- Overview of Estate Planning for Blended Families
Blended families face unique challenges when it comes to estate planning, as they must consider the needs and rights of both biological and stepfamily members. Effective estate planning for blended families involves carefully balancing financial and emotional priorities to protect all parties involved. Whether it’s through creating wills, establishing trusts or designating beneficiaries, the goal… read more…
- Estate Planning for an Irresponsible Child
Planning an estate for an irresponsible child can require careful consideration to protect assets and ensure the child’s future well-being. One effective strategy is to set up a trust, which allows you to appoint a trustee to manage funds. Another option is designating a durable power of attorney to handle financial matters, which can provide… read more…
- How to Build Charitable Giving Into Your Estate Plan
You might want to build charitable giving into your estate plan to support causes that you care about, reduce estate taxes and create a lasting legacy of philanthropy. To do this, you must include provisions such as bequests in your will, set up charitable trusts, or designate charities as beneficiaries of retirement accounts or life… read more…
- Guide to Estate Planning for Artists and Art Owners
Artists and art owners face unique estate planning considerations that go beyond traditional plans. These can include managing intellectual property rights, valuing art collections and ensuring the transfer of creative works to heirs. Artists must account for their artistic legacy, addressing copyright protection and potential future earnings from their work. Art owners should focus on… read more…
- Guide to Estate Planning for Doctors and Physicians
Estate planning for doctors and physicians involves unique considerations due to their high earning potential, complex asset structures and potential liabilities. Balancing patient care responsibilities with financial planning can be challenging, but creating a comprehensive estate plan can safeguard assets, reduce tax burdens and provide for loved ones. Physicians often face additional concerns, such as… read more…
- How to Create an Estate Plan That Includes Your Pets
For those working on an estate plan, the fate of their beloved animal companions might also be a consideration. By creating an estate plan specifically for your pets, you can help protect their well-being and maintain continuity of their care in the event of your passing or incapacity. If you’d like someone to walk you… read more…
- Succession and Estate Planning for Farmers
Farmers face unique challenges and opportunities when it comes to estate planning, such as succession planning and land ownership or preservation, as well as the management of agricultural assets. Estate planning for farmers can help make the transition of farm ownership and management smooth from one generation to the next. By addressing potential challenges ahead… read more…
- Estate Planning for Seniors: What to Know
Estate planning for seniors involves the careful organization and management of assets and personal affairs so that their distribution aligns with their goals and needs. This process encompasses creating wills, establishing trusts, assigning powers of attorney and planning for long-term care. By addressing these issues, you can secure your legacy, provide for your loved ones… read more…
- Guide to Estate Planning for Your Elderly Parents
Assisting your elderly parents with their estate planning in their twilight years can help them handle their assets and personal affairs before anything happens. The process will likely involve making decisions about how their property, finances and health care decisions will be addressed. Taking care of these issues early can provide peace of mind for… read more…
- Estate Planning for Young Families: What to Know
Estate planning is typically thought of as an end of life strategy. And, perhaps, young families might think that it is unnecessary. But, it’s an important step to secure the financial future of your family. This can involve creating legal documents to protect your assets, providing for the future of your children and ensuring that… read more…
- Estate Planning for Special Needs Adults and Children
Estate planning for special needs adults and children involves specific considerations that go beyond traditional wealth distribution. These can also include medical care, financial support and guardianship. One challenge is to preserve eligibility for government benefits. And creating a special needs trust, which is a personalized financial strategy, is a common solution. Working with a… read more…
- Guide to Estate Planning for Your Children
Estate planning for children involves more than just distributing assets; it’s about securing your children’s financial future and well-being. By creating a comprehensive estate plan, you can appoint guardians, set up trusts, and make healthcare decisions that reflect your values and wishes. Thoughtful planning helps minimize legal complications and financial burdens, especially by avoiding some… read more…
- How to Get a Medical Power of Attorney in Florida
A medical power of attorney is a legal document empowering someone else to medical decisions on your behalf in case you are unable to. A medical power of attorney can save your family from having to make hard decisions about your medical care, as well as making sure your wishes are followed. You can either… read more…
- How Does Life Insurance Create an Immediate Estate?
Life insurance can create an immediate estate to help you maintain financial stability for your loved ones after your passing. This estate planning strategy can act as a safety net, especially if the deceased was the primary breadwinner, helping cover immediate expenses like funeral costs, debts and daily living expenses. Unlike other assets, life insurance… read more…
- I Want to Give Money to My Son and His Wife. How Much Can I Give Without Triggering Taxes?
Let’s say that you’re an individual who wants to give money to two people, your son and his wife. Maybe this is to help with a wedding, down payment for a home or building a family. You can likely give away a good amount of money without incurring any taxes, but there may be some… read more…
- How to Build a Succession Plan for Your Wealth
Creating a succession plan for your wealth can lead to a smooth transfer of assets to future generations. Wealth succession planning involves detailed strategies that outline how your wealth will be managed and distributed, minimizing potential conflicts and maximizing the value passed on to heirs. By proactively addressing these elements, you can secure your family’s… read more…
- How Wealth Management and Estate Planning Work Together
Wealth management focuses on growing and preserving assets through investment strategies, tax planning and risk management. Estate planning, on the other hand, ensures that your wealth is distributed according to your wishes after your passing, while also minimizing taxes and legal complications for your heirs. Combining wealth management and estate planning can also provide you… read more…
- How to Avoid Probate in Iowa
Probate is a legal process that validates a will, settles debts and distributes assets of a deceased person. In Iowa, this can be time-consuming and costly, prompting many to seek ways to avoid it. For example, one effective strategy to avoid probate is establishing a living trust, allowing assets to transfer directly to beneficiaries without… read more…
- How to Sell the Car of a Deceased Person
If you’re wondering how to sell the car of a deceased person it starts with proving they’re dead. You must first obtain a death certificate, and possibly a court order, to verify your legal authority to sell the vehicle. Preparing the car for sale involves ensuring it is clean, in good working order, and ready… read more…
- Can You Live in a House During the Probate Process?
If you’re an heir or a designated occupant, you may be allowed to stay in a home during probate. However, living in the house does not grant you ownership rights until the process is complete. Additionally, the costs of maintaining the home, such as utilities and property taxes, must continue to be paid, typically by… read more…
- Creating a Financial Power of Attorney in North Carolina
Power of attorney in North Carolina follows rules and procedures substantially similar to most jurisdictions. It is governed by the North Carolina Uniform Power of Attorney Act. The state offers two powers of attorney: statutory (otherwise known as “financial”) and medical. To assign statutory power of attorney, you can use a written form provided by… read more…
- Temporary RMD Relief Extended Through 2024
If you inherited a retirement account, the IRS may have suspended your RMD deadlines. In Notice 2024-35, the IRS has deferred annual distribution requirements for beneficiaries of pre-tax retirement plans. The tax agency issued a similar statement in 2022 and 2023. The result of this notice is that beneficiaries of retirement plans like a 401(k) or… read more…
- What Is a Probate Lawyer and What Do They Do?
A probate lawyer is a legal professional who specializes in guiding individuals through the probate process, which involves the administration and settlement of a deceased person’s estate. They assist in validating wills with the purpose of distributing assets accurately and handling any disputes that may arise among beneficiaries. Probate lawyers also provide crucial support in… read more…
- How Long Do You Have to File Probate After a Death?
Understanding the timeline for filing probate after a death is a fundamental aspect of estate planning. The timeframe can vary significantly depending on the state laws, but generally, it ranges from a few months to a few years. Filing probate promptly is essential to distribute the deceased’s assets according to their will and to avoid… read more…
- How to Know When Probate Is Required
Probate is often required when a person dies and leaves behind assets that are not automatically transferred to heirs or beneficiaries. Typically, this is required when the deceased owned real estate, had significant financial accounts or possessed personal property of substantial value. However, exceptions exist, such as when assets are held in joint tenancy or… read more…