Estate Planning

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Heirs and Contingent Beneficiaries

When the Titanic went down in 1912, several women chose to remain on board with their husbands. One was Ida Straus, whose family co-owned Macy’s Department Store. Although Titanic-scale disasters are extraordinarily rare, you should nevertheless include a contingency beneficiary in your will or trust in case life or death serves up something unexpected. […]

Grandchildren, Trusts, and Estate Planning

One of the most preferable ways of leaving assets behind for your grandchildren is to name them as beneficiaries in your will or a trust. Trusts are useful because they make it possible for you to control your assets even after your die. Through a trust, you can state how you want the money […]

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Considerations When Inheriting a House

Inheriting property is commonplace. Your parents or other family member may have left you a home or a piece of land in their Will. Now that you own this new place, what are the right steps to ensure that everything is properly taken care of? Talk to a tax professional. The best thing you can […]

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Your Estate Plan Can Protect Your Special Needs Child

Parents of a child with a disability face numerous challenges and concerns. One 2022 study from Stanford University found that becoming ill stands among these parents’ biggest worries. They wonder what will happen to their children if they can no longer provide their care and support. Another survey revealed that 69 percent of special needs families expressed fear about providing […]

a sticky note with "GIFT TAXES" written on it

Gift Taxes When Transferring a House in an Estate

Your home or vacation home may be one of your most valuable assets. If you think you may face a gift tax issue, you may want a qualified personal residence trust (QPRT) —a type of irrevocable trust that can remove a house from an estate to reduce gift taxes when transferring it. Here’s how it works: The […]

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Protecting Vulnerable Elders

Elder law attorneys may specialize in estate planning, incapacity planning, and end-of-life care for seniors. They also help older adults remain in their homes as they age and protect them from abuse. These practitioners are essential because they work to protect a vulnerable population. To plan for their future and their care, seniors and their […]

Notarizing Documents When There is a Dementia Diagnosis

An Alzheimer’s or dementia diagnosis can be a challenging journey for the person and family alike. When the diagnosis occurs, a ticking clock begins on the timeline for getting proper and sound notarizations done for crucial legal documents. What Does It Mean to Get a Document Notarized? According to the National Notary Association, having a document […]

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Cultural Issues in Estate Planning

Approaches to death and dying are often affected by cultural perspectives and cultural traditions. It can be difficult to discuss death with your family if there is a cultural reluctance to do so. Younger family members may see the need for estate planning and legal documentation and want to help their parents, but don’t want […]

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Using Donor-Advised Funds for Multigenerational Estate Planning

An estate plan affects you, your children, your grandchildren and even your parents. How can you use a multigenerational estate plan to help everyone meet their financial goals? Research shows that about 60% of wealthy families exhaust the greater part of their estate by the second generation. By the third generation, nine out of 10 […]

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Long-Term Help for Special Needs Children

Estate planning may be more complex for parents whose heirs have special needs or other impairments that limit their ability to take care of themselves. The unique requirements of special needs children constitute a large and growing niche. The U.S. Census Bureau reports that 10 percent of American families have a special needs child with […]