When it comes to estate planning, people tend to focus more of their attention on large items and accounts such as real estate, business interests, and investment accounts. When this happens, personal possessions that might seem mundane and a part of everyday life are often overlooked. It’s these day-to-day objects,…
About four out of every ten families are blended families, according to recent statistics. Estate planning for blended families can be complex, both in terms of the logistics surrounding financial and tax planning and the emotional aspects of those decisions. Here are tips to consider if your family is a blended…
Last week I wrote about 3 important components of planning for your non-financial legacy. Here are 4 more essential components to include in your legacy planning: 4. Family Heritage The roots of your family tree are part of your identity and show you some of the family behaviors and patterns…
Much of estate planning focuses on financial planning and documents such as wills and trusts. While making these plans for how you will pass on your physical assets, it is also an opportune time to focus on your intangibles. What impact do you want to have on your family and…
Those who draft Wills often include a “no-contest clause” in a decedent’s Last Will and Testament. If an heir challenges the validity of the decedent’s Will, this clause provides for the disinheritance of that heir. Although the no-contest clause could have this effect, it might also be defeated during a…
In last week’s post, I wrote about the importance of digital assets and including them in your estate plan. Here are a few steps you can take to plan for these assets: (1) Create a Digital Assets Inventory: Digital assets don’t have a physical presence, so a digital wallet holding Bitcoin…
Nearly everyone has a digital presence these days, but many people fail to consider their digital assets when designing their estate plan. As a result, loved ones of someone who has passed away often face great difficulties in trying to access, collect, maintain, or close their digital accounts. After addressing…
With a Google account, you have options to control your data and the tools to manage your account – and you can also tell Google how to manage this account as part of your estate plan. Google accounts and apps are used for a wide variety of purposes, including email,…
A number of well-known celebrities who were worth millions, including Princess Diana, Prince, Heath Ledger, Michael Jackson, and Kurt Cobain, have passed away in recent years without an up-to-date estate plan or without any estate plan at all. As a result, lengthy and stressful legal battles were fought over their…
Do you need a professional trustee? There has been more of a spotlight on legacy planning and the need to get our estate plans in order during the last year. Along with the prospect of a lower estate tax exemption and an aging baby boomer population, 2021 is the perfect…