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…
One common issue that arises when creating an estate plan is choosing which family members to name as agents or how to divide assets when you have favorite relatives. When it comes to naming agents, you’ll want to consider a number of factors. For someone such as your health care…
The question of what should be done with estate planning documents after they are created is one of the most common questions estate planners are asked. In short, documents should first be distributed to the appropriate people and agencies, and then they should be properly stored. However, who they should…
One of the most difficult parts of dealing with the passing of a loved one immediately following their death is making decisions for their final arrangements. The first question asked of next of kin is often where to send their loved one. The funeral home soon meets with the client…
Although a lot of estate planning advice is written for people who are married and have multiple kids, this is obviously not everyone’s situation. Last week’s post covered a number of estate planning needs of individuals who are not married, and I will continue writing about that today. It’s important…
Discussions about estate planning often leave the impression that every senior in the United States is a married person with children. This is clearly not the case, and everyone who doesn’t happen to fall into this category needs the same amount of estate planning guidance as those who do. In…
You might think that wills are only for wealthy people, or maybe you are young and think you don’t need to write one yet. According to Caring.com’s 2020 Estate Planning and Wills survey, only 1/3 of Americans over 18 (and only 1/2 of those over age 55) have a will. However, every…
The death of a loved one should be a time for family members to come together, but instead, estate and trust disputes can cause families to fall apart. Every family’s situation is unique, but certain issues commonly arise to cause these conflicts. It may be uncomfortable to address these issues, but…
Often, the emotional aspect of thinking about death and planning for one’s own passing can be one of the most challenging parts of estate planning. If you’re finding it difficult to begin planning, here is an idea for a 3-step process to create a framework for your entire estate plan.…
As we grow older, our mental capacity for decision-making and ability to deal with change declines. Although we may notice when we are “slipping,” we might not know the extent to which this capacity has reduced. Most people experience periods of life where they have the ability to make decisions,…