Navigating the world of trusts can be like trying to find your way through a labyrinth – complex pathways, unexpected turns, and myriad options. But in reality, it is not as complicated as it seems to be on the surface. This guide will light the way, breaking down what a trust is and introducing you to the various kinds of trusts that could be right for your estate planning. What Is a Trust, Anyway? At its core, a trust is a legal structure designed to hold and manage assets for the benefit … [Read more...] about Your Guide to Navigating the Labyrinth of Trusts
As a millennial, the term "estate planning" might feel distant and unrelated to your current life stage. After all, you are probably more focused on building your career, paying off student loans, or maybe starting a family. However, estate planning isn't reserved for the elderly or the ultra-wealthy – it's a critical aspect of financial planning for everyone, including millennials. Here's a simplified guide to help you, as a millennial, understand why estate planning is important and how to … [Read more...] about Paving the Way For the Future: An Estate Planning Guide for Millennials
As our societal structures continue to evolve, blended families – those composed of children from previous relationships – are more common than ever. However, such family structures can present unique challenges when it comes to estate planning. Fortunately, these obstacles can be successfully navigated to ensure equitable asset distribution and sustain family peace. Clear the Air Communication is the cornerstone of successful estate planning in blended families. By discussing your plans … [Read more...] about Comprehensive Estate Planning for Today’s Blended Families
Planning for life's end can be an emotional task, but it's an important one. A well-crafted letter of final instructions serves as a vital roadmap for your loved ones during a challenging time. In this blog, we'll discuss the purpose of this document and the key elements to include in it. Overview A letter of final instructions is a non-legally binding document that provides crucial details about managing your affairs after your passing. Although it does not substitute for a legal will, it … [Read more...] about Last Wishes: How to Write a Letter of Final Instructions
Irrevocable trusts are often seen as unchangeable fortresses in estate planning. Once created, neither the grantor nor the beneficiaries can typically amend, revoke, or otherwise mess with it. But what if we told you that in certain circumstances, an irrevocable trust isn't as irrevocable as you think? Yes, there are exceptions that allow for modifications or even termination of an irrevocable trust. Clauses Allowing for Trustee or Beneficiary Changes You may find some irrevocable trusts … [Read more...] about Is an Irrevocable Trust Really Irrevocable?
The decisions made when creating an estate plan are highly personal decisions. Understandably, it may be uncomfortable to discuss these decisions with a stranger which is why it is important to develop a lifelong relationship with your estate planning attorney. You will, however, need to share things with your estate planning attorney that you may prefer not to share. Failing to be open and honest with your attorney, however, could jeopardize the success of your overall estate plan. To help … [Read more...] about Important Subjects to Discuss with Your Estate Planning Attorney
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more or contact our office to learn more about how we … [Read more...] about Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?