estate planning
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. […]
Read MoreGrandchildren, 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 […]
Read MoreYour 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 […]
Read MoreGift 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 […]
Read MoreProtecting 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 […]
Read MoreCultural 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 […]
Read MoreUsing 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 […]
Read MoreEstate Planning for Stepfamilies
Estate planning in second marriages can be complex in a blended family. It can be difficult to decide on both an emotional and a legal level. After all, you must consider how to make sure your assets are working in everyone’s favor in two families. Three types of property to consider If you want to […]
Read MoreAn Overview of the Different Kinds of Trusts
Trusts are legal arrangements that ensure the administration of a deceased person’s assets align with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence. Not all trusts are the same, however. The three main types of trusts are living trusts (aka revocable trusts), testamentary trusts, revocable trusts and […]
Read MoreTalk to Loved Ones About Your Estate Plans
Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you do not want your children to realize how much they may receive after your death, or perhaps you think your choice of heirs could change in the future. If you do not discuss your estate plans, disagreements and […]
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