Whether your family pet is a pooch, a cat or a pig, you may be wondering what to get your beloved family pet for the holidays. How about a pet trust? According to the U.S. Humane Society, Americans own more than 150 million cats and dogs. For most of those pet owners, their pet is part of the family. If you feel that way about your pet, make sure that he or she will be well cared for even after your death by creating a pet trust. Based on some of the sensationalist news accounts you have heard … [Read more...] about The Perfect Holiday Present for Your Pet – A Pet Trust
Top 8 Estate Planning Mistakes to Avoid
Your estate plan is your opportunity to decide what happens to your assets when you die. An estate plan, however, is only as good as the person who created it. When it comes time to create your estate plan, consider the following eight mistakes that you want to avoid making: Not creating an estate plan--The old adage applies here “failing to plan is planning to fail” Not updating an estate plan—Your plan should be updated every five to ten years or when a life change, such as a marriage, … [Read more...] about Top 8 Estate Planning Mistakes to Avoid
Is it Time to Re-Read Your Estate Planning Documents?
If you are like most people, you probably skimmed over your estate planning documents when they were prepared, signed them, and then put them in a file, safe, or drawer somewhere and forgot about them. It might be a good idea to take them out and re-read them. People often simply rely on the individual who prepared their estate planning documents to prepare them correctly. People are human though and errors can occur. Even a simple typographical error can wreak havoc with your estate plan when … [Read more...] about Is it Time to Re-Read Your Estate Planning Documents?
Executors Beware – Don’t Mistake a Treasure for Trash!
If you are the executor for the estate of someone who has recently died, and you have never fulfilled the position of executor before, you may be overwhelmed with the duties that come along with the job. One of the first things you must do is to inventory the decedent’s estate for the purpose of the probate process. This requires you to list all of the decedent’s assets from valuable real property down to seemingly worthless personal possessions. Be careful, however, that you don’t miss a … [Read more...] about Executors Beware – Don’t Mistake a Treasure for Trash!
The Risk of Failing to Create and Estate Plan for A Special Needs Loved One
Anyone who has a special needs loved one in their life knows how important proper care and compassion is. Finding the right people, doctor, or facility to help care for your loved one likely took a considerable amount of time. Finding a way to afford the care your loved one needs probably also took a significant amount of time. If you do not also take the time to create a comprehensive estate plan with your special needs loved one in mind, everything you have accomplished with respect to the … [Read more...] about The Risk of Failing to Create and Estate Plan for A Special Needs Loved One
What You Can Do to Protect Your Same Sex Partner in the Event of Your Death
If you are part of a same sex partnership, you are likely all too aware of the disparity between the legal status afforded a partner in an opposite sex partnership versus that of a partner in a same sex partnership. If an opposite sex partner dies and the couple was legally married then the surviving spouse is entitled to a wide variety of state and federal benefits. Unfortunately, the same is not true for same sex partnerships. Although state and federal laws may not provide financial … [Read more...] about What You Can Do to Protect Your Same Sex Partner in the Event of Your Death
One Advantage to a Comprehensive Estate Plan – Privacy
Did you know that well known news anchor Peter Jennings was worth $50 million when he died and that his fourth wife received half of his estate pursuant to a prenuptial agreement? Do you want to know how much Whitney Houston as worth when she died or who she gave her money to? If you are curious, you can find out soon when her Last Will and Testament is made public. If you don’t like the thought of your estate details being made public when you die, you may want to consider adding an estate to … [Read more...] about One Advantage to a Comprehensive Estate Plan – Privacy
Probate Terms You Should Know
If you have recently lost a family member or loved one you are likely going through a tremendous amount of grief. On top of that, you may be faced with handling the probate of the individual’s estate. If you are unfamiliar with the probate process, it can be daunting. Understanding some of the terms used in the probate process can help you feel a bit less confused. Probate Court—The court that handles matters concerning wills, trusts and estates. A probate court may also handle guardianships … [Read more...] about Probate Terms You Should Know
Avoiding Conservatorship or Guardianship
No one likes to think about the possibility of one day not being capable of handling their own affairs. If you are like many people, you may be taking a “bury my head in the sand” approach to the possibility. Incapacity though can happen to anyone and it is not limited to the elderly. While your chances certainly go up as you age, a catastrophic car wreck or debilitating disease could leave you incapacitated at any time in your life. Are you prepared? If you are like the majority of people, the … [Read more...] about Avoiding Conservatorship or Guardianship
Credit Shelter Trusts—What Are They and Do I Need One?
A comprehensive estate plan typically includes more than just a Last Will and Testament. One or more trusts are frequently incorporated into an estate plan. Trusts come in numerous forms and can serve a wide variety of purposes. One type of trust that is popular with married couples is the credit shelter trust, also known as a bypass trust. Only you and your estate planning attorney can decide if a credit shelter trust is right for your estate plan, but a basic understanding of how one works can … [Read more...] about Credit Shelter Trusts—What Are They and Do I Need One?
