When establishing a trust, you must give serious thought to who you choose as your successor trustee—the person who will manage, invest, and hand out the trust’s accounts and aasets once you are no longer able to do so. This individual (or entity) should be:
Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or can no longer make decisions for yourself. Everyone over the age of eighteen has the need for some level of estate planning. Regardless of the amount of Continue reading
According to reports, many individuals are victims of financial fraud as they age. One report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and over, found that victims of financial fraud lose $34,200 on average to scammers.
In some instances, the scams Continue reading
You may own real estate other than just your primary residence, such as a vacation home or a rental property. Depending upon the type of real estate you own, the ideal form of ownership can vary. Let’s take a look at some different types of real estate and consider the best form of Continue reading
COVID-19 has been a stark reminder that we do not know what our future brings. We do not know what is around the corner that may affect our ability to care for ourselves or our loved ones. To deal with the virus, we should all do what can to care for our neighbors and communities Continue reading
Many Americans have accumulated large amounts of wealth in their retirement plans. For many, their IRA or 401k is the highest value asset that they own. While these assets are great for retirement planning, they were not designed to be efficient assets for wealth transfer. It is important Continue reading
While no one may enjoy thinking about their own funeral, making arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. When you include funeral planning as part of your estate plan, you can spare your grieving loved ones from having Continue reading
Confused about the differences between a will and a trust? If so, you are not alone. Here is a quick and simple guide to help you understand the basics.:
What a Revocable Living Trust Can Do – That a Will Cannot
- Avoid probate during life—conservatorship and guardianship. A revocable Continue reading
A critical part of estate planning with a living trust is aligning your assets with the trust. When transferring stock and bonds to your trust, you may be required to provide a medallion signature guarantee (MSG) as part of the process. An MSG is a unique tool used to protect the Continue reading
It is important to make plans for what happens to your money and property if you become incapacitated and after you pass away. Although this planning may cause feelings of fear and uncertainty, it is essential to face those decisions head-on. You must determine what people, things, Continue reading
For many Americans, their largest asset is their retirement account. January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect. The Act is the most impactful legislation affecting retirement accounts in decades. It has some positive Continue reading
It’s Election Day. Your vote is important. Remember to cast your vote!
As a reminder of how important your vote can be, click here and here for articles about historically close U.S. presidential elections.
Click here for an interactive 2020 presidential election map to track as states Continue reading
Most people have heard that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place. One reason is that many do not understand the differences between a will and trust – and dying without either.
Let’s look Continue reading
The election is just around the corner now. Should the Democratic party win the presidency and control of Congress, we may see a change in some tax laws.
Many expect that there will be a push to return federal estate taxes to their historic norms. Taxpayers that may be affected by Continue reading
A comprehensive, properly funded trust allows you to avoid probate, minimize taxes, provides organization, maintains control, and provides for yourself and your loved ones. On a basic level, a trust is a set of instructions where you tell your trusted people what to do and when to Continue reading
Protecting your family is important, especially when you have minor children, and even more so now that we are living through a pandemic. With all of the unknowns of our current situation, you need some certainty. Having an up-to-date estate plan can be the first step toward providing Continue reading
It can be hard to get motivated about your estate planning. It can sound difficult and depressing. However, you also probably want to make sure that you and your loved ones are protected, and that your hard-earned money and property is used properly to take care of you in case of Continue reading
Congratulations! You are now considered a legal adult. Aside from purchasing alcohol, there is now very little you cannot legally do. Even though you may not feel any different, from a legal standpoint, a lot has changed.
When you were a minor (under the age of 18), your parents were Continue reading
You can own real estate in different manners depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible Continue reading
Estate planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so (1) you can be taken care of during times when you are unable to care for yourself, and (2) your money, assets, and property are distributed to the individuals Continue reading
We all accumulate a wealth of knowledge, experiences, and values throughout the course of our life, regardless of the amount of financial wealth that we build. You have a great deal to share with your loved ones, no matter the size of the monetary gift that you may leave. A legacy Continue reading
Although it is rare for anyone to look forward to the passing of a loved one, many people cannot help wondering about a future inheritance. Often when a person dies and leaves money or property to heirs or beneficiaries, the first thing the heirs or beneficiaries want to know is the Continue reading
Thinking about what will happen to your body when you pass away is probably not what you would like to do with your spare time. However, if you want to donate your organs when you die, you must think about precisely what you want and communicate those wishes to the people who will Continue reading
The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. Having to deal with financial stress at such at a time can heighten the difficulty. Without proper planning, your significant other could face frozen Continue reading
When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken Continue reading