Assumptions can be very dangerous when it comes to estate planning. You definitely want to have open lines of communication with your heirs. Talk about your plans, their desires, and what legal steps you're going to take to officially put everything in place. Talking it out in advance can help to avoid issues in the future.
When someone passes away, the last thing you want to consider is the tax man. While it's not a pleasant task, someone has to handle the debts and liabilities of an estate, including any remaining tax burdens. That someone is usually the executor, and if you find yourself in that role, seeking legal assistance with the job can be a good idea. If you are, instead, the person planning for the estate, then an estate professional can help you do some work now to relieve your administrator of some future burden.
A beneficiary silent trust is a type of trust that allows for the creator of the trust to dictate that the beneficiaries of the trust not be given notice of the trust's creation or the assets held within. There are many reasons why a trust creator may want to designate a trust as quiet or "silent," but for it to be legally recognized, the trust may need to have several specific features.
The ruling that marriage is legal for same-sex couples opens a great many chapel doors for ecstatic brides and grooms, but it also opens a variety of legal doors that are worth considering. Whether you're planning to keep your relationship as is or you're opting to tie the knot, now's a good time to have a serious conversation about the future.
For millennials, retirement might seem like a long way off, and worries about your estate are an even distant concern. While many younger individuals don't yet have assets or potential heirs to share them with, some do, and that makes estate planning an important consideration. Even if you haven't built up any wealth and aren't concerned with caring for beneficiaries, there are two estate planning documents everyone should consider having on file.
Last week, we talked about the importance of choosing the right power of attorney to assist you with legal, financial and health care choices should you deal with incapacity or lower capacity as you age. Choosing a power of attorney is not the only thing you should do in preparation for enjoyment of your later years.
You have an estate plan in place. Good for you! That's more than most Americans can say. However, too many people make the mistake of putting it in a drawer or safe and never thinking about it again. That can lead to some serious problems if you don't make necessary changes in response to life events.
Two siblings are poised to hit courtrooms in a battle over who is entitled to a slice of pie from the family pizza empire. The pizza chain, called John's Pizzeria, has at least one shop in New Jersey and several in a neighboring state. The dispute between the siblings apparently goes back to when their mother was the matriarch and owner of the company.
You've decided it's time to consider your estate plans and make a will to protect your assets and those you love. This is a great step toward a future filled with greater peace of mind and protection, but before you finish your will -- or even start it -- there are many other decisions you might have to make.
Last week, we discussed the importance of estate planning if you have minor children or dependents. An estate plan helps you put guardianships in place for those dependents, so you ensure that loved ones are taken care of in the future by people you trust. Here are seven more reasons to get started on estate planning today.