Common Will Mistakes to Avoid
The most obvious mistake is not to have a will at all. The news is replete with examples of celebrities who have died without a will, including: Prince, Michael Jackson, James Brown and even Abraham Lincoln.
Does My Mom Have to Pay My Dad’s Credit Card Debt after He Dies?
My father recently passed away and we discovered he had a large credit card debt on a card in his name. My mother wasn’t aware of it. All assets are in both of their names. Is my mother liable for the credit card debt?
How Long Do You Have to Settle an Estate?
It has been nearly 14 years since a family member’s death and the family trust hasn’t been settled.
What are the Main Estate Planning Blunders to Avoid?
Maintaining a valid and current estate plan is vitally necessary in order to ensure the efficient and orderly dispersion of assets after a person dies. However, even a small mistake can create huge problems during the settlement process, and in many cases, these errors are impossible for anyone to correct.
Should I Use Life Insurance in My Estate Planning?
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
Hey Dad, Can I Get an Advance on My Inheritance?
What is equal treatment at time of death can be disputed among the children, when some children have received substantially more in lifetime gifts than the others.
Do I Need to Be Wealthy to Set Up a Trust?
If you’ve heard of trust funds but don’t know what they are or how they work, you’re not alone. Many people know just one key fact about trust funds: they’re set up by the ultra-wealthy as a way to protect passing on significant sums of money to family, friends or entities (charities, for example) after they pass away.
Handing Kids Keys to Your Home Is Never Good Estate Planning
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
Why Is Estate Planning more Complicated with a ‘Gray Divorce’?
Rising divorce rates among Americans over the age of 50 are causing more conflict in estate planning, new data shows. According to a recent survey by TD Wealth, up to 40% of financial planners say that rising gray divorce rates are leading to an increase in family strife with estate planning as the top conflict.
How Do I Revoke a Revocable Trust?
The basic steps involved in revoking a revocable trust are fairly simple and include the transfer of assets and an official document of dissolution.