When you have a large debt, estate planning requires careful consideration to ensure your assets are distributed according to your wishes while addressing any outstanding liabilities. The process involves evaluating the size and nature of your debt, understanding how debts are settled from an estate, and taking steps to protect your...
Category: Estate Planning
Things to Consider for Post-Divorce Estate Planning
If you've just gone through a divorce, estate planning may be the last thing on your mind. You may have spent significant time handling your divorce case and may not want to jump into another legal matter. However, divorce is a significant life change. The outcome of your divorce will...
Do You Need an Estate Checking Account?
After becoming the personal representative of a family member’s or friend’s estate, one of the first steps of estate administration is establishing a separate checking account for the estate. Having an estate checking account lets personal representatives separate pre- and post-death finances.
Understanding Estate Checking Account
Are There Assets That Cannot Be Placed in a Trust?
When setting up a trust, you will decide what assets you want to place in the trust. However, you might wonder whether the law or other considerations prohibit you from placing specific types of assets in trust.
Understanding TrustsIn a trust, a party...
Explaining Gift Tax: Exemptions and Rates
If you’ve considered making a sizeable gift to a child, extended family member, or friend, you might not realize that you may have to pay federal taxes on that gift. However, federal gift tax laws include many exemptions and exclusions that allow most taxpayers to avoid paying gift taxes during their lifetimes....
What Is a Medical Power of Attorney?
Unfortunately, injury, illness, or advancing age may rob you of the ability to make healthcare decisions. Should the worst occur, you can avoid any confusion or chaos in your medical treatment by executing a medical power of attorney.
Understanding Medical Power of AttorneyA...
Why The Holidays Could Be A Good Time To Discuss Estate Planning
The holidays provide a rare chance for many families to be together in one place. This can be an ideal time to discuss estate planning, as it often involves decisions that affect the entire family. The holidays can also signify a gathering in a supportive environment, which also presents a unique...
How to Protect Your Digital Assets
In today’s digital age, more and more photos, letters, and financial accounts, which were once stored in drawers, file cabinets, and safes, are now often saved in the cloud or on hard drives. As a result, the importance of including digital assets in estate planning becomes apparent. Similar to our tangible...
Why Unmarried Couples Should Have An Estate Plan
In a time where there is increased diversity of familial units, it is crucial for unmarried couples to consider the role of estate planning in securing their future. Unlike their married counterparts, unmarried partners often do not automatically benefit from the legal protections and rights that marriage confers, especially with respect to...
What Having an Incapacity Plan Can Accomplish
Incapacity planning is a critical aspect of personal and financial well-being that gets overlooked all too often. It involves creating a comprehensive strategy to address the possibility of becoming mentally or physically incapacitated and being unable to make important decisions about your own life and asset management. While contemplating the possibility...