Leaving an inheritance for the people in your family when you die requires careful advance planning. You need to understand what assets you have and what obligations your estate will have to handle after your death. Everything from creditor claims to estate taxes can...
Estate Planning
Don’t rely on intestate laws instead of a will
When you are thinking about your estate, do you feel that the intestate laws in your state are going to protect your beneficiaries? The reality is that these laws rarely reflect a person’s true intentions for their assets. By relying on them, they’re leaving the...
Life insurance is part of your assets. Just don’t put it in your will.
One way to provide for your heirs is to buy a life insurance policy. You will leave them all sorts of other assets as well, but the life insurance is money you know they’re going to get at a time when they need it. In this sense, it is part of the assets you are...
3 steps to naming a guardian for your kids in your estate plan
Once you become a parent, you are officially responsible for your child's life. You need to feed them, make sure they receive adequate health care and help them learn about the world. Most parents will enjoy years of involvement with their children, but some parents...
Just moved? It’s time to reassess your estate plan
When you live in one state and set up your estate plan there, you have to remember that what you’ve done is protected by that state’s laws. If those laws change or you move to a new place, you need to update your estate plan to make sure that you’re protected. After...
My kids don’t want the family business
Starting your own company is often one step to achieving a bigger dream for you and your family. Building a business can be a legacy that you pass down to your children for their future and beyond. When you started, you may have considered that your children might not...
Deciding who should take over the family business
Building a business can be an exciting venture for you and your family. While the company may start as your personal goal, your family can be a significant part of making your idea a success. Some family members are better candidates than others for taking over the...
3 kinds of trusts that help protect your legacy
There are many kinds of trusts that you may want to consider as you begin estate planning, but there are a couple that are more commonly used than others. These include: · Charitable trusts · Life insurance trusts · Irrevocable trusts These trusts...
What impact does a spouse’s elective share have on a last will?
A last will or estate plan is a tool that lets someone control who receives their property when they die. An individual creating a last will can get as creative as they want with how they distribute their property, as long as they abide by state law and have enough...
What’s the fastest way to set up a will?
A will is a legal document that helps you distribute your assets following your death. A will allows you to give direction to those you’ve left behind and state your wishes. Most people need a will. If you’re over the age of 18, then you should already have one. Some...