When Should I Update My Will?
There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
Estate Planning Disaster: Divorce, Death and Missed Details
After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.
How to Be an Effective Advocate for Elderly Parents
As family caregivers, we play many roles: scheduler, money manager, house cleaner, health aide, nurse, navigator, nurturer and more. Perhaps the most important role, though, is advocate, as we ensure the best life possible for our loved ones when they are vulnerable.
Do We Need Estate Planning?
Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.
How Marital Trusts Help Protect Blended Families
Understanding marital trusts is crucial for couples looking to secure their financial future and provide for the surviving spouse tax-efficiently. This article is a guide to marital trusts, how they work and their advantages and disadvantages. With the potential to safeguard assets and ensure that they reach the intended beneficiaries, marital trusts can be an effective part of a comprehensive estate plan, particularly for those in a second marriage or a blended family. What Is a Marital Trust? A marital trust is a type of irrevocable trust and is crafted to benefit…
Write a Letter of Instruction for Loved Ones
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
How Do I Protect My Spouse and My Children in a Second Marriage?
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
Organize Your Important Papers and Get Personal and Financial Affairs in Order
The first step in getting your affairs in order is to gather up all your important personal, financial and legal information, so you can arrange it in a format that will benefit you now and your loved ones later.
What are the Federal and Gift Tax Exemptions for 2024?
The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.
Resolve to Do Your Estate Planning in 2024
Creating or reviewing an estate plan is something that many people know they should do but often put off. It’s natural to say things like: “I’ll take care of it later,” or “I don’t have enough money to have an estate plan.” However, life and circumstances happen that may be out of your control. Every adult needs…
