Family dynamics are highly complicated and prone to conflict even during the best of times. But when tragedy strikes a household member, even minor tensions and disagreements can explode into bitter conflict. And when access to money (or even quite often, sentimental items of furniture or jewelry) is on the line, the potential for discord is exponentially increased. Ultimately, there is no higher cost to families than the cost of lost relationships after the death or incapacity of a loved one.

By becoming aware of some of the leading causes of conflict over your estate plan, you’re in a better position to prevent those situations through effective planning. Though it’s impossible to predict how your loved ones will react to your estate plan, the following issues are among the most common catalysts for conflict. READ MORE

A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the policy’s beneficiary to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is a significant financial and estate planning tool. Still, there is no guarantee that your beneficiary will receive or keep the benefit from your insurance without certain protections in place.

Despite the estate tax exemption currently being at a historic high, the exemption amount will likely change under the current administration or sunset in 2026 at the latest. Therefore, if you have purchased life insurance, consider taking the extra step to ensure that your loved ones’ financial futures are secure. READ MORE

Decanting is an essential tool that emerged in some states in the last century. This tool is increasingly being used to remedy situations where a now-irrevocable trust needs to be fixed because of changing circumstances that appear to work contrary to the trustmaker’s intent.

Decanting gets its name from the practice of pouring wine from an old bottle into a new container, allowing the undesirable sediment or impurities to remain behind in the original container and the pure wine to be held in a much cleaner container, thereby enhancing the quality of the wine before consumption. Similarly, trust decanting aims to pour the trust property from an outdated or problematic trust into a newly drafted trust with the necessary improvements so that the beneficiaries can enjoy the trust property without the undesirable elements of the old trust. READ MORE

Saying that America is dealing with a mental health crisis is not an exaggeration. According to the National Alliance on Mental Illness, approximately 20 percent of US adults experience mental illness, including 1 in 20 who experience serious mental illness, and 17 percent of American youth experience a mental health disorder. 

The mental health crisis has worsened during the coronavirus pandemic. Loneliness and isolation are fueling increases in anxiety, depression, and thoughts of suicide and self-harm report Mental Health America. More people are seeking mental health screening and treatment, but around 23 percent of Americans with mental illness are still not receiving the services they need. READ MORE

All adults over age 18 should have some basic estate planning documents in place. And this is true regardless of how much money you have, whether you are married or single, and whether or not you have kids. On that note, if you are an adult of any age and the pandemic didn’t inspire you to create your estate plan, here are four reasons why you shouldn’t wait another day to get your plan started.

Most people assume estate planning only comes into play when they die, but that’s dead wrong – pun fully intended. Although planning for your eventual death is a big part of the process, it’s just as important – if not more so – to plan for your potential incapacity due to a severe accident or illness. READ MORE

We may go to great lengths to protect and pass on our family’s financial wealth. Still, very few of us take the time to even document, much less preserve, our family’s legacy. The stories, values, insights, and life lessons of our parents, grandparents, and those who came before them— are typically lost forever when a beloved father figure passes away. READ MORE

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