Our devices offer so many benefits and have become such an integral part of our lives that we often forget how much easier they make it for people to steal our information or take advantage of us.
While simple estate plans may just use a will, more complex plans may benefit from also employing a trust.
Whether it's an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out?
A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust.
Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate's value and legacy and preserving your family's well-being. An attorney can help [...]
After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for [...]
Many people think that estate plans may be for someone else, but certainly not them. Here are 11 compelling reasons to set up an estate plan, no matter what your age or net worth.
If you've created a business, you know that success doesn't happen overnight. But do you know what will happen to your business if something unexpected impacts you or when you decide to [...]
Avoid making these common mistakes that can rapidly affect your inheritance and future plans.
Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when [...]
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and [...]
Life insurance can be an integral and important part of a well-drafted estate plan. There are numerous benefits to owning a life insurance policy aside from providing a large sum of money to [...]
A guardianship or conservatorship protects the interests of an adult who can no longer make decisions for themselves. A guardian or conservator is someone (or several people) with the legal [...]
When making a will, you’ll work with an estate planner to designate those who will inherit from you. The persons (or entities, such as a charity) you choose are the [...]
In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic [...]
What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make [...]
Most older adults acknowledge that estate planning is essential. Yet, nearly half of Americans age 55 or older do not have a will. Even fewer [...]
Some people may wish to decline life-saving treatment if facing a terminal illness. Others opt to seek out a physician's assistance in dying. Acting to end life [...]
Your most valuable property may be your home. You likely want your children to inherit that value when you pass away. [...]
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children [...]
In a survey published this past fall, more than 1,000 participants aged 18 to 99 shared insights on their estate plans – or lack thereof. In fact, more than half [...]
Visiting an attorney to get your estate plan done is one New Year's resolution that you should [...]
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant [...]
Qualified terminable interest property (QTIP) trusts enable individuals to maintain control over the assets they leave their spouse while preserving wealth and leaving a meaningful legacy for [...]
A death doula, or end-of-life doula, is a person who serves as a companion for a dying person and typically assists their loved ones in providing comprehensive [...]
With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal [...]
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an [...]
Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a [...]
Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and [...]
By creating Physician Orders for Life-Sustaining Treatment (POLST),
Creating a living will ensures your future health care decisions and plans are respected. A living will is a legal document outlining [...]
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass [...]
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In [...]
As more people look to adopt environmentally sustainable practices not only in life, but now also in death, 'green' alternatives may become more of a norm in the [...]
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, estate tax rules, capital gains rules, and much more. The TCJA [...]
If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property. [...]
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
Last wills and testaments (also known simply as wills) are not just for the wealthy.
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients' privacy. [...]
Some assets transfer directly to heirs after a person's death. Other assets must go through a process known as probate.
Many individuals are concerned when they hear the term "
For LGBTQ+ couples, estate planning may be more important than they realize.
A QLAC is an annuity that you purchase with funds from an IRA, 401(k), or 403(b) account and that guarantees you will receive retirement income on a set [...]
A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, [...]
Vermont has become the first state in the U.S. to update its end-of-life choice law to make it legal for nonresidents to pursue medically assisted [...]
Trusts are legal arrangements used in estate planning, alongside wills and advance directives.
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve [...]
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve [...]
If you wish to maintain control during your lifetime over the assets you place in a trust, you may choose to establish a revocable, or "living" trust – most [...]
Powers of attorney that only allow an agent to do certain things are commonly referred to as a limited power of [...]
While financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
Many power of attorney forms allow for a variety of options in designating who may act as your agent. Depending on the rules of your state, this can be one [...]
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record?
Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of [...]
When you assume the role of surrogate decision-maker, it is crucial to understand the patient's wishes and values.
People create wills to establish what happens to their money and assets when they pass away. In these documents, they can name [...]
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away.
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is [...]
The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person's estate and to their heirs while [...]
If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role [...]
Powers of attorney can be overridden. However, the "who" and "how" depends on whether the principal is of sound mind.
Many people are unaware that there is coverage to help families lay their loved ones to rest. Depending on your state, Medicaid may cover some funeral costs and [...]
Although every state's laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of [...]
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in [...]
"Decedent" is a legal term that refers to a person who has died with unsatisfied legal obligations.
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a [...]
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s [...]
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. [...]
After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many [...]
You may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should [...]
A life estate often comes up in discussions of estate and Medicaid planning. It is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes [...]
Accumulated frequent flier miles can be valuable assets, but what happens to those miles after somene dies? Can a spouse or other heirs inherit them, or do the miles simply evaporate like a [...]
You may have heard of the terms “springing” and “non-springing” power of attorney and wonder what they mean.
As the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable [...]
Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have [...]
Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from [...]
There are some documents that you will want to hang on to forever and some that you should keep for a few years.
In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable - and this is where a “quiet” trust may be helpful.
If you have ever been admitted to the hospital, you have likely been asked to sign a health care proxy form.
The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute, [...]
Grantor Retained Annuity Trusts (GRATs) are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes.
Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming, and knowing what you are allowed to do to fulfill your loved one's wishes is important — but it [...]
An executor, also called a personal representative, is the person responsible for managing the administration of a deceased person's estate.
Collecting art or other valuable items can be a passion for many people. Once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing [...]
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets is not always simple.
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you [...]
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
We've all been warned about protecting ourselves from identity theft, but one group of victims can't take action to defend themselves—the dead. There are steps that you can take to discourage [...]
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be [...]
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively [...]
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the [...]
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage [...]