Per Stirpes vs Per Capita: What Do These Mean in a Will?
Takeaways
“Per stirpes” and “per capita” are terms used in estate planning that refer to the distribution method for the assets of a deceased person to their heirs.
The distinction can significantly affect how assets are shared among family members. When…
Spring Cleaning for Your Estate Plan: Review and Revise
Takeaways
Regularly reviewing and updating your estate plan is crucial to ensure that your money and property will be managed and distributed according to your wishes and that your health care preferences are followed.
Changes in life events, financial status, health, and…
Green Burials, Eternal Reefs, and Your Estate Plan
Takeaways
The evolution of burial practices reflects shifts in cultural values, religious beliefs, environmental awareness, and technological advancements.
Eco-friendly and innovative body disposition methods, such as green burials, reef burials, and space burials, are gaining popularity.
As societal attitudes continue to evolve, the…
Wealth Building With Cryptocurrency: A Generational Divide
Takeaways
Many older Americans shy away from cryptocurrencies as an investment vehicle for their retirement.
Millennials and Gen Z also view cryptocurrencies as risky — but as a risk worth taking.
We’re living in an increasingly digital world where virtually all areas of…
Estate Planning in the Face of Natural Disasters
Takeaways
Natural disasters such as wildfires, floods, and hurricanes highlight the importance of disaster preparedness in estate planning.
Such events can destroy crucial estate planning documents, leading to complications like probate delays, disputes, and difficulty accessing medical care. Proactive steps that include…
When, Why, and How to Talk About End-of-Life Care
Takeaways
Having an open, honest discussion with your loved ones about what you would prefer for your end-of-life care can be helpful in preparing for the unexpected.
Talking about death, especially one’s own death, remains a topic that most people avoid thinking…
Transfer-On-Death Accounts: A Useful Estate Planning Tool
Takeaways
A transfer-on-death (TOD) account may be a simple and straightforward way for you to pass your wealth or property on to your loved ones after your death.
TOD accounts can help your loved ones receive your financial assets upon your death…
Will You Owe a Gift Tax This Year?
The rules surrounding taxes on gifts often create confusion. With the 2025 tax season kicking off, be sure you understand the nuts and bolts of the gift tax, including when a gift tax form needs to be filed.
What Is the…
Love Your Pet Day: Estate Planning and Your Companion Animal
Having a pet comes with many benefits. Pets may offer companionship and loyalty while quality time with your pet can decrease your stress levels. They can teach your children about responsibility and emotional skills. Their presence can also encourage you…
Estate Planning for a Vacation Home
If you are fortunate enough to own a vacation home, you need to figure out what will happen to it after you are gone. Many people in this situation hope to keep vacation homes in the family. Guaranteeing that can…
What Is a Family Limited Partnership and Should I Form One?
A family limited partnership (FLP) is a business structure that allows family members to pool assets for business and investing purposes. Family limited partnerships can also protect personal assets, reduce taxes, and be used for estate planning and business succession.
Virtual Reality and Palliative Care
You’re walking along a coastline where forest meets sea. You hear the rhythm of crashing waves and see gulls swooping down from a crystal blue sky. A light breeze ruffles your jacket. You take a deep breath of the salty,…
Can Money Buy Happiness? Actually, It Depends
Does having more money lead to greater happiness? Some people will say yes, and others will say no. The answer is actually more nuanced. The effect income has on happiness can vary greatly depending on factors such as how much…
The Great Wealth Transfer: Managing Your Inheritance Wisely
We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source…
IRS: Request an IP PIN to Protect Against Identity Theft
In 2023, consumers across the United States lost a total of more than $10 billion to fraud, according to the Federal Trade Commission. More than a million of them were victims of identity theft, with reports of these and other…
Who Holds Your Will and Other Estate Planning Documents?
Once you’ve taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself.
Inheritance Tax: What States Have It and When It Applies
Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away.
Estate Planning Checklist: 5 Initial Steps You Can Take
Here are some steps you can take to get started with the estate planning process, even before you meet with an attorney to work on any legal documents.
IRS Announces 2025 Gift and Estate Tax Exemptions
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025.
Cybersecurity Awareness Month: Maintain Your Online Safety
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.
10 Do’s and 1 Don’t for the Trustee of 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?
Who Needs a Trust Instead of a Will?
While simple estate plans may just use a will, more complex plans may benefit from also employing a trust.
What Is a Trustee in Estate Planning?
A trustee is the person or institution appointed to manage a trust on behalf of beneficiaries of the trust.
Proper Estate Planning Reduces Issues of Probate
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 mitigate the risks.
IRS Finalizes 10-Year RMD Rules for Inherited IRAs
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 people who inherit individual retirement account (IRA) assets.
Estate Planning for Entrepreneurs and Business Owners
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 step away?
7 Common Inheritance Mistakes to Avoid
Avoid making these common mistakes that can rapidly affect your inheritance and future plans.
11 Reasons You Need to Create an Estate Plan
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.
Blended Families and Wills in Estate Planning
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 it comes to inheriting.
Why Trusts Are Important Estate Planning Tools
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.
How Life Insurance Is Involved in Estate Planning
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 beneficiaries.
Avoid Guardianship With a Durable Power of Attorney
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 authority to make decisions and act on behalf of another.
Their…
What Is a Contingent Beneficiary?
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 beneficiaries of your will.
Probate Process: A General Timeline
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 family dynamics.
7 Things to Know About Living Wills
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 informed decisions about your care in an emergency.
Medicaid Planning Protects Your Home
Your most valuable property may be your home. You likely want your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if you need long-term care.
A Seniors Guide to Estate Planning
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 have designated powers of attorney, a living will, or health care directives.
What Is MAID (Medical Aid-in-Dying)?
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 before its natural course has run poses grave moral issues for many.
Baby Boomers: Inheritance Conversations With Your Children
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.
Report: The Current and Future State of Estate Planning
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 said they have not consulted an estate planner regarding a trust or will.
New Year’s Resolution: Get That Estate Plan Done
Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.
Estate Planning: Should I Divide My Assets Equally?
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
14 Essential Questions to Ask Aging Parents This Holiday
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
Using a QTIP Trust in Estate Planning
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 children and charities.
Should My End-of-Life Care Plan Include a Death Doula?
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 and supportive care.
2024 Annual Gift and Estate Tax Exemption Adjustments
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 Revenue Service.
What Does Incapacitated Mean in Elder Law & Estate Planning?
Someone who is incapacitated cannot make personal decisions or understand legal documents. An incapacitated person requires a surrogate decision-maker, such as an agent under a health care power of attorney or a guardian.
6 Ways the Sandwich Generation Can Plan for The Future
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 communication.
Should a POLST Be Part of Your Care Plan?
By creating Physician Orders for Life-Sustaining Treatment (POLST), individuals with long-lasting or terminal conditions can ensure they receive their desired treatment should their health decline.
What to Know About Creating a Living Will
Creating a living will ensures your future health care decisions and plans are respected. A living will is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself.
Inherited Retirement Accounts: Minimizing Tax Consequences
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
What Is a Gun Trust?: Estate Planning Q&A
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 addition to creating a will, you may want to make special arrangements for your weapon.
Ashes to Ashes, or Ashes to Soil? Is Human Composting Real?
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 future.
Mitigating the Impacts: Sunsetting the Tax Cuts and Jobs Act
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 is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers.
Lady Bird Deeds: A Different Kind of Life Estate
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.
What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
8 Frequently Asked Questions on Last Wills and Testaments
Last wills and testaments (also known simply as wills) are not just for the wealthy.
Do You Need a Spendthrift Trust?
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
Modifying an Irrevocable Trust Through Trust Decanting
Many individuals are concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with the idea that such a trust can never be changed.
Do You Need a HIPAA Release?
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ privacy.
3 Common Probate Questions: Estate Planning Basics
Some assets transfer directly to heirs after a person’s death. Other assets must go through a process known as probate.
6 Facets of Estate Planning That LGBTQ+ Couples Should Know
For LGBTQ+ couples, estate planning may be more important than they realize.
Should I Explore Qualified Longevity Annuity Contracts?
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 schedule.
Why You Should Designate Beneficiaries
A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, and ensuring you have listed a beneficiary for each of these.
VT Law Now Permits Nonresidents to Access Assisted Suicide
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 suicide.
Do You Need a Trust?: Estate Planning Q&A
Trusts are legal arrangements used in estate planning, alongside wills and advance directives.
Be Careful Not to Name Minors as Your Beneficiaries
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 leaving assets directly to a minor.
There…
Be Careful Not to Name Minors as Your Beneficiaries
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 leaving assets directly to a minor.
There…
Limited Power of Attorney in Estate Planning
Powers of attorney that only allow an agent to do certain things are commonly referred to as a limited power of attorney.
Don’t Wait Until You’re Sick to Create an Estate Plan
While financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
When Should I Include a Pour Over Will in My Estate Plan?
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 likely, along with a pour over will.
What Does Having Power of Attorney With Dual Agents Mean?
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 person or more than one person.
Are Wills Public Record?: Estate Planning Q&A
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?
Estate Planning for Your Digital Legacy
Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of comprehensive estate planning.
What to Know About Being a Health Care Proxy
When you assume the role of surrogate decision-maker, it is crucial to understand the patient’s wishes and values.
Estate Planning Basics: What Is a Beneficiary to a Will?
People create wills to establish what happens to their money and assets when they pass away. In these documents, they can name beneficiaries – individuals who will receive those assets upon the person’s death.
3 Things to Know About Being an Executor
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
Estate Planning Basics: What Is an Executrix?
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away.
Estate Planning: An At-a-Glance Overview
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is an essential tool at any age.
What Is a Qualified Personal Residence Trust (QPRT)?
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 reaping lower transfer tax consequences.
Appointing an Executor? Here’s What an Executor Cannot Do
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 seriously. As part of your decision-making, you may also consider the things they would be prohibited from doing.
Who Can Override a Power of Attorney (POA)?
Powers of attorney can be overridden. However, the “who” and “how” depends on whether the principal is of sound mind.
Medicaid Funeral Assistance May Help Pay for Funeral Costs
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 other final expenses.
Does Power of Attorney End at Death?
Although every state’s laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of attorney ends upon a person’s death.
What Does the Term “Decedent” Mean?
“Decedent” is a legal term that refers to a person who has died with unsatisfied legal obligations.
Step-Up in Basis and Why It Matters in Estate Planning
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you.
What Are the Benefits of Having a Testamentary Trust?
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
Support a Charity – and Your Loved Ones – With a CLAT
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period.
Utilizing a 1031 Exchange to Avoid Capital Gains Taxes
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you.
Alternatives to Traditional Funeral Arrangements
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 alternatives to a traditional funeral service and burial.
What Not to Include in Your Will
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 avoid.
5 Smart Estate Planning Strategies for High-Net-Worth Families
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all solution for estate planning
What Is a Life Estate?
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 to the other owner.
Do Frequent Flier Miles Expire When You Do?
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 contrail?
What Is the Difference Between a Springing and Non-Springing Power of Attorney?
You may have heard of the terms “springing” and “non-springing” power of attorney and wonder what they mean.
No Will? You’re Putting Your Kids at Risk
As the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications.
Four Provisions People Often Forget to Include in Their Estate Plan
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 a big impact later on.
How You Can Help Your Loved Ones by Planning Your Funeral Arrangements
Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from incurring extraneous costs.
How Long Should I Hold on to Important Documents?
There are some documents that you will want to hang on to forever and some that you should keep for a few years.
Don’t Yet Want Your Heirs to Know About Your Assets? Use a Quiet Trust in Your Estate Plan
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.
