Posts Categorized: Wills

Anyone who’s seen an episode of “Modern Family” knows that families these days come in many different shapes and sizes. Long gone are the days when a “family” was defined as a mother, father and two children (or was it 2.5 children? Where does the .5 come from anyway?). In this article, we’ll focus on one of the types of families that’s common in our modern culture: the blended family.

A “blended family” comes into being when parents divorce, and at least one remarries. While everyone may get along effortlessly while the parent is alive, that too-often doesn’t happen once the parent dies. Why? Because the law still hasn’t caught up to our modern definition of “family.” The law often favors the spouse, which works well when the spouse and the deceased have children together. But when the deceased parent has children from another marriage, the children can – indeed, often are – cut out of their inheritance.  READ MORE

When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. 

As the name implies, the role of the executor is to execute the instructions that you provide in your will. You may give your chosen executor some discretionary powers in determining how your assets (money and property) are to be distributed, but they have limited latitude to make independent decisions. Any deviation from their specified powers could cause a conflict in your estate that leads to legal consequences. READ MORE

After the excitement of Valentine’s Day fades away and the last indulgence of chocolate is savored, it’s crucial to turn our attention to a topic that may not be as thrilling as the idea of everlasting love: the reality that all relationships come to an end one day. Before you stop reading, hear me out.

Whether it’s a breakup, divorce, or the death of a loved one after a lifetime together, every relationship eventually will come to an end. The most important thing is how you have planned for that ending, or whether you haven’t at all, as your planning (or lack of it) will have a real impact on you, your partner, your children, and your assets.  READ MORE

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

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

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

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

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

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

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

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

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

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

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