Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...] about Five Important Estate Planning Considerations for Blended Families
What is Legacy Planning?
Everyone leaves a legacy when they die. Although your legacy includes any financial wealth you leave behind, it encompasses more than that. How you wish to be remembered, the mark you made on the world while you were here, and what you did to ensure the success and happiness of future generations are also part of your legacy. Legacy planning takes into account each of these facets of your legacy and tries to put together a road map for you and your family to follow to ensure that the legacy you … [Read more...] about What is Legacy Planning?
Revocable Living Trust and Incapacity Planning
A revocable trust is a type of inter-vivos, or living, trust. An irrevocable trust is the other living trust option. If you are considering the use of a revocable trust as part of your estate plan, you should have a basic understanding of the benefits, and limitations, of a revocable trust. One way that a revocable living trust can be useful as part of an estate plan is as an incapacity planning tool. When you create a revocable trust, you must name a trustee, at least one beneficiary and … [Read more...] about Revocable Living Trust and Incapacity Planning
Steps to Take if You Suddenly Win the Lottery (or Come into A Windfall of Any Kind)
We all dream about one day winning the lottery or getting a letter in the mail saying that we have inherited a small fortune from great aunt Betty who you never knew. While coming into a sudden windfall may seem like the answer to all your problems, it can actually be the start of problems unless you handle the newly found riches properly. So if your dream just came true, take the following steps to prevent it from becoming a nightmare: Don’t do anything before you consult with both a … [Read more...] about Steps to Take if You Suddenly Win the Lottery (or Come into A Windfall of Any Kind)
I Just Found Out I’m the Executor – Now What?
Despite the fact that the executor of a Last Will and Testament has an enormously important, complicated, and time consuming job to perform, people often name an executor in their Will without even discussing the appointment with the intended executor ahead of time. So if you have just found out that you were named as the executor of the Will of a family member or loved one who recently died, know that this happens more often than you may think. Although seeking the advice of an experienced … [Read more...] about I Just Found Out I’m the Executor – Now What?
Why Men Often Put Off Estate Planning
If you have a husband/partner/significant other who keeps putting you off every time you mention the words “estate planning,” you are not alone. Millions of Americans do not have a comprehensive estate plan in place, despite knowing how important it can be. Although women can shy away from estate planning too, it is more common for men to put off a trip to an estate planning attorney according to many experts. Why is this? There may be a number of reasons why men tend to put off estate … [Read more...] about Why Men Often Put Off Estate Planning
Why Reviewing Your Estate Plan Is So Important – The James Brown Estate Battle
When the Godfather of Soul died in 2006, he left behind a considerable estate as well as a fairly well written estate plan. Despite that, his estate was tied up in a nasty estate battle for the past six years until the South Carolina Supreme Court finally settled all the issues recently. His estate battle is an excellent example of why it is so important to review and revise an estate plan when important life events dictate those revisions. Much of the problem with Brown’s estate stemmed from … [Read more...] about Why Reviewing Your Estate Plan Is So Important – The James Brown Estate Battle
Special Needs Trusts – Why You Should Take the Time to Set One Up Today
All parents worry about what will happen to their children in the event of their early death or incapacitation. Parents of special needs children, however, may have reason to worry even more than the average parent. This is because a special needs child will likely need care and protection for life, not just until he or she reaches adulthood. For this reason, if you are the parent of a special needs child you should take the time to create a special needs trust now. A special needs trust … [Read more...] about Special Needs Trusts – Why You Should Take the Time to Set One Up Today
Four Crucial Estate Planning Steps to Take When Baby Arrives
GRANDPARENTS: THIS IS SOMETHING YOU SHOULD THINK ABOUT AS WELL! When a baby becomes part of the family, everything changes. Emotionally, practically, and financially, life is never the same after the birth of a baby. If you have just welcomed your first baby into the family, you are likely full of anticipation as well as a bit overwhelmed. In the midst of all these emotions, be sure to take the time to make four important estate planning changes that relate to the newest addition to the … [Read more...] about Four Crucial Estate Planning Steps to Take When Baby Arrives
How Does a Change in State Residency Impact Your Estate Plan as a Same-Sex Couple
If you are part of a same-sex couple then you probably are all too aware of the fact that same-sex marriage is only an option in a handful of states at this point in time. Some states that do not recognize marriage for same-sex couples allow civil unions or domestic partnerships; however, both the federal government and the majority of the states do not currently recognize same-sex marriages, unions or partnerships. If you live in a state that does, and are legally married to your partner, what … [Read more...] about How Does a Change in State Residency Impact Your Estate Plan as a Same-Sex Couple
