It is unlikely that you need to be reminded of April 15th (or the next business day if the due date falls on a weekend or holiday) being the tax filing deadline date as we are often reminded of this date every year. However, if you are the person serving…
In the last post, I shared about specific things to keep in mind while reviewing your estate plan. Here are 10 more: 11. Charitable Contributions If you have chosen any charitable organizations for planned donations, make sure these organizations still align with your intentions, goals, and values. 12. Estate Tax…
An effective estate plan is like a finely-tuned machine, and it needs regular maintenance to make sure it operates harmoniously in the face of life’s changes and challenges. An estate plan should be revisited every few years as well as after any major life change to make sure it is…
During your life: When it comes to estate planning to prepare for what may happen while you are still alive, you’ll want to make sure you have documents in place for your spouse or other individual(s) you trust to be able to make medical and financial decisions on your behalf…
If someone close to you passes away and you receive the information that they had named you as trustee, you may find yourself feeling overwhelmed if you do not know what is needed to fulfill this role and if you have not served as a trustee before. Serving as a…
Estate planning serves to ensure an individual’s assets are distributed as they wish after they pass away. Proper estate planning is even more vital for a single parent to ensure the wellbeing of their children as they are solely responsible for providing for and protecting their children. One of the…
How you title your real estate holdings is key to making sure your assets are transferred according to your wishes after you have passed away. In making decisions about how to title your assets, you’ll want to consider things such as avoiding probate, minimizing estate taxes, and liability protection. Avoiding…
Much like the process of building a house, the steps to building an estate plan should be well-defined and carefully considered. Here are some things to keep in mind when creating your estate plan: · Get the right “builder.” Just like for a house, you will most likely need to…
A trust is a legal document that you can use to give assets to others. A trust can be revocable or irrevocable. As the creator of the trust, you can modify a revocable trust at any point throughout your lifetime. If you decide on an irrevocable trust, though, you generally…
A number of couples, including some who have been together for many years, choose not to legally marry for a variety of personal and financial reasons. Sometimes older couples decide against marriage because they don’t want to affect their children’s inheritance. There are others who don’t want to deal with…