Remember Your First Line of Defense: Insurance
The modern insurance market dates to seventeenth-century London, where merchants reeling from the Great Fire of London started pooling funds to cover fire losses. Today, this same basic concept—pooling risk […]
It’s Planning Season
To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life and the lives of your loved ones, you need a well-executed estate plan.
Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them
Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan—or any estate plan at all. Without a proper estate plan, the family farm or ranch, passed down for generations, can end up being sold and converted to nonagricultural use, cutting the family’s legacy short and ending their unique lifestyle. Included are three common estate planning mistakes farmers and ranchers make and how to avoid them.
5 Reasons Uncle Bill May Not Make a Good Trustee
If you have created a trust that you intend to last for decades, choosing the right trustee is critical to ensuring the trust’s longevity and ultimate success.
How an Inheritance Can Enhance Your Loved One’s Educational Experience
Higher levels of education are positively correlated with better life outcomes, including improved health, longer lifespans, and higher incomes.[1] However, education costs across all levels have risen significantly, pushing a good education out of reach for many families and saddling students with debt that can take decades to pay off. From primary school to postgraduate studies, you can invest in a loved one’s education and maximize their potential through your estate plan.
Ways to Keep a Loved One’s Memory Alive After They Pass
When somebody close to us passes away, we are left with constant reminders of them. There are many ways to turn memories into mementos and honor a beloved friend’s or family member’s passing. These tributes can also be a creative and strategic way to use estate assets. Planning ahead provides your loved ones with more flexibility in using your money and property for dedications and memorials. A well-thought-out plan can even set aside money for such purposes.
Where Is the Best Place to Store Your Original Estate Planning Documents?
Estate planning attorneys are often asked where original estate planning documents—wills, trusts, powers of attorney, and healthcare directives—should be stored for safekeeping. There is no right or wrong answer to this question.
4 Tips to Avoid a Will or Trust Contest
Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight.
The Wrong Successor Trustee Can Derail Your Final Wishes
Your trust is intended to continue for years, so choosing the right succession of trustees is critical to its longevity and ultimate success.
Have a Harmonious Family that Does Not Fight? You Still Need an Estate Plan
When everyone is alive and happy, it is easy to think that nothing will break a family apart. Many people think that since everyone gets along, estate planning is unnecessary because everyone will look out for one another and do only what is fair. However, having a properly prepared estate plan is crucial. Failing to plan not only takes all the control out of your hands but can also leave hurt feelings and possible confusion over your true wishes. This confusion may force family members to pursue the only source available to resolve the misunderstanding: probate court.