Estate planning isn’t just about documents—it’s about ensuring your assets are protected, accessible, and passed on to your loved ones smoothly and according to your wishes. In this first part of a two-part series, we tackle common questions about asset ownership and management, such as the differences between joint ownership and transfer-on-death designations, the risks of skipping a trust, and why maintaining an up-to-date asset inventory is crucial. Discover how thoughtful planning can avoid family conflict, protect your assets from creditors, and streamline the process for your loved ones. READ MORE
Posts Categorized: Trusts
Why You Need a Trust – Even If You Aren’t Rich
A trust isn’t just for the wealthy—it’s a versatile and essential tool for anyone looking to protect their loved ones, streamline the distribution of assets, and avoid the delays and costs of probate. Whether you’re a parent of minor children, part of a blended family, or planning for your own future in case of incapacity, a trust offers privacy, security, and peace of mind. Discover how a trust can benefit your unique situation by scheduling a Life and Legacy Planning Session today. READ MORE
Lessons from Tony Bennett’s Estate Battle: How to Protect Your Family’s Future
When Tony Bennett passed away in 2023, his $100 million estate became the center of a family dispute that highlights the importance of clear estate planning. Bennett’s daughters are suing their brother, the trustee of the estate, over allegations of financial mismanagement, lack of transparency, and failure to honor their father’s wishes. This case serves as a cautionary tale about the potential pitfalls of appointing a family member as trustee without proper safeguards. In this blog, we explore the lessons from the Bennett estate battle and provide valuable insights on how to protect your family from similar conflicts through thoughtful planning, communication, and the right legal guidance. READ MORE
What You Should Know Before Agreeing to Serve as Trustee
Being asked to serve as a trustee for a loved one’s trust is both an honor and a significant responsibility. Trustees are legally required to manage and distribute trust assets according to the trust’s terms, protect the interests of beneficiaries, and ensure all legal and financial duties are met. While you don’t need to be an expert in law or finances, you may need professional guidance, which can be covered by the trust. Before agreeing to serve, it’s important to fully understand the duties involved. If you’ve been asked to serve as trustee, or are considering it, we can help you assess whether it’s the right role for you. Schedule a Life and Legacy Planning Session with us to gain the clarity you need. READ MORE
Beyond the Turkey: How Thanksgiving Can Inspire Your Family Legacy Planning
Thanksgiving isn’t just about the food; it’s the perfect time to reflect on and plan for your family’s future through meaningful legacy conversations. As you gather with loved ones, consider using this holiday to discuss your family’s values, traditions, and financial wishes, ensuring that these important elements are passed down for generations. Whether it’s capturing family stories, planning for charitable giving, or creating an estate plan that reflects your family’s needs, Thanksgiving can be the springboard for thoughtful discussions that shape a secure, harmonious future. Schedule a Life & Legacy Planning session today to start creating a comprehensive plan that safeguards your family’s legacy for years to come. READ MORE
4 Reasons Why You Can’t Afford to Go Without an Estate Plan
Creating an estate plan is one of the most important steps you can take to protect your loved ones and ensure your wishes are honored. Without a plan, you risk leaving your family to navigate a slow, costly, and often confusing legal process, dealing with the state’s default inheritance rules, or even facing difficult decisions about your care or guardianship of your children. In this blog, we explore the 4 critical reasons why you can’t afford to go without an estate plan—and how taking action now can spare your family unnecessary stress, conflict, and expense. Don’t wait—get the peace of mind that comes with knowing your family is protected and your legacy is secure. Schedule your Life and Legacy Planning Session today. READ MORE
The Hidden Truth About Settling a Loved One’s Estate
Being named an executor of a loved one’s estate may seem like an honor, but it often comes with unexpected challenges. From managing paperwork and notifying financial institutions to navigating family dynamics, the responsibilities can quickly become overwhelming—especially while you’re also grieving. In this blog, we explore the hidden truths of estate administration and how a comprehensive Life & Legacy Plan can make the process smoother for your loved ones. Learn how proper planning can reduce stress, prevent family conflicts, and ensure your wishes are carried out with ease. Schedule a Life and Legacy Planning Session today to protect your family and your legacy. READ MORE
Corporate Transparency Act Requirements For Your Business Entity
Starting January 1, 2024, virtually all small businesses are required to report information about the individuals who own or control the business (called “beneficial owners”) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. READ MORE
Veterans: Your Legacy is Worth Protecting
As we honor our veterans this Veterans Day, it’s important to remember that protecting your legacy is just as crucial as the service you’ve given to our country. Life & Legacy Planning is an essential tool for veterans, helping you safeguard your family’s future and ensure your military benefits are fully utilized. In this post, we’ll guide you through the unique estate planning opportunities available to veterans, offering practical advice on how to organize your assets, protect your loved ones, and create a comprehensive plan that reflects your wishes. Your legacy deserves to be protected—let us show you how. READ MORE
4 Reasons Why You Can’t Afford to Go Without an Estate Plan
Creating an estate plan is one of the most vital steps you can take to secure your family’s future, yet many people delay this important task with thoughts like, “I’m too young,” or “My family will know what to do.” However, without a plan, your loved ones may face a lengthy and costly probate process, lose control over who inherits your assets, and struggle to make medical and financial decisions on your behalf. If you have minor children, failing to name legal guardians can lead to heartbreaking outcomes. Don’t leave your family’s future to chance – take action today to ensure they are protected and cared for, no matter what happens. READ MORE
Shelley Duvall and What We Can All Learn From Her Death
In the wake of Shelley Duvall’s passing, we are reminded of the vital importance of having a comprehensive estate plan. Duvall’s situation, particularly concerning her long-term partner Dan Gilroy, highlights the complexities and potential pitfalls that can arise when legal matters are left unresolved. Without a will in place, Gilroy faces a challenging process to claim his rightful share of Duvall’s estate, underscoring the need for clear planning. This blog explores key lessons we can all learn from Duvall’s story, emphasizing the significance of a Life & Legacy Plan to protect your loved ones and ensure your wishes are honored. Join us as we delve into essential strategies for effective estate planning, particularly for unmarried partners and those facing mental health considerations. READ MORE
To Have, but Not to Hold? Common Law Marriage and Estate Planning
Marriage has evolved significantly, with common law marriage being a lesser-known form recognized in a few states. While it can offer legal benefits, navigating its complexities is crucial, especially when planning for unexpected events like illness or death. Without proper documentation, surviving partners may face serious challenges regarding inheritance and decision-making rights. To ensure your wishes are honored and your loved ones are protected, consider scheduling a Life and Legacy Planning Session with us today! READ MORE
Common Estate Planning Myths Debunked
October 21-27 is National Estate Planning Awareness Week, a great opportunity to address common misconceptions about estate planning. Many people think it’s only for the wealthy or too complicated, but in reality, it’s essential for everyone, regardless of age or financial situation. An estate plan ensures your loved ones are taken care of, helping them navigate important decisions during difficult times. By creating a personalized Life & Legacy Plan, you can gain peace of mind and ensure your wishes are honored. Don’t let myths hold you back – take control of your future today! READ MORE
Can a Disabled Individual Be an Executor or a Trustee?
When creating an estate plan, many wonder if a disabled individual can serve as an executor or trustee. The answer is yes! As long as their disability doesn’t prevent them from fulfilling the necessary responsibilities, a disabled person can take on these roles. In fact, overlooking a trusted individual because of a disability could mean missing out on the best person for the job. Learn more about what it takes to choose the right fiduciary for your estate plan and how we can help. Schedule a Life and Legacy Planning Session today to ensure your plan is in good hands. READ MORE
A Comprehensive Guide to Disaster Preparedness
In an unpredictable world, being prepared for disasters is essential for the safety of you and your loved ones. Our guide offers practical steps to help you create a go-bag, stock up on essentials, and invest in the right insurance coverage. We also emphasize the importance of establishing a Life & Legacy Plan to ensure your wishes are honored and your family is cared for in times of need. Join us in building a resilient future – let’s equip you with the tools and knowledge to navigate any challenge that comes your way! Ready to learn more? Schedule a Life and Legacy Planning Session with us today! READ MORE