You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? Americans own a lot of stuff. Taking stock of your tangible […]
Archives for October 2024
5 Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also appoints people to make legal, financial, and medical decisions for you if you are alive but unable to make those decisions for yourself (in other words, if you are incapacitated). What happens […]
Estate Planning: Are Pensions Like Other Retirement Accounts?
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most of the savings […]
What’s Next for Your Estate Plan?
Having an estate plan is a smart way to protect yourself and your loved ones, both now and in the future. Your first estate plan is based on what’s happening in your life at the time it’s created. But life changes, and it’s important that your plan adapts as well. Sometimes we can build flexibility […]
Estate Planning: Setting Your Priorities Straight
Thinking about the future, especially what happens after we pass, can be tough. It’s not something we like to dwell on, but creating an estate plan can help you ensure your loved ones are taken care of. By setting clear priorities, you can craft a plan that reflects your wishes and provides a secure future […]
What Real Estate Owners Don’t Know Can Hurt Them
The old saying, “what you don’t know won’t hurt you,” does not apply to real estate law. Ignorance of the law is never an excuse. In the U.S., everyone is expected to know and follow the law, whether they are aware of it or not. For real estate owners, the legal landscape is full of […]
The Perils of Joint Property
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint property […]
How Are My Business Documents Relevant to My Estate Plan?
Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. The overall business succession planning rate is higher, with about two-thirds of […]