2 Top Reasons Why Parents with Young Children Need an Estate Plan

There is no better reason to have a comprehensive estate plan in place than for the well-being and protection of your kids. Even so, 69% of parents today do not even have a simple Will in place. It’s not hard to understand why. You may think you are too young. You may not think you have enough assets to warrant it. Or, you may just not want to think about something bad happening to you or your spouse. Regardless of … Continued

5 Reasons Why a Living Trust May Be Ideal for You

In its most simple terms, a Living Trust is a legal set of instructions that details: (1) how you want your assets handled for you and your loved ones during your lifetime; and (2) how you want your ultimate estate to be distributed after your death. A Living Trust is also known as a Revocable Trust, and as the name implies, enables you to alter, change, modify, or revoke it if your circumstances or estate planning goals change. How do … Continued

College Move-in Day: Is Estate Planning on Your Checklist?

As a parent of a first-year college student, you may be preparing, or have just returned, from the emotional and stressful experience of leaving your son or daughter away at college for the very first time. You helped them pack thoroughly following a checklist of all the essentials: clothes, bedding, towels, laptop, food, cleaning supplies, mini fridge, etc. There is one thing you likely missed on your checklist: estate planning documents for college-aged kids. As a parent, you may be … Continued

Transferring a Family Business

If you’re a family business owner, estate planning is crucial to the success of the business. Not only will early planning allow you to slowly implement the plan, thereby increasing its chances of success, but early planning will also ensure that your family’s main source of income is protected. As a starting point, you need to determine how you would like to transfer the family business. Three common options for transferring a family business are summarized below. 1. Selling Your … Continued

Planning for Incapacity in the Wake of Rising Alzheimer’s Rates

Incapacity is defined as the inability to make reasonable decisions regarding your financial and personal affairs. You can become incapacitated after suffering a traumatic brain injury or experiencing a mentally debilitating illness. For many seniors, incapacity often accompanies a diagnosis of Alzheimer’s, Parkinson’s, or other diseases marked by dementia. The number of families who will be involved with the care of a senior with Alzheimer’s or another type of dementia is staggering. In 2016, more than five million Americans were … Continued

Planning for Minor Children and Grandchildren: 3 Reminders Regarding Wills

When weighing your options for estate planning, you want to ensure that if the unfortunate were to happen to you, your young children would be financially secure and well-protected. Keep in mind that with a Will alone, you are very limited in the type of planning you can do for your minor children or grandchildren. Highlighted below are three important reminders regarding Wills when it comes to planning for minor children: #1 With a Will alone, the Court appoints a … Continued

Top 5 Estate Planning Myths

Confusion over estate planning often results from hearing common misconceptions and myths from friends and family members who many not be fully knowledgeable about estate planning and its laws. Discussed below are five of the more common estate planning myths, as well as the truths behind them. Myth #1: “Everything is covered in my Will so I don’t need more estate planning.” Truth…While a will is a good foundational starting point for an estate plan, it likely is not enough … Continued

5 Tips for Deciding When to Hire a Probate Attorney

If you’ve ever served as the executor of a loved one’s estate plan, you may have discovered what an overwhelming task it can be. As the person chosen to administer an estate, you may consider doing everything on your own to save on expenses. If you are the executor of an estate plan, ask yourself these five questions when deciding when to hire a probate attorney: #1  Will the deceased person’s property need to be transferred through probate? The ideal … Continued