Because of the high incidence of divorce in the United States at the present time there are a lot of blended families out there, and there are many different types of scenarios to address in an estate planning context. We are going to take a look at a relatively common one here and offer a typically utilized solution. To explain by way of example, let's say that you married your childhood sweetheart and had three children along the way. You accumulated assets as a couple and you … [Read more...] about Blended Family Solution
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Asset Protection Can Be Key Consideration
There are a number of different factors to consider when you are engaged in inheritance planning, and one of them would be details specific to the people who comprise your inheritance list. It is not always as simple as handing over a lump sum bequest directly, because for one thing there can be estate tax implications that must be addressed. Some heirs may not be ready to handle a large sum of money, and for these individuals you may want to include stipulations, perhaps through the … [Read more...] about Asset Protection Can Be Key Consideration
Consider An RLT
You may have heard the expression "the right tool for the right job," and a lot of times what separates the professionals from the rest of us is the fact that they have the right tools at their disposal. When it comes to estate planning there are different tools that are utilized under varying circumstances. There can be more to it than simply drawing up a last will, and this is why it is advisable to work with an Indianapolis estate planning lawyer when you are contemplating your … [Read more...] about Consider An RLT
Inheritance Planning: You Have The Control
When you are engaged in inheritance planning you have to consider the impact that a large windfall will have on the recipients. Perhaps you have some heirs on your inheritance list that are established in their own right, having demonstrated the ability to handle their own affairs effectively. You may have no hesitation about leaving a lump sum to someone like this, but there could be other people who will be receiving inheritances that could use some guidance. You have options … [Read more...] about Inheritance Planning: You Have The Control
Valuable Retirement Planning Information
Now that we are living in the information age there is a lot of data right there at your fingertips, and this ready access to information makes it a lot easier to plan for the future. With this in mind we would like to highlight a very good resource that is offered by the Social Security Administration in the form of the Social Security Retirement Planner. A lot of people have questions about Social Security, and though it is not a good idea to rely too heavily on Social Security to … [Read more...] about Valuable Retirement Planning Information
There Is More That One Type Of Will
Just about everyone is aware of what a simple last will is utilized for, and the execution of this document can be the right choice for some people who have a very uncomplicated estate. However, there are some other types of wills that are routinely used in estate planning as well and we would like to take a look at some of them here. Living Wills A living will does not have anything to do with the transfer of personal property. This document is an advance health care directive, and … [Read more...] about There Is More That One Type Of Will
Lessons To Be Learned Through MLK Estate
When famous people pass away you often hear about the way that they planned their estates, and some of the stories are quite positive. For example, we lost the mercurial British songstress Amy Winehouse over the summer, and according to reports she had an ironclad estate plan in place. Her parents and her brother were provided for while her former husband, who could have been in line for an inheritance had she failed to plan ahead, was excluded. Other people of note were not as … [Read more...] about Lessons To Be Learned Through MLK Estate
What Is A Buy-Sell Agreement?
Buy-sell agreements are often used by partners in small businesses who are engaged in succession planning, and they can provide a solution to a rather challenging situation. If you are a partner in a small business you may find that your share is your most significant financial asset. But you probably don't want to give this asset in its entirety to just one of your heirs. So how do you make it liquid so that you can spread it to multiple family members without forcing them to sell … [Read more...] about What Is A Buy-Sell Agreement?
How Will You Be Remembered?
When someone passes away there are two different ways to perceive of the event. You could look at it as something that is totally sad and feel as though the only appropriate response is to mourn. On the other hand, you could choose to celebrate the life of the deceased individual. This would include remembering all of the qualities that made this person special and unique. When you are planning your estate you may want to ask yourself how you will be remembered and take steps to … [Read more...] about How Will You Be Remembered?
Proper Incapacity Planning Can Prevent Guardianships
If you were to become incapable of handling your own affairs due to mental or physical incapacity, interested parties could petition the court to appoint a guardian to act in your behalf. You may have no say about who this guardian is going to be, and if the petition is granted you could become a ward of the state. This is a prospect that is not appealing to many people, but the good news is that you can avoid guardianship proceedings if you engage in intelligent incapacity … [Read more...] about Proper Incapacity Planning Can Prevent Guardianships
