Estate Planning

Now that every generation is well-represented in the online world, we all need to consider what will happen to our social media, financial and creative online assets, when we pass away. Treat your digital assets as you do any other assets during estate planning, and your heirs will thank you for it. That includes creating…

If you don’t get the assets into the trust, you end up with an “unfunded” trust. If an “unfunded” trust ends up being created because assets were not transferred, there are a number of things that can happen when the trust settlor passes away, according to the NWI Times in “Estate Planning: Unfunded Trust.” If…

There are certain tax savings to leaving the family home to members of the family. They gain what is called a “step-up in basis.” Here’s how it works. Inheriting real estate is a little different than other assets. When members of the family inherit property, usually the family’s primary residence, they learn about the property’s…

Life changes, laws change, and estate plans that don’t keep up, create real problems for families. Many people wait almost two decades between the time that they first have an estate plan created and when they get around to updating it. That’s about the time between having young children and when the kids grow up…

Women who are widowed or divorced or those whose careers are impacted by raising children or caring for a loved one, are in a more precarious position than their male counterparts when it comes to retirement finances. A third of all widows lose their husbands before age 60, and a half of widows lose their…

Creating an estate plan offers peace of mind for the individual and their family. Revocable trusts are a good fit for many estate plans. Also known as “living trusts,” a revocable trust is a very flexible document that can be modified during your lifetime to reflect changes in your family or in your circumstances. They…

Having a properly prepared will that clearly states your wishes, is the most important part of passing an asset like the family home to your children. Understanding the process by which real property is passed along to heirs, can give peace of mind to parents who are concerned about leaving a legal tangle for their…

Do yourself and your loved ones a big favor: organize the avalanche of paperwork, document and files. Shred what you don’t need. Your family will always remember you for this! Giving your family the gift of a relatively seamless transition following your demise, is one of the many reasons for estate planning, including creating a…

An estate plan is far more than just a will. It includes legal documents that protect you while you are alive, if you are not able to make decisions on your own behalf. Everyone over the age of 18 should have medical and financial powers of attorney (POA) documents prepared. It’s not something we like…

Your will covers the legal side of estate planning, but a Letter of Final Wishes comes from the heart. Use it as a means of telling your family what you’d like them to do and to know, when you are gone. These legal documents are necessary: a will, a power of attorney, living will and…