Different people grieve in different ways, and sometimes people handle the death of someone they love in ways that are confusing or frustrating, such as fighting over small things like who gets a furniture set. I’ll write today about no-contest clauses. A no-contest clause is a provision in your will…
Elder law and estate planning serve two different but important purposes. While elder law focuses on preserving your wealth and promoting your well-being during your lifetime, estate planning concentrates on what happens after you have passed away. Elder law planning helps to ensure that seniors can live as long, healthy,…
Last week I wrote about health care components of an estate plan that can bring some peace of mind during the current pandemic. Today I will cover important financial components of your estate plan. Financial Components of an Estate Plan Financial Power of Attorney With a financial power of attorney,…
The coronavirus has taken a toll on all of us in a number of ways, including our physical and mental health. Most of us know at least one person who has been affected by the coronavirus. Planning well for health care and financial needs in your estate plan can bring…
The unveiling of one’s last will and testament almost never happens like it does in the movies, where an attorney reads the document out loud and those in attendance are shocked. Although a formal reading is rare, those who are named (or not named) in someone’s last will and testament…
People often focus on their finances and physical property when planning for asset management after their passing, but it’s also important to make a digital estate plan since more and more of our personal information is stored online these days. Social media accounts, email accounts, subscription services, images or videos…
The documents that make up your estate plan should be living documents that evolve and change with you. It’s best to review your plan at least every 5 years or whenever you or one of your beneficiaries has a major life event, including marriage, a new child, divorce, inheritance, or…
Many of us have accumulated a lot of stuff over the course of our lifetimes. Some of it may have significant monetary value, but most items have more sentimental worth. All of a person’s belongings have to end up somewhere after they pass away, and a lot of people don’t…
When it comes to estate planning, families with special needs children need to take extra care to prepare for when you will no longer be around to care for your child. As part of an estate plan designed to help enhance and enrich your child’s life both in the present…
Not only are Limited Liability Companies (LLCs) a useful tool for small business owners, but they can also be a valuable tool for your estate plan and can be used to avoid gift and estate taxes when you pass assets down to your children. An LLC is somewhere between a…