How Do I Stop Heirs from Foolishly Wasting Inheritance?
One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.
Short-Cuts to Estate Planning can Lead to Costly Consequences
Over the years I get all kinds of questions from people. And boy, have I heard some doozies. But one common one I get is called the ‘lazy (or poor) man’s (or woman’s’) estate planning.’ This type of estate planning has some very negative tax consequences.
What’s the Right Age to Start Estate Planning?
It may seem like a grim way to spend your free time, but planning your estate when you are young can actually give you the peace of mind you will need to enjoy your golden years in the future.
Reviewing Estate Plans Matter
Many of our parents completed their estate plans decades ago. The documents may still be valid. However, if they are stale or outdated, you may spend significant money trying to use them down the road.
Does Your Estate Have to Go Through Probate?
Every estate that holds titled property must be probated if title to that property is not transferred using some other wealth transfer method.
How Important Is a Power of Attorney?
With a Power of Attorney, you designate which individuals are in control of your assets and who can take care of your affairs, if you are unable to do so.
Does a Beneficiary on a Bank Account Override a Will?
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
What Do I Need to Know about Estate Planning?
Expert tips on why starting your estate plan early, choosing beneficiaries, and thinking about how you want to transfer your wealth to the next generation are critical for your financial future.
Your Will and Estate Planning Checklist
Most people should have a will, but it’s rarely the most significant estate planning document that an individual will hold.
What Does the Executor Do?
If the deceased has a will, it usually names a close relative, friend, accountant, attorney or financial institution to act as executor of the will.