For most people, one of the primary reasons for executing a Last Will and Testament is to reduce the likelihood of confusion or conflict with regard to their estate assets when they die. By executing a Will the hope is that the Testator’s wishes will be both clear and honored. Unfortunately, even a flawlessly drafted and perfectly executed Will does not guarantee the absence of conflict after your death. In most states, any “interested” person has the legal right to contest a Will. There is, … [Read more...] about What Is a No-Contest Clause?
How Much Can You Expect in Social Security Retirement Benefits?
There was a time in America when a worker could depend on Social Security retirement benefits to cover the basic costs of living during his/her retirement years. Those days are long gone. In fact, experts are worried that workers in their 20s and 30s may not even get any Social Security retirement benefits if something isn’t done to correct the system before they reach retirement age. If you are nearing retirement age now, however, you likely want to know how much you can expect in Social … [Read more...] about How Much Can You Expect in Social Security Retirement Benefits?
Survey Says Millionaires Are Leaving their Wealth to Kids, Not Charity
When you die, all of your estate assets must be transferred out of your estate to another person or entity. For the average decedent, this typically means transferring assets to the next generation; however, what do the wealthy do with their money when they die? Are they all like Bill Gates who plans to leave the vast majority of his fortune to charity? A recent survey seems to indicate that Gates is the exception to the rule. In fact, it appears that the wealthy are leaving their wealth to kids … [Read more...] about Survey Says Millionaires Are Leaving their Wealth to Kids, Not Charity
Free Report: Guardianship and Conservatorship in Missouri — What You May Need to Know Someday
All too often, as we grow older our parents, grandparents, and other older family members seem to grow younger – and not in a good way. It may start with your father forgetting where he put his keys or not remembering your cousin’s name. Eventually, however, your father may get to the point where he forgets he even has a car and no longer remembers your name. For an adult child (grandchild etc.) realizing that a parent (or other loved one) is not capable of caring for himself is heart-wrenching. … [Read more...] about Free Report: Guardianship and Conservatorship in Missouri — What You May Need to Know Someday
What Are Advanced Directives for Health Care and Do I Need One?
Throughout the course of a single day you make thousands of choices and decisions without even thinking about them. Your ability to make those decisions is something we all take for granted. What would happen though if you were suddenly unable to make decisions for yourself? Who would you want to make those decisions for you if they relate to health care treatment? In addition, are there choices you feel strongly about that you wish to have honored? If so, you should consider executing Advanced … [Read more...] about What Are Advanced Directives for Health Care and Do I Need One?
If You Own Property Overseas Do You Need an International Will?
Thanks in large part to technological and scientific advances over the last century, international borders are evaporating and the world is become smaller. Where it was once uncommon to travel abroad with any great frequencies, it is now something the average person can do. It has also become more common to own property in more than one country. Owning property in a foreign jurisdiction can make estate planning a bit more complicated. For example, if you own property overseas do you need an … [Read more...] about If You Own Property Overseas Do You Need an International Will?
Using Your Estate Plan to Keep Assets in the Family
After a lifetime spent working hard, saving prudently, and investing wisely you undoubtedly don’t want to see the assets you have accumulated lost after you are gone. Unfortunately, without careful planning those assets could be lost to divorce, bankruptcy, mismanagement by beneficiaries, or even creditors. Using your estate plan to keep assets in the family, however, can prevent all of that if your plan is carefully drafted and well thought out. Most people think of a Last Will and Testament … [Read more...] about Using Your Estate Plan to Keep Assets in the Family
Celebrity Lessons – Could Whitney Houston’s Estate Plan Have Protected Bobbi Kristina?
Bobbi Kristina, the daughter of legendary singer and actress Whitney Houston, finally lost her battle to survive in July after being on life support since January. Her tragic death has left more questions than answers ranging from how she ended up unconscious in her bathtub to who will inherit what is left of Whitney’s fortune now. Many experts speculate that money was at the center of Bobbi Kristina’s untimely and early death, leading to the question “Could Whitney Houston’s estate plan have … [Read more...] about Celebrity Lessons – Could Whitney Houston’s Estate Plan Have Protected Bobbi Kristina?
Can a Trustee Be Removed?
Trust agreements are an increasingly popular addition to any comprehensive estate plan, in part because of the versatility and flexibility they offer when it comes to accomplishing estate planning goals and objectives. One thing that all trusts have in common is that in all trusts a Trustee must be appointed to administer the trust terms and manage the trust assets. With a revocable trust, the Maker of the trust can change or modify anything about the trust at any time; however, in an … [Read more...] about Can a Trustee Be Removed?
Why You Need to Include Digital Assets in Your Estate Plan
Ideally, an estate plan should be updated as a matter of course every three to five years. Often, however, people put off updating their estate plan until something spurs them to do so. If you are in this category, chances are your current estate plan does not address your digital assets. Understanding why you need to include digital assets in your estate plan should prompt you to finally review and revise your current estate plan, or create one if you have yet to do so. In just the last … [Read more...] about Why You Need to Include Digital Assets in Your Estate Plan
