A lot of people procrastinate before they put estate plans in place. Going forward, many do not take action to make revisions as things change because a new cycle of procrastination takes hold. This phenomenon applies to known circumstances, and there are people that have outdated estate plans because they are not aware of changes to relevant laws. With this in mind, we will provide some food for thought in this post. Starting Out You should have an estate plan in place as soon as you are a … [Read more...] about Your Estate Plan Should Be Updated Along the Way
Estate Tax
Does Your Estate Plan Reflect Your Current Wishes?
As we enter a new year, it is time for reflection, and some people think about the responsibilities they have been placing on the back burner. From an estate planning perspective, procrastination is always going to be an issue. Clearly, the subject is often avoided, and folks tend to think they will have time to take care of it in the future. In fact, two-thirds of American adults do not have estate plans in place. Moreover, those that do take action often breathe a sigh of relief. They tuck … [Read more...] about Does Your Estate Plan Reflect Your Current Wishes?
Overlapping Estate Planning Terms Can Be Confusing
People sometimes make assumptions about estate planning that are based on misunderstandings. There are many reasons for this, and terminology is one of them. Some of the terms that are often used sound similar, but in actuality, they are not synonymous. We will look at some of them in this post. Living Trust and Living Will Everyone knows that a simple will is a document that is used to express your choices with regard to the way your estate will be distributed after your passing. You make … [Read more...] about Overlapping Estate Planning Terms Can Be Confusing
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
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
Estate of Musician Prince Has Finally Been Settled
When high-profile celebrities with a lot of money pass away, the press knows that people are interested in the estate details. They dig through them if they are available, and they are widely publicized. This is an intrusion of privacy, but mistakes that are made can be instructive. This dynamic definitely applies to the 2016 passing of the music icon Prince, we will revisit the matter now that it has finally been settled. Intestacy Prince did not have a will or a trust when he passed away, … [Read more...] about Estate of Musician Prince Has Finally Been Settled
Follow These Steps to Create Your Estate Plan
Estate planning can seem complicated and overwhelming if you do not know anything about it, and this is understandable. In this post, we will break it down to some easy-to-understand steps to help you get started if you are currently unprepared. Evaluate Your Assets It is important to inventory your assets and tally up the value of the resources that you intend to pass along to your loved ones. You should attach a dollar figure to your estate because of potential estate tax exposure. The … [Read more...] about Follow These Steps to Create Your Estate Plan
A Discussion With an Estate Planning Lawyer
Imagine yourself striking up a conversation with the person sitting next to you on an airplane. You find out that they are an estate planning lawyer, and they are open to answering questions that you have about the subject. This would be a great opportunity to walk away with some important information. In this post, we are going to provide a hypothetical discussion between a layperson and an estate planning attorney to give you some food for thought. Do I have to be concerned about taxes on … [Read more...] about A Discussion With an Estate Planning Lawyer
Estate Plan Revisions May Be Necessary
When you put your initial estate plan in place, it should be viewed as a starting point. You are covering your bases in the present, but things will invariably change as the years pass. Family Evolution An estate plan for a relatively young, single adult is usually going to be simple and straightforward since there is no one relying on you when you are in this situation. If and when you get married, things are going to change, and a major estate plan revision will be in order. You should … [Read more...] about Estate Plan Revisions May Be Necessary
These Simple Actions Will Jumpstart the Estate Planning Process
A lot of people that do not have estate plans in place know that it is a responsibility that they should address, but they do not know how to begin in earnest. As a result, they continue to procrastinate, and their families are at risk. With this in mind, we will share three relatively easy steps that you can take to put the estate planning process in motion. Calculate the Value of Your Assets The first step is to inventory all the assets that you expect to be able to pass along to your … [Read more...] about These Simple Actions Will Jumpstart the Estate Planning Process
