Estate planning can be complicated, yet necessary, in order to protect your loved ones in the event of your death. Parents with young children have specific concerns that others may not. One estate planning tool that is often overlooked by parents with young children is the use of a trust. A trust can be an integral part of an estate plan for parents with children that have not yet reached the age of majority. Although there are many different variations of the basic trust, they all share the … [Read more...] about Trusts and Parents with Young Children
Petitioning for Guardianship or Conservatorship
If you suspect that someone you care about has become the victim of elder abuse, there are a number of steps you should take. First, the local authorities should be contacted. Next, file a complaint with the state licensing agency. Finally, and most importantly, you should take the legal steps necessary to gain control over your loved one in order to remove him or her from the abusive situation. This last step may sound obvious and easy; however, in many cases it is not as easy at it sounds. … [Read more...] about Petitioning for Guardianship or Conservatorship
When to Start Retirement Planning
For most people, the last thing they are thinking about in their 20s is retirement planning. In your 20s is when you typically settle on a definitive career path and land your first “real” job. Thinking about how to fund your retirement in 40 years is likely not at the top of your “to do” list. It should be though, right along with estate planning. Unfortunately, the days of easy retirement planning went by the wayside many years ago. Pensions are rare these days and the future of the Social … [Read more...] about When to Start Retirement Planning
Succession Planning – Utilizing a Buy Sell Agreement
If you are a partner, or shareholder of a closely held corporation, you may have been asked to execute a buy-sell agreement by some of the other partners or shareholders. Understanding what a buy-sell agreement is, and how it is used, can help you decide whether or not to enter into the agreement. A buy-sell agreement is a common tool used for the purposes of succession planning for small to medium sized businesses. In essence, a buy-sell agreement simply pre-arranges the sale of each partner’s … [Read more...] about Succession Planning – Utilizing a Buy Sell Agreement
Preparing for a Will Contest
Your Last Will and Testament is intended to be a roadmap for how you wish your assets to be handled upon your death. Unfortunately, in some cases not everyone is happy with the terms of a will. When a family member or loved one is unhappy with the outcome of a will, a will contest often ensues. If you anticipate that a will contest may be filed by someone upon your death, or simply want to prepare for the possibility, then being proactive at the time you execute your will may prevent the will … [Read more...] about Preparing for a Will Contest
Incapacity Planning
Many people take great pains to create and execute an estate plan that will dictate what happens to their assets upon death, yet they do not dedicate the same time and attention to incapacity planning. While deciding who will receive your assets when you die is important, deciding who will handle your finances and make decisions on your behalf in the event you become incapacitated is of equal importance. If you become incapacitated as some point during your life as a result of a tragic … [Read more...] about Incapacity Planning
Why Estate Planning Is Crucial for a Blended Family
How would you feel if your ex-spouse received your retirement benefits after your death? Likewise, what if your current spouse received considerably less assets from your estate than your children from a previous marriage despite the fact that you have children together? The possible scenarios are endless when a member of a blended family dies without creating an estate plan. A blended family presents unique issues when it comes to estate planning. Often, a blended family involves children that … [Read more...] about Why Estate Planning Is Crucial for a Blended Family
Protecting Trust Assets – The Spendthrift Trust
If you have worked hard to create a substantial estate which you plan to pass down to family or loved ones, you undoubtedly don’t want to see the trust assets mismanaged or squandered. One option that is often used during the estate planning process in order to prevent this possibility is the spendthrift trust. When you create a trust, you appoint a trustee to administer the trust. The trustee has a number of responsibilities including communicating with the beneficiaries, paying out the … [Read more...] about Protecting Trust Assets – The Spendthrift Trust
How to Estate Plan with Minor Children
For parents with small children, estate planning can take on heightened importance. Of course, chances are that you will be around to see your children become adults; however, in the event of your unexpected death, having an estate plan in place that ensures that your children will be well cared for is essential. Although each family scenario is unique, there are a number of basic considerations that typically go into all estate plans where minor children are involved. Titling property jointly … [Read more...] about How to Estate Plan with Minor Children
Irrevocable Trusts
A trust can be either inter vivos, meaning it becomes active while you are alive, or testamentary, meaning it takes effect upon your death. Within the inter vivos trust category, a trust can then be either revocable or irrevocable. Not surprisingly, an irrevocable trust is one that, for the most part, cannot be changed once you have created it. A revocable trust, on the other hand, can be modified, amended or terminated at any time by you once created. Although it is best to think of an … [Read more...] about Irrevocable Trusts
