Soon after the challenges of puberty and the excitement of high school, an even larger milestone looms: the 18th birthday. It marks your child’s transition from childhood to adulthood, and with it new responsibilities and rights. From a legal standpoint, this milestone also brings significant changes that every parent should be aware of. 

In the eyes of the law, an individual is considered a legal adult at the age of 18. This means that your child gains certain rights and privileges, including the ability to enter into contracts, vote, buy property, and make medical decisions for themselves. While this newfound independence is a crucial part of growing up, it can also pose challenges for parents, especially when adult children need their parents’ help or need someone to make decisions on their behalf. READ MORE

When planning for the future, it’s common to consider who will inherit financial accounts, properties, and other valuable assets. Yet, it’s equally important to recognize the worth of personal belongings. These items, often overlooked, hold their own significance. To ensure a comprehensive estate plan, take a moment to ponder these questions about your personal property. This step can greatly contribute to a well-rounded approach in securing your legacy.

Value is subjective and varies from person to person. For example, an antique clock may hold significant monetary worth, whereas your grandmother’s class ring may carry sentimental value. It’s important to recognize that different types of value require distinct strategies when considering how they will be passed on or distributed in your estate plan. READ MORE

The United States has the highest number of immigrants globally, but more and more Americans are considering relocating to another country permanently. Many wealthy Americans are also interested in buying property overseas and spending at least part of their time there.

However, moving abroad has practical implications, such as taxation and estate planning. Even when living outside the U.S., Americans still have financial obligations to the U.S. government. They should also have someone legally authorized to make financial decisions on their behalf. READ MORE

In today’s digital age, information is readily available online. However, there remain misconceptions about estate planning. Many of us don’t invest time in understanding it, possibly because we underestimate its necessity and the advantages it offers. There are common misunderstandings about estate planning: assuming a will bypasses probate, thinking that marriage ensures automatic inheritance, and believing that minimal assets mean no need for an estate plan.

Being educated about estate planning is crucial to avoiding potential complications in terms of time, money, and emotional distress. Take a moment to grasp the significance of an updated estate plan – it not only addresses post-mortem matters but also provides protection in the event of incapacitation for both you and your loved ones. READ MORE

You can make your estate plan whenever you’d like, but many opt to start earlier. Why? Because unexpected health or financial crises might arise, necessitating someone to handle your affairs while you’re alive. When Should You Start?  The right time to begin estate planning depends on your aims and the extent of your assets. If READ MORE

Are you surprised to see a Trust on our list before a Will? Here’s why a Trust is next on your to-do list. If you are newly married, there’s a strong likelihood that you are relatively young in your life and your career, which means there will be many changes in your assets, family, and wishes as the years go by.

Or, you might be re-marrying or getting married later in life and already have a well-established home, financial portfolio, and family that you are now combining with your partner’s life.  READ MORE

Co-buying a home with a partner, relative, or friend can reduce the costs of the down payment, mortgage payments, utilities, and other household expenses for each buyer, while allowing them to build home equity. Some co-buyers may not even want to live in the home. Their goal may be to rent it out or flip it for a profit. 

Home co-ownership can present problems as well. If one buyer has a bad credit score, it can negatively affect another buyer’s mortgage terms. And if one party cannot meet their financial obligations, the other party could be on the hook for the budget shortfall.  READ MORE

Wedding season is winding down, and if you are a newlywed or are planning to tie the knot soon, it’s time to make your first legal move as a married couple – creating an estate plan. With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse.

A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other are not automatically documented when you say “I do.”   READ MORE