If you’ve done any research about estate planning, then you’ve probably seen the word “trust” pop up quite often. And for good reason. Trusts are an essential component of estate planning and chances are, you should have one in your plan as well. What kind of trust you need however, isn’t so cut and dry. There are basically two methods of creating a trust: The testamentary trust is created after you die in accordance with instructions you leave in your Will. This type of trust is often … [Read more...] about Q&A: What's the difference between a testamentary trust and a living trust?
Should You Have A Special Needs Trust?
Spend even just a little time planning your estate and you’ll quickly realize that there are a number of different ways to protect your estate and provide for those you love. A living trust, for example, can protect your assets from probate and even minimize the amount of estate taxes your heirs will pay after you’re gone. A living will can ensure that your preferences on health care matters are honored and if you have pets, you can even create a pet trust to make sure they enjoy a happy, … [Read more...] about Should You Have A Special Needs Trust?
What Is An Executor?
Simply put, the executor of an estate (or Will) is the person responsible for seeing that the wishes of the deceased are carried out. To ensure that your wishes are in fact, honored, you should choose someone who is dependable, responsible, and available to be your executor. The responsibilities of the executor can vary depending on the wishes of the deceased, but some of the most common duties include: Locating and protecting the assets, determining “who gets what” and making sure the … [Read more...] about What Is An Executor?
When Is The Best Time to Plan Your Estate?
When is the best time to plan your estate? Now. Estate planning is one of the most important actions you can take to protect your estate and the inheritance you hope to pass on to your heirs. Taking the time to plan your estate ensures that you decide who receives what, and you can even stipulate when they'll get it. A good estate plan can also help you minimize or even avoid probate fees, and in some cases your beneficiaries can even avoid paying estate taxes at the time of your … [Read more...] about When Is The Best Time to Plan Your Estate?
Estate Planning For Your Small Business
When my clients talk about starting a small business, they see that business as a means to several ends. If profitable, it will give them the ability to increase their income and support the lifestyle they want. It also allows them a freedom they just can't find anywhere else - to be their own boss and call their own shots. But all of this pales in comparison to one of the biggest dreams that small business supports, and that is the ability to build a legacy that they can leave to their … [Read more...] about Estate Planning For Your Small Business
What is a Power of Attorney?
A Power of Attorney (POA) is a document that gives legal authorization for someone to act on your behalf. There are different types of powers of attorney, each of which you would want to use in different situations. There are three main types of power of attorney and together they are called the ‘Guardian Trio’. These are: (1) power of attorney for finances, (2) power of attorney for health care, and (3) power of attorney for living trusts. Power of Attorney for Finances There are … [Read more...] about What is a Power of Attorney?
Estate Planning Tips for Blended Families
As the rate of divorce and remarriage has increased over the years, blended families have become the norm. One or both spouses may have children from previous marriages, creating a variety of living arrangements in the family home. And if you think that managing a blended family can be challenging to the typical family “routine”, imagine what it does to a typical estate plan. In fact, blended families can present some pretty unique challenges to the estate planning process, the most common … [Read more...] about Estate Planning Tips for Blended Families
5 Reasons to Update Your Estate Plan
Life is all about change and your estate plan needs to account for these changes as they occur. Below are five important reasons to make changes to your estate plan. Updating Your Guardians, Representatives or Trustees. When the lives of others change, it can affect the way your estate plan is carried out. For example, if your children are still minors (under the age of 18) and you have named your sister as their legal guardian upon your death, this might need to be changed if she moves … [Read more...] about 5 Reasons to Update Your Estate Plan
