The digital age has transformed how we manage and interact with our personal and financial lives. From online banking and social media profiles to digital currencies and cloud storage, our digital assets have become integral parts of our existence. As we plan our estates, it’s crucial to consider these digital possessions to ensure they’re protected […]
Planning for Families
Is it Time to Let Go of Those Old Documents?
Sorting through documents, from medical records to financial statements, is a balancing act between necessity and clutter. So, how do you know what to keep and what’s simply junk? Here’s a breakdown: Tax Returns Save returns and supporting documents for three years, or six if it’s complex or self-employment-related, aligning with the IRS audit window. […]
Add An Estate Plan to Your Christmas List
The holidays can serve as a perfect backdrop for meaningful family discussions and for relaying relevant information between family members. Whether you already have an estate plan in place or are thinking about having a plan drafted for you, you’d be wise to use the time spent together during the holidays to get every family […]
Who Needs a Special Needs Trust?
Planning for the future of a loved one with special needs involves careful consideration and strategy, especially when managing their financial well-being without compromising their access to essential benefits. A special needs trust (SNT) is a critical tool in this planning process. This article explores who can benefit from an SNT and why it may […]
Be Careful Relying on Life Insurance to Provide for Loved Ones
In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured’s death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can […]
Happy 18th Birthday! Now What?
Congratulations! You are now legally an adult. Although you may not feel any different, from a legal standpoint, a great deal has changed. When you were a minor (under age 18), your parents were your legal guardians responsible for making all your decisions. Now that you are an adult, their legal authority over you is […]
Recognizing and Supporting Family Caregivers in Estate Planning
Family caregivers are the backbone of support for loved ones facing aging, illness, or disabilities. They often step in selflessly, ensuring the emotional and physical well-being of their family members while juggling their own lives. November, designated as National Family Caregivers Month, is a perfect time to shine a light on these unsung heroes and […]
Gratitude and Legacy: Giving Thanks Through Estate Planning
As the holiday season approaches, it’s natural to reflect on the many things we’re grateful for—family, health, friendships, and the opportunities life has provided. But gratitude is more than an emotion; it’s a way of life that can shape how we plan for the future and the legacy we leave behind. Estate planning offers a […]
Year-End Estate Planning: Key Steps to Protect Your Family and Assets
As the year winds down, it’s the perfect time to take stock of your estate plan and ensure everything is in order. The end of the year often brings reflection, resolution-making, and a focus on family, making it an ideal time to prioritize your planning. Here are the essential steps to consider for year-end estate […]
How to Discuss Your Estate Plan with Your Family During the Holidays
The holidays are a time for family, celebration, and meaningful conversations. While discussing estate planning might not seem festive, it’s one of the most thoughtful and impactful gifts you can give your family. Open, honest communication about your estate plan can help avoid confusion, misunderstandings, or disputes in the future. Here’s how to approach this […]
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life […]
How to Tackle the Busiest Season of the Year
As the end of the year approaches, many of us find ourselves balancing holiday gatherings, year-end tasks, and planning for the year ahead. While it’s tempting to put estate planning on hold during this busy season, taking a proactive approach now can provide peace of mind, protect your loved ones, and help you start the […]
The Corporate Transparency Act: What It Means for Terminated Businesses
With the recent implementation of the Corporate Transparency Act (CTA), many business owners are becoming aware of new compliance requirements, specifically the Beneficial Ownership Information (BOI) reporting. While it’s clear that active companies must file, many owners may not realize that businesses terminated between 2020 and 2024 are also required to complete this filing. The […]
Should Your Child’s Guardian and Trustee Be the Same Person?
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Although there is no substitute for you […]
Don’t Let Your Estate Plan Go Up in Smoke
Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1] Every adult—whether they are 19 or 99—should have a will at a minimum. Many people can also benefit from estate planning documents such as trusts, powers of attorney, and advance […]
Should You Share Your Estate Planning Details With Loved Ones?
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones […]
Can Artificial Intelligence Programs Write Basic Estate Planning Documents?
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that […]
How to Pick a Trustee, Executor, and Agent under a Power of Attorney
While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one or more people to […]
Won’t My Spouse and Kids Inherit Everything When I Die?
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics will […]
Four Things Your Spouse Should Know Before You Die
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes.[1] Death is final for the departed. For the […]