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 […]
Trusts & Trust Administration Blog
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 […]
Will My Revocable Living Trust Avoid Probate? It Depends.
If you have established a revocable living trust (which we will refer to simply as a trust), congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, […]
Understanding the Corporate Transparency Act
The Corporate Transparency Act (CTA) marks a significant change in how businesses and certain trusts report ownership information in the United States. If you’re a business owner, trustee, or beneficiary, it’s important to understand your responsibilities under this new law. In this blog, we’ll break down what the CTA entails, why it’s crucial, and who […]
3 Tips for Every New Homeowner
Congratulations on the purchase of your new home! Whether this is your first home or you are upgrading or downsizing from your current home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you […]
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 Rising Cost of Long-Term Care
Do you have a family member or client who is receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important […]
Trustee Training: Educating Your Successor Trustee
When creating a trust, selecting a successor trustee is one of the most critical decisions you’ll make. This individual will manage your trust assets and carry out your wishes after you are no longer able to do so. However, choosing the right person is only the first step. Ensuring that your successor trustee is well-prepared […]
Is “Aging in Place” Right for Me?
Rather than moving into assisted living facilities or nursing homes, most older adults are aging in place and remaining in their homes and communities. For those who wish to maintain their independence and continue living at home as they grow older, taking certain steps to protect their physical, mental, and financial welfare is essential. What […]
Real Estate: Benefits of a Limited Liability Company
When it comes to real estate investments, choosing the right structure for ownership is crucial. Among the various business structures available, the Limited Liability Company (LLC) has become a popular choice for real estate investors. Here’s why an LLC might be beneficial if you’re involved in real estate: 1. Liability Protection for Real Estate One […]
Understanding Trust Administration
Trust administration is the process of managing the assets held within a trust according to the terms laid out by the trust’s creator (grantor). It involves overseeing the trust’s operations from the point of the grantor’s death or incapacitation until the final distribution of its assets. The objective is to ensure that the beneficiaries receive […]
Beyond Wealth: The Real Value of Estate Planning
When you hear the term “estate planning,” what comes to mind? For many, it conjures images of vast fortunes, luxurious estates, and high-powered legal teams. It’s a misconception that estate planning is solely reserved for the wealthy. In reality, estate planning is a critical tool for anyone who wants to safeguard what they’ve worked tirelessly […]
The Importance of Healthcare Planning
As April blooms with new beginnings, it also marks a time of reflection and proactive planning in the realm of healthcare. National Healthcare Decisions Day (NHDD), observed annually on April 16th, serves as a reminder of the critical importance of healthcare directives in ensuring that our medical wishes are known and respected, especially during times […]
Spring Into Action: Getting Your Affairs in Order
Spring isn’t just a time for cleaning out closets and planting gardens—it’s also an opportune moment to take stock of your financial and legal affairs. Whether you’re just starting your estate planning journey or looking to refresh existing documents, spring is the perfect time to get organized and ensure your affairs are in order. Here’s […]
A Guide to Spring Cleaning Your Estate Plan
As the flowers bloom and the days lengthen, it’s a perfect time to freshen up not just your home, but also your financial and legal affairs. Just as you tidy up your living space during spring cleaning, it’s essential to review and update your estate plan to ensure it reflects your current wishes and circumstances. […]