and spend quality time with your family and friends. Plus, you make a good investment when you purchase carefully selected property. From an estate planning perspective, you have the ability to pass the home along so family members can continue to reap the benefits. However, if the vacation home is going to be part of your estate, you … [Read more...] about Vacation Homes Can Trigger Ancillary Probate
How Can an Estate Planning Lawyer Help?
A lot of people do not understand why an estate planning lawyer is necessary. All you have to do is download a will template from a website, right? In reality, this are many reasons why legal counsel can be invaluable, and we will look at four of them here. Choosing the Right Asset Transfer Method There are different ways to facilitate transfers after you pass away, and a will is not the right choice in many instances. First, there is the time factor. Do you want your loved ones to wait for … [Read more...] about How Can an Estate Planning Lawyer Help?
Clock Is Ticking on Record High Estate and Gift Tax Exclusion
As a layperson, you have a lot of responsibilities on your plate on a day-to-day basis. It is unlikely that you are going to have a finger on the pulse of all the laws that relate to estate planning. On the other hand, an attorney in the field will be up to date at all times. This is one of the many reasons why should develop a relationship with an estate planning lawyer. Since you are reading this, you are taking the first step, and we will share some information about an important matter in … [Read more...] about Clock Is Ticking on Record High Estate and Gift Tax Exclusion
When Will You Put an Estate Plan in Place?
As you go through life and the years pass, you may start to think about your legacy. This is a start, but at some point, you have to actually act on the matter. Of course, it will seem like you have time to put a plan in place later on, but when will that time come? Unexpected sudden deaths occur each and every day, and they impact people of all ages. Aside from this possibility, there are other reasons why you may never get around to it, and we will look at the subject here. Changing … [Read more...] about When Will You Put an Estate Plan in Place?
Life Insurance Can Be Part of a Creative Estate Plan
Everyone is well aware of the fact that life insurance can be used to bolster the inheritances that you will be leaving to your loved ones. This being stated, there are some other utilizations that can provide targeted solutions, and we will look at some of them in this post. Succession Planning for Business Partners If you are a partner in a small business, you have to consider the fallout if your partner passes away. Their ownership interest would be owned by their estate, and you would have … [Read more...] about Life Insurance Can Be Part of a Creative Estate Plan
Why Would I Use an Irrevocable Trust?
There are many different legal devices that can be used when you are planning your estate. A lot of people do not understand this, and this leads them to the belief that they can simply use do-it-yourself downloads to create their own wills. In reality, your plan should be constructed to meet your specific needs. Each family is different, and the right way to transfer assets to one person may not be appropriate for the next. Plus, there are asset protection elements that can enter the picture … [Read more...] about Why Would I Use an Irrevocable Trust?
Is a Living Will Similar to a Living Trust?
There are some overlapping terms used in the field of estate planning, and this can lead to misconceptions. With this in mind, we are going to look at the difference between a living will and a living trust in this post. Wills and Trusts for Asset Transfers Most people are aware of the fact that a will can be used to state your final wishes with regard to asset transfers. In a general sense, they know that trusts serve the same purpose, but there are differences that a layperson would not … [Read more...] about Is a Living Will Similar to a Living Trust?
Is Remarriage Raising Estate Plan Questions?
Divorce rates have been going down over the last few decades, but there are still plenty of marriages that do not withstand the test of time. Many of these folks get remarried, and Psychology Today has stated that the majority of second and third marriages do not succeed. This is the reality, and even though you may think you will not be one of the statistics, you can rest assured that all of the divorced people felt the same way. Protecting Your Legacy There are different approaches that … [Read more...] about Is Remarriage Raising Estate Plan Questions?
