Posts Categorized: Wills

Estate Administration Details that TV and Movies Get Wrong

While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries and professions, including attorneys and estate planning.

People think that it is easy to write or change a will. Some movies or television shows imply that all you have to do is write something down and put it into an envelope for safekeeping. READ MORE

3 Estate Planning Documents Your Parents Need Right Now

Today, we’re diving into a topic that is absolutely crucial: estate planning for your parents. As they gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a top priority. Whether they raised you the way you want, or showed you how you want to do it differently, as your parents’ age, one of the very best things you can do for your own best future, and that of your entire future lineage – your children, grandchildren, and beyond – is to take great care of the people you were born to or raised by.

The questions you need to start asking now are: How will you help them if they become ill or injured? Who will take care of their bills and make sure their health needs are met? How do they want to be cared for, if and when they cannot care for themselves? READ MORE

Who Should Be the Trustee of a Third-Party Special Needs Trust?

Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT).

Also known as a supplemental needs trust, a third-party SNT is funded with assets (money and property) that do not belong to the special needs beneficiary but are meant to be used for their benefit. Third-party SNTs allow the beneficiary to receive some benefit from the trust while preserving the beneficiary’s eligibility for means-tested public assistance programs such as Medicaid and Supplemental Security Income (SSI). When the beneficiary passes away, whatever funds remain in the third-party SNT can pass to other family members. READ MORE

14 Ways to Show Your Finances Some Love This Year – Part 2

Don’t underestimate the power of spreading love through financial generosity. Did you know you can gift up to $18,000 per person to an unlimited number of people each year? This allows you to share your wealth with family and friends in a tax-efficient manner. These gifts not only escape taxation but also foster stronger connections and deepen relationships with your loved ones.

Whether it’s helping with educational expenses, supporting a dream vacation, or simply offering a helping hand, annual exclusion gifts embody the spirit of giving and strengthen the bonds that matter most. With the sunset of the estate tax exemption set to occur in 2025, now is the time to make gifts if you have a taxable estate. Contact us to discuss options as there are far better ways to gift than outright. READ MORE

Saying Goodbye Is Hard: How a Comprehensive Estate Plan Can Help

When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes – the considerations and expenses involved when it is time to say goodbye to your loved ones. The following are important questions to ask yourself, as the answers are a critical part of creating a comprehensive estate plan.

Addressing your final wishes for your body may be uncomfortable, but planning ahead can save your loved ones time and give them peace of mind, knowing that they are carrying out your wishes. There are many common options available. READ MORE

14 Ways to Show Your Finances Some Love This Year – Part 1

Ah, February – the month of love, where hearts flutter and chocolates abound (single people, stay with me here). But amidst the romantic whirlwind, there’s a different kind of love that deserves our attention: the love we show ourselves and our family through thoughtful financial planning. 

Now I know what you’re thinking – that doesn’t sound as fun or showy as a fancy night,  a bouquet of flowers, or even a night in with Netflix. But trust me, making smart planning decisions with your assets is one of the best gifts you can give – and a gift that keeps giving over time. READ MORE

What Is a Residuary Clause and Why Is It Important?

When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionallydisburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or group of beneficiaries. 

During the estate planning process, you may decide that you want to leave certain items to specific individuals. But what happens in the following situations? READ MORE

Think Your Kids Will Automatically Be Cared For In the Way You Want? They Might Not Be Unless You Do This

As parents, we’re hardwired to prioritize our children’s well-being above all else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Yet, amidst the hustle and bustle of daily life, it’s easy to overlook a crucial aspect of their future: what happens to them if we’re no longer here to care for them?

It’s a sobering thought, but one that deserves your attention. You may assume that in the event of your untimely passing, your children will automatically be cared for and inherit your assets. However, the reality is far more complex and potentially unsettling. READ MORE

What Happens to Real Estate With a Mortgage When I Die?

Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. A few different scenarios can unfold, however, depending on the mortgage terms and the estate plan instructions. 

Ultimately, planning for the transfer of real estate upon your death can make the process much easier for your loved ones.  READ MORE

This New Law Makes It Easier to Save for Retirement and Pay Off School Loans At The Same Time

Managing your finances while dealing with the weight of student loan debt can be daunting. You have to decide whether to focus on repaying your loans or investing in your future through a workplace retirement plan. It’s a difficult choice, especially since prioritizing loan payments may mean forgoing the chance to increase your savings with employer retirement matches.

Good news! The SECURE 2.0 Act is here to help. Now, your student loan payments can count towards employer retirement matching contributions. It’s a win-win – you can address your debt and grow your savings at the same time. READ MORE

Inspiring Action: The Guide to Creating or Updating Your Estate Plan

Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome some of the negative feelings associated with this process and meet the challenge head on.

While the benefits associated with updating or creating a new estate plan are a reward in and of themselves, we can all use an extra push. Sometimes the promise of a small indulgence as a reward can change your frame of mind when initiating the process. READ MORE

Want to Show Your Partner How Much You Love Them? Put Them In Your Will

Love is the powerful force that connects us all, and there are various ways to show our love to those who matter most. While flowers, gifts, and notes come to mind, another meaningful way to express love is by planning for the future.

While estate planning may seem like a realm of financial jargon and legalities, it is, at its core, a tangible expression of your care for those closest to you. (And that’s why I refer to estate planning as Life & Legacy Planning.) READ MORE

Testamentary Trusts: The Best of Both Worlds

You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of both – through the use of a testamentary trust – provides the right amount of control and protection for themselves and their loved ones.

A testamentary trust will own accounts and property owned by you in your sole name without beneficiary designations, upon your death and enables you to instruct how your money and property will be handled in advance. Unlike a revocable living trust, the testamentary trust is created at your death, and ownership of your accounts and property are transferred to the trust through the probate process.  READ MORE

2 Conversations About Money and Death You Need to Have With Your Parents Right Now

If you’ve given any thought about estate planning, you probably associate it with preparing for death. But did you know that there are critical reasons (and significant benefits) for planning while you’re still well and alive? That’s why I refer to my services as Life & Legacy Planning. When done right, planning for your assets and your death is something that should start right now through honest, open conversations with your family.

It starts by talking with your parents, siblings, and children about what you want the future of your family to look like, how you’d like assets managed, and what type of care each family member would want in the event of a debilitating or terminal illness. READ MORE

I’m a Survivor . . . and Now I Have My Own Trust?

Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s trust. 

This arrangement provides the surviving spouse with the same versatility that separate trusts offer. The surviving spouse has full control over their survivor’s trust, but may have limited control over the deceased spouse’s accounts and property that make up the decedent’s trust.  READ MORE