People usually find it stressful to talk to family members about decisions they are making for their estate plan, and this can lead a lot of people to avoid having these conversations. Sometimes, a parent’s adult children won’t talk to their parents about this topic because they don’t want to…
It’s rare for an estate plan to be put together and never be changed. Wills and trusts usually need to be changed over time as your circumstances, states of residence, and desired outcomes shift. It is important to know how you can properly change your will or trust so that…
It is important not only to have estate planning documents in place, but also to keep these documents up-to-date as your life changes. The rule of thumb is to review these documents every five years to see if any revisions need to be made. If changes have occurred in your…
People are often aware of how important it is to have complete and up-to-date estate planning documents but may not realize that where those documents are stored can be just as important and can greatly help (or hurt, if they are not stored properly). Estate planning documents are to be used in…
As is the case with many questions regarding legal matters, this depends on some different factors. It is more simple to name your spouse directly, and your spouse could then convert your retirement plans to their IRA and take withdrawals on their schedule. That being said, trusts have a number…
In last week’s post, I addressed why it is important to talk to your parents about planning for their death as well as some tips for how to begin this challenging conversation with them. Today I’ll share the “what” and “when” of this important conversation: What should be covered? There…
If you’ve lost a parent, you’ve felt the devastating reality that everyone – including everyone’s parents – will one day pass away. Often, their children are the ones who have to handle financial responsibilities while handling their own grief. Planning in advance for the tasks that will need to be…
Do you own real property in multiple states? Perhaps you are a snowbird or own investment properties such as rentals in more than one state. If you do, your estate will likely be required to go through probate in each state where you own real property at the time of…
Estate planning for most families typically involves more than simply naming beneficiaries. The goals of estate planning often include the transfer of assets in an orderly and tax-efficient manner as well as working to preserve wealth across generations. The transition of wealth from one generation to the next is often…
Last week I wrote about taking the opportunity with the changing of the seasons to begin or revisit your estate plan along with questions to guide this process. Another key component to be aware of while creating or changing your estate plan is significant changes in tax law. Here are…