Creating an estate plan is an important and challenging decision for all families. Often, one of the biggest initial obstacles is discussing your own death or the death of a family member. Estate planning is complex and very emotional. Therefore, it’s helpful to understand basics of the estate planning process…
It was recently National Love Your Pet Day, and although you might think of your pet as family, under the law, pets are regarded as property – so although you can’t leave them money in your will, there are other ways you can make sure they are protected in the…
Let’s say a married couple indicates in their estate plan that on the first of their deaths, the predeceasing spouse’s assets will be held in a trust. During the surviving spouse’s lifetime, they are the beneficiary and trustee of the trust, and once the surviving spouse passes away, the remaining…
Most people don’t want to think about estate planning because they don’t want to think about their own death. Unfortunately, it’s much worse to not prepare for when you’re gone. Because it can be so hard to think about, people tend to want to rush through it as quickly as…
The elimination of the Stretch IRA as part of the Setting Every Community Up for Retirement Enhancement (Secure) Act is going to create big changes for wealth advisors, estate planners, and parents planning to leave behind savings in individual retirement accounts for their kids. “For a lot of people, the bulk of…
An important new federal law went into effect January 1, 2020 called the SECURE Act (Setting Every Community Up For Retirement Enhancement). This law will change retirement savings and estate planning options for many people. Here are a few of the changes this act puts into place that may have…
Maggie Kirchhoff, a certified financial planner with Business & Personal Finance in Denver, has been with her partner, Matt, for 13 years. The two do not plan to ever get married, and they know this means they won’t get the same automatic rights and protections that those who are legally…
For most Americans, estate planning can be complex and daunting. It might seem overwhelming and expensive, and it isn’t easy to confront one’s mortality and make the necessary decisions for it. Nevertheless, it is essential that every American have one important estate planning document: A Health Care Directive. A health…
Divorces that occur in farm and ranch families present challenges that are unique and that can impact agricultural operations. The National Agricultural Law Center has published a fact sheet series that explains family law in agriculture and addresses some of these unique challenges. “Family Law Issues in Agriculture” is a…
The financial abuse of elderly people in the United States is unfortunately a very serious problem, with more than $36 billion being stolen from elders each year according to The True Link Report on Elder Finance Abuse 2015. The True Link study showed that seniors from all walks of life…