If you are a nonmarital child or have a nonmarital child, it is essential to understand how rights to inherit are formed and defined. Failure to adequately provide estate planning for a nonmarital child could be problematic for children and families attempting to assert their rights following the nonmarital father’s death. READ MORE
Posts Categorized: Estate Planning
Don’t Let Diminished Financial Capacity Put Your Elderly Loved Ones At Risk – Part 2
In the first part of this series, we discussed the early warning signs of diminished financial capacity in the elderly. Here, we’ll discuss planning strategies that can protect your loved ones from incapacity of all kinds. READ MORE
Don’t Let Diminished Financial Capacity Put Your Elderly Loved Ones At Risk – Part 1
Coinciding with the boom in the elderly population, the number of Americans suffering from Alzheimer’s and other forms of dementia is expected to increase substantially as well. The Centers for Disease Control (CDC) estimates that the number of Americans with Alzheimer’s disease will double by 2060, when it’s expected to reach 14 million—more than 3% of the total population. READ MORE
Money Talk: How Much Will You Share With Your Kids (and When)?
In many families, money still is not a typical dinner table discussion, but we think it should be. Surprisingly, this is especially true when it comes to affluent parents. And, we hope to change it because one of the most important things you can do is talk to your kids (and your parents) about money. READ MORE
Simultaneous Deaths: What If My Spouse and I Die at the Same Time?
The chances of a married couple dying in a common accident or within a very short time of one another are probably quite slim. However, it does happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these laws, why do we need them, and can we work around them if we need to? READ MORE
It’s All in the Family: Understanding Common Legal Terms
The wrong word can lead the courts to incorrectly interpret your documents and therefore cause an unintended result. Here are a few commonly confused words, their proper meanings, and some usage scenarios. READ MORE
Do I Have to Leave Anything to My Children?
One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child’s attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually disinherit a child? READ MORE
Planning Considerations for Unmarried Partners
While do-it-yourself options may be cheaper, they can sometimes create more problems than they solve, and the problems can be expensive to remedy. READ MORE
How to Plan a “Pet Trust” to Protect Your Pet After Your Death
In my previous article, I talked about what to take into consideration when you’re planning for your pet’s care, in the event of your incapacity or your death. This week, I’m going to give you the steps to take in creating a pet trust to provide for your companion animal, or animals, if you cannot be there. READ MORE
What Happens to Your Pets When You Die?
If you have pets, my guess is that you love them as much as you do your children, but I’m also guessing that you have not provided any written or, better yet, legally documented instructions about what should happen to them, if you become incapacitated or when you die. If you have, read this article with an eye to ensuring you’ve checked all the right boxes for the beings you love. If you haven’t, read on because it’s time to take action, and we can make it easy for you to do the right thing by the pets you love. READ MORE
Five Mistakes Successor Trustees Make (and How to Prevent Them)
When establishing a trust, you must give serious thought to who you choose as your successor trustee. The successor trustee is the person who will manage, invest, and hand out the trust’s accounts and property once you are no longer able to do so. READ MORE
What If No One Wants My Property?
A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like to receive the major items, such as homes, retirement accounts, savings; however, personal property, such as jewelry, clothing, sports equipment, vehicles, and other possessions are often overlooked. READ MORE
Four Common Myths about Estate Planning
Almost everyone will benefit from estate planning, which addresses non-wealth aspects of your legacy along with the financial aspects. Estate planning can ensure someone you trust will care for your children and pets after your death, and make sure treasured family heirlooms end up where you want them to go. Estate planning also can help you pass along your values. READ MORE
Does Your Estate Plan Protect Your Intellectual Property?
Even if you’ve worked with a lawyer to set up your business entity or a CPA to file your taxes, those advisors may not be thinking about or helping you plan for what happens to your intangible business assets upon your death. Similarly, most lawyers who focus on estate planning don’t really understand the value of intellectual property and how to protect it. READ MORE
Reviewing Your Estate Plan after the Death of a Loved One
Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or die, the death of a loved one can have a major impact on your planning. If you have an estate plan, one of the first items you need to do when a loved one dies is to review the documents with the following questions in mind: READ MORE