Tag: estate planning
How Do Business Owners Plan for Life-Changing Events?
Posted on July 12, 2022
If the last few years have taught us anything, it is that life is full of unexpected changes. When you own a business, planning for life-changing events must be a top priority. For many owners of small- and medium-sized businesses, their business is their most valuable asset – both financially and personally. Consequently, protecting the business’s future is essential. Having a detailed business succession plan in place is one of the best ways to protect a business in the event of an unexpected illness or death. Business succession plans can […]
Can A Lawyer Be Your Executor in Your Estate Plan?
Posted on June 28, 2022
Determining how assets will be distributed to heirs is just one aspect of building a comprehensive estate plan. You must also decide who will serve as the executor of your estate. The executor has the crucial duty of carrying out your last wishes. The list of executor responsibilities is long – especially for individuals with high-value or complex estates. The executor of an estate files the decedent’s will with the county court, notifies beneficiaries and heirs, pays creditors, and distributes assets to the correct parties. Who you choose as your […]
How Do You Divide Jewelry in an Estate?
Posted on June 22, 2022
Rings, necklaces, bracelets, and other types of jewelry often have great sentimental value as well as significant financial value. Determining how to address jewelry in your estate plan can sometimes be overwhelming. Should you leave all the jewelry to one individual or split jewelry up between your loved ones? Do you need to have the pieces appraised before assigning them to heirs through your will? Can children, grandchildren, and other loved ones figure out how to divide jewelry on their own after your passing? Whether it is your high school […]
Should You Plan and Finance Your Funeral?
Posted on June 9, 2022
Although it can be uncomfortable to think about, it is important for everyone to consider how their final arrangements should be made. The average funeral costs upwards of $7,000. This can be a major expense for grieving family members to contend with. Consequently, many people choose to finance their funeral and burial ahead of time. They also make sure family members are aware of their preferences regarding funeral arrangements such as music or religious ceremonies. If you are creating your estate plans, take some time to think about pre-planning and […]
Do You Need a Contingent Beneficiary on Your Estate Planning Documents?
Posted on June 2, 2022
Estate plans allow you to pass on assets of both financial and personal value to your loved ones upon your death. The individuals you choose to designate assets to are called beneficiaries. Choosing beneficiaries and deciding how to distribute your possessions is no easy feat and there are many different factors to consider. This is why most estate planning lawyers encourage people to take their time and weigh their options carefully when creating a will, trust, or other estate planning document. When choosing beneficiaries, many people overlook a crucial question: […]
Have You Included Your Pets in Your Will?
Posted on April 27, 2022
Whether it is your fluffy cat, loyal dog, or prized pony, you need to think about and plan for who will take care of your pets should you become incapacitated or pass away. It is important to find the right people to care for your animals and the right homes for them. It is also important to discuss those plans with the intended caregivers since not everyone has the desire or ability to take care of pets. Animal Companions in Your Estate Plans Taking care of pets can be expensive, […]
The Tax Consequences of Leaving No Will or Estate Plan
Posted on April 7, 2022
This time of year, everyone is thinking about taxes, but taxes are something you should plan for long before April 15. When you do not leave a will or, better yet, a full estate plan, you may incur tax consequences that take money away from those you love and want to take care of. By planning ahead and using the correct financial instruments, you will be able to reduce your tax burden and have more control over your assets. Why Have a Will and Estate Plan? Without a will, your […]
What Is the Right Tax Strategy for Your Estate Plan?
Posted on March 29, 2022
It is important for families to plan for the future. During the estate planning process, a person or married couple may decide how different types of property or assets will be passed to their heirs while also ensuring that they will have the financial resources they need in the future. Wealth protection is a key part of estate planning, and this includes tax planning. By understanding the role that estate taxes and other taxes will play when transferring assets to family members or other heirs, a family can determine the […]
What Assets Should Be Included in a Trust?
Posted on March 17, 2022
There are a variety of tools that can be used for estate planning. Trusts are some of the most powerful and flexible instruments that can protect the assets you own and make sure they will be used properly both before and after your death. When assets are held in a trust, you will technically no longer own them, since ownership will be transferred to the trust itself. Depending on the type of trust you use, you may be able to maintain control over your assets by serving as the trustee. […]
Why Do Some Estate Plans Need a Professional Executor?
Posted on July 20, 2021
In the realm of estate planning and administration, an executor is responsible for managing the deceased person’s estate, distributing assets to beneficiaries, paying taxes and other financial obligations, and more. Often, the executor of an estate plan is a family member or close friend of the deceased person. However, there is no rule that this must always be the case. In many situations, a professional executor such as an estate planning attorney, trust company, or bank is better suited for the executor role. Some Individuals Choose a Professional Executor for […]
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