When creating your estate plan, decide who to assign as your beneficiaries. These are the individuals who will inherit your money and property when you pass away. Beneficiaries often include a spouse or partner, children and stepchildren, grandchildren, other relatives, friends, charitable organizations, and/or a church.
Category Archives: Estate Planning
28
Apr
Apr
Raquel Welch had a reported net worth of $40 million. This will presumably go to her two adult children. However, few details reveal Welch’s estate plan. This suggests that she was also savvy about estate planning.
21
Apr
Apr
Who would care for your pet if you die or somehow face incapacitation? Would your survivors know how to give your pet the same level of care you provide? A good way to ensure your pet is well cared for if something happens to you is to create a pet trust.
14
Apr
Apr
Complex probate processes can be costly and take years to finalize, which is why many individuals retain an estate planning attorney to minimize probate proceedings.
24
Mar
Mar
Although gifts made within three years of your death are generally includible in your estate, an exception exists if a gift tax return was not required to be filed because the value of the gift was less than the annual exclusion amount. Transfers relating to life insurance policies, however, are an exception to this exception.
17
Mar
Mar
A last will and testament provides instructions about who should receive a person’s money and property when they die.
03
Mar
Mar
Although starting a business is a significant achievement, small business owners cannot coast on past accomplishments. You must look to the future and plan next steps.
27
Feb
Feb
Elder law lawyers may also focus on representing individuals with special needs and their families throughout the process, including attending hearings and communicating with the court. Navigating the legal process can be complex and vary by state. An elder law, disability, or special needs attorney will take all necessary steps and meet all deadlines throughout the legal process.
10
Feb
Feb
Do you still own the same property or have the same account balances as when your plan was first created? What will the balances be like at your death?
03
Feb
Feb
Parents of a special needs child could purchase life insurance for a child to benefit family caregivers.