- 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 outlines 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 financial future and provide… read more…
- How Wealth Management and Estate Planning Work Together
Wealth management involves structuring investments, managing taxes, and addressing financial risks to support both short- and long-term objectives. Estate planning defines how assets will be owned, transferred, and taxed, often using wills, trusts and beneficiary designations to manage control and minimize costs. When integrated, wealth management and estate planning create a coordinated framework for sustaining… 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 someone passes away and their home enters probate, you might wonder whether you can live there while the estate is being settled. In many cases, heirs or designated occupants can stay in the property, but that doesn’t mean they own it yet. Until probate is complete, the home legally belongs to the estate, and… 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 how long you have to file probate after a death is a fundamental aspect of estate planning. Unfortunately, there’s no straight answer. The timeframe can vary significantly depending on the state laws, and can range from a few months to a few years. This is why filing probate promptly is essential if you want… 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…
- Types of Powers of Attorney Available in South Carolina
A power of attorney (POA) can help you manage personal, financial, or health-related affairs when you cannot do so yourself. Each power of attorney can be tailored to your specific needs. The document can be broad, covering a wide range of decisions, or it can be narrow, limiting the agent’s authority to specific tasks. Here’s… read more…
- How Much Probate Costs in Texas
The cost of probate in Texas typically come from a mix of court fees and professional services. The state’s probate process works much like it does in other parts of the U.S., and cases generally fall into one of two categories: testate probate, where a valid will directs how assets are distributed, and intestate probate,… read more…
- Types of Powers of Attorney Available in Maine
A power of attorney (POA) is a legal document that grants one person, known as the agent, the authority to act on behalf of another, called the principal. This document can be used to manage financial affairs, health decisions and other important matters when the principal is unable to do so. POAs come in two… read more…
- Guide to International Estate Planning
For individuals with assets abroad, understanding how different legal systems and tax regulations work is key to ensuring your estate is managed efficiently and your wishes are honored. This guide to international estate planning will offer you essential information and practical steps to protect your wealth, minimize tax liabilities and pass on your legacy to… read more…
- How to Build an Estate Plan for You and Your Family
Building an estate plan for you and your family can help you ensure that your assets are managed according to your wishes and that your loved ones are taken care of. Family estate planning involves creating legal documents such as wills, trusts and healthcare directives to address your financial and healthcare decisions. By planning ahead,… read more…
- How to Protect Your Inheritance During a Divorce
Shielding an inheritance from divorce isn’t overly complicated, but it does require inherited assets to be kept separate from marital property. This means avoiding co-mingling inherited funds with joint accounts or using them for joint expenses. Establishing a clear paper trail that documents the inheritance and its usage is essential. Additionally, considering a prenuptial agreement… read more…