If you ask any middle-aged person, he or she will invariably tell you that time passes incredibly quickly. It can be surprising to come to the realization that your 50th birthday is waiting just over the horizon, because you still consider yourself to be young. In a relative sense, a 50-year-old person is still young, but it is kind of late to initiate your retirement planning efforts. For most people, it takes a long-term, sustained effort to accumulate the resources that will be necessary … [Read more...] about Retirement Planning: See the Entire Picture
Estate Planning
How Can I Protect a Spendthrift Heir?
How Can I Protect a Spendthrift Heir? from Paul Kraft If you use a will to state your wishes regarding asset transfers, you would be leaving lump sum inheritances. If you have a spendthrift in the family, this loved one could squander his or her inheritance quickly. … [Read more...] about How Can I Protect a Spendthrift Heir?
Inheritance Planning Choices Can Impact Family Harmony
You are not compelled to give gifts to anyone during your life, and if you do give gifts, what you want to give is entirely up to you. People are supposed to politely accept your decisions and be appreciative for whatever they may receive. The same principle would logically apply to the process of inheritance planning. However, when you are engaged in your inheritance planning efforts, you may want to be sensitive to the family dynamic that will be left behind in light of your … [Read more...] about Inheritance Planning Choices Can Impact Family Harmony
Lack of Planning Can Yield Negative Consequences
People sometimes avoid the subject of estate planning for decades on end, because they assume that there would be no negative consequences if they do nothing to prepare for the inevitable. There are laws in place to take care of everything, right? In reality, a lack of planning can yield some very negative consequences. If your failure to act only impacted you, it could be a risk that you are willing to take. However, when you go through life without a plan for aging and eventual death, it is … [Read more...] about Lack of Planning Can Yield Negative Consequences
Can I Create a Trust for the Benefit of My Pet?
When you create a trust, you name someone that you love as the beneficiary. Usually, this beneficiary is going to walk on two legs. However, it is also possible to create a trust that would benefit a furry loved one who walks on four legs. Most states in the union do allow for the creation of pet trusts. We practice law in the state of Indiana, and it is possible to create a trust for the benefit of a pet in our state. In fairness, if you are a relatively young adult with an immediate … [Read more...] about Can I Create a Trust for the Benefit of My Pet?
Is There an Estate Planning Solution for Small Business Partners?
Your estate plan should be crafted to suit your specific needs. There are those who think that there are limited possibilities, but in fact, there are estate planning solutions that can match virtually any set of circumstances. Some people are faced with confusing situations, and this would extend to small business partners. How do you plan your estate if the value of your share in your business is a large part of your net worth? This is a good question, but there is an estate … [Read more...] about Is There an Estate Planning Solution for Small Business Partners?
What Happens If I Accidentally Leave Assets Out of My Living Trust?
If you have always assumed that you should use a last will as the centerpiece of your estate plan, you may want to take pause. Even if your situation is not extremely complicated, you may find that a living trust is a better choice once you become apprised of all of the facts. When you establish a living trust, you do not surrender control of the assets. While you are alive and well, you can direct the actions of the trust, because you can act as the trustee. You can also be the beneficiary … [Read more...] about What Happens If I Accidentally Leave Assets Out of My Living Trust?
Inheritance Planning After Remarriage: Protect Your Children
Unfortunately, a significant percentage of marriages do not withstand the test of time. First marriages fail at a significant rate, and perhaps surprisingly, the majority of second and third marriages end in divorce. These statistics are eye-opening if you adopt a completely pragmatic stance. Depending on the circumstances, you may want to consider entering into a premarital agreement if you are a divorced person who is getting remarried. Though you will certainly be hoping for the best, you … [Read more...] about Inheritance Planning After Remarriage: Protect Your Children
Inheritance Planning: Consider the Recipients
When you envision the process of inheritance planning, you may logically think about preparing assets for distribution to your loved ones. You execute certain legal documents, and you slice up your assets like pieces of a pie. This is one way to look at it, but there is another aspect to consider. The giving is only part of the equation; you also want to consider the life situation of each respective recipient. There are different ways to transfer assets, and the ideal way to get assets into … [Read more...] about Inheritance Planning: Consider the Recipients
Should I Use a Revocable or Irrevocable Trust?
If you have not researched the subject extensively, you may assume that a trust is a single type of document that serves a universal set of purposes. In fact, this is not the case. There are various different types of trusts that can be used to satisfy different objectives, though some of them can accomplish multiple aims simultaneously. One major difference between trusts is the right of revocation. You can revoke or dissolve some types of trusts, and there are also irrevocable trusts. At … [Read more...] about Should I Use a Revocable or Irrevocable Trust?
