If you have a cause or organization that's particularly close to your heart, it may be possible to provide it with a steady income from your estate instead of a lump sum payment. Let's discuss your estate's charitable giving options.
Who should I choose as my executor? There is some debate among experts whether a family member is the best choice. However, all experts agree it’s crucial to choose someone who is willing to seriously perform the duties required of an executor.
It’s important to remember that you don’t have to have a clear idea of what you need when you first visit us. Together, we can evaluate the nature of your assets and wishes so that we can put together an estate plan that makes sense for your situation.
Have you just gotten married or bought a house or had some other significant life event? This is the time to visit your estate planning expert to make sure that your will is updated and any necessary issues relating to your estate are handled now – before it is too late.
Is there a particular charitable organization you’d like to fund after your death? Let’s talk about how updating your will or trust paperwork now can help ensure they get the assets you’d like them to have.
Did you know that if you are married and you and/or your spouse's combined estate is worth $625,000 dollars or more that you can be vulnerable to unnecessary estate taxes? The best way to maximize what you leave to your beneficiaries is through a good estate plan.
Parents sometimes desire that someone other than a family member, such as a close friend, should be the guardian of their children in the event of their death. In this case, it's vital to have your wishes documented. Otherwise, a court will likely award guardianship to a relative instead.
While an estate planning attorney’s immediate goal is to help you plan your estate and define last wishes, the attorney can also be helpful to those left behind and help the executor charged with managing the estate perform the myriad duties required by law.
Many legal and financial experts define the will as the cornerstone of any estate plan. The primary purpose of the will is to transfer assets, appoint a guardian for minor children and name the estate executor or personal representative.
One of the main benefits of setting up a trust is for tax savings. The amount of money it costs to set up the trust is nearly always much less than what would have to be paid for probate or estate taxes.
Using a trust is one way to avoid family arguments in the future, like if two siblings are fighting who will control dad’s financial choices and who will take care of his medical decisions. A trust encourages a smooth process and no court battles.
The idea behind estate planning is to make sure that whatever assets you leave behind go to the people or charitable organizations of your choosing. If there is no will, the laws of your state decide which of your relatives get your assets.
Have you experienced a major change to your life situation since the creation of your will? The birth of children, divorce, death of a beneficiary, marriage or substantial change to your assets justify revisiting your estate plan.
Estate planning. While it may not be the happiest thing you ever do, it may be the smartest thing you can do. After all, if your estate is left unprotected, your loved ones may be in for a very nasty surprise after you pass.
Jack Benny had a reputation as a frugal man and a less-than-gifted violinist. In truth, he was a romantic at heart. When he died in 1974, Benny instructed his executor to deliver a single, long-stemmed rose to his wife each day as long as she lived.
If you own real estate in more than one state, it’s particularly important to consult an estate planning attorney. Why? You may need durable powers of attorney in each state to ensure your legal and financial affairs can be handled by your designated representative.
You may think of estate planning as something that only the very wealthy need to think about- but any time that you have a reasonable nest egg that will pass on to others, it is wise for you to consider how to protect that wealth.
Have you ever heard of a living will? This document (also known as an advanced healthcare directive or medical directive) lays down which medical treatments you want to receive in the event that you aren't able to make these decisions for yourself. It can also name a person you authorize to make those decisions for you if needed.
Did you know that an estate plan may help your heirs avoid the probate process under some circumstances? It can happen if your estate is of relatively modest size and you choose to place your wealth in the right places. A good estate planner can help you learn what those are.
If you wish to put a trust fund in place for your grandchildren to go to college, an estate planning attorney can set it up. A testamentary trust is paid out upon death and the attorney sees that the funds go to each child’s tuition.
If you become incapacitated or disabled in the future, an estate plan can make all the difference. This allows you to write specific instructions concerning the management of your estate and designate someone you trust to handle your affairs.
You don’t need to be wealthy to have an estate plan. “There’s not an actual amount – that if you have this much money you need to have a trust,” said lawyer Danielle Mayoras. “The real question is whether you want your loved ones to avoid probate court.”
An estate planning attorney will work with you to help define how you want your assets, property, and wealth handled. The attorney can help you create a last will and testament and draft legal documents to protect you in the event of illness.
So what should go into your will? This can include everything from burial preferences and instructions to estate settlement issues, guardianships, and the bequeathing of property and items to heirs.