There are a few major benefits that living trusts provide that are widely publicized. One of them is the fact that the administration of a living trust takes place outside of probate. A will would be admitted to probate, and there are some negatives that go along with the process. Probate expenses absorb a portion of the estate before it is distributed, and the records are available to the general public, so there is a loss of privacy. There is also a waiting game because no inheritances are … [Read more...] about Five Overlooked Benefits Living Trusts Provide
Estate planning can seem like a complicated matter, and there are intricacies and some complicated devices. This being stated, there are some basic tips that you can digest to gain a fundamental understanding of the process, and we will provide three of them here. Don’t assume a will is the appropriate asset transfer device. A lot of people think that a will is the only estate planning document you should ever consider using unless you are extremely wealthy. In reality, there are multiple … [Read more...] about Three Key Estate Planning Tips
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that the tax man will want a share of your legacy, but in reality, this may not be the case at all. A direct inheritance that is received through the terms of a will would not be subject to regular income … [Read more...] about Three Tips to Jump-Start Your Estate Planning Efforts
In this post, we will provide four questions for you to think about. When you come up with the answers, you will have a better idea of what your estate plan will look like when you take action. Are estate taxes going to be a concern? Most of the tax laws are favorable when it comes to asset transfers after someone passes away. If you receive insurance policy proceeds or an inheritance through the terms of a will, you would not be required to report the income when you file your … [Read more...] about Answer These Questions to Develop Your Estate Plan
As estate planning attorneys, we encourage people to take the correct actions to protect their loved ones. With this in mind, we are very interested in surveys that are conducted to gauge the estate planning preparedness of American adults. Caring.com has been compiling statistics on an annual basis. They have released their findings for 2021, and the results are very interesting. Pandemic-Fueled Surge The researchers had a new angle to explore this year because of the COVID-19 situation. … [Read more...] about 2021 Estate Planning Survey Yields Mixed Results
There is an exercise that is often used during group training sessions. The facilitator hands someone a story written on a slip of paper, and it is passed along via confidential whispers person to person. When everyone has been informed, the last person to hear the news is asked to tell everyone what they were told. In the end, the facilitator reads the original statement word for word, and it is clear that the details were distorted as the story was passed down. This kind of thing enter … [Read more...] about Don’t Buy Into These Estate Planning Myths
We were told all along that the colder weather would usher in a resurgence of the novel coronavirus, and we have reached that point. Estate planning attorneys always emphasize the fact that anything can happen at any time under ordinary circumstances. People understand this, but far too many of them embrace the “this will never happen to me” mantra. The pandemic has painted a very stark picture that is unavoidable. You can be perfectly healthy on one day and find yourself in the intensive … [Read more...] about Pandemic Shows Importance of Advance Planning
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
There are a number of different things to think about when you are planning your estate. Yes, you have to arrange for the passing of your legacy, and there are a number of ways to go about it. The best choice will depend upon the circumstances, and this is why you should discuss your options with an estate planning attorney. In addition to the postmortem processes, you should think about the eventualities that you may face toward the end of your life. There are legal documents that should be … [Read more...] about What Is a HIPAA Protection?
The majority of people do not have estate plans in place, but a survey that was conducted by Caring.com found that most of the same folks know that estate planning is important. Why do they fail to take action? There are various reasons including the simple fact that many of them don't know where to begin. With this in mind, let's look at the basic framework. Legacy Preservation The first aspect of the process may come as somewhat of a surprise. Before you start to think about how the … [Read more...] about Estate Planning: Where Do You Begin?