Whether this is the first time you're meeting with an estate planning attorney or you're setting up your first consultation with a financial planner, there are several important planning steps you can take in advance to make this easier. Having documents and a clear understanding of your current financial picture makes it simpler to tell the story of where you're at and where you hope to go. Any questionnaires that Read More
Creating A Memorandum for NFTs And Cryptocurrencies in Your Will
When you are adding NFTs or cryptocurrencies to your estate planning, security is a very unique challenge. As your will gets admitted to probate, this means it becomes a part of the public record where you live. You do not want to include significant details about crypto currency and other digital assets because this could create a security issue. A memorandum that goes with your will should be included along with Read More
Should I Put Real Estate into A Living Trust?
Many people have questions about both the creation of a living trust and the kinds of assets that should be placed inside it. One key question you might wish to ask your estate planning lawyer is, should I put real estate inside my living trust. There is a good chance that your primary home is one of your biggest assets, which can be beneficial from the perspective of creating a living trust since you can transfer Read More
Should I Name a Trust as a Retirement Account Beneficiary?
When designating retirement account beneficiaries, it is important to think about your individual estate planning goals. There are disadvantages and advantages to naming a trust as a beneficiary of a retirement account. You can avoid probate, expenses and frustration when naming beneficiaries for qualified retirement plans as these assets pass outside of your probate estate. Naming a trust as a beneficiary of your Read More
Is It Time for A Trust?
If you are concerned about passing on assets to your family members and their ability to manage this appropriately, a trust could be the perfect estate planning tool. For those young adults with money management issues or if you have minors who you want to eventually receive the assets, a trust can be a great way to name them as a beneficiary of a particular asset and protect the way in which it is passed on to them. Read More
How Much Life Insurance Is Enough for Estate Planning?
Each individual and family needs to determine the life insurance needs for their future. If you are the primary income earner in your house, you may need some substantial life insurance both through a group policy and a private policy that you maintain throughout your life to help support your loved ones if something happens to you. If your loved ones are coping with your loss, life insurance provides an immediate Read More
Do You Have a Plan for Your Special Collection?
Building a collection might be a significant personal hobby for you but it can present an estate planning conundrum if there are no loved ones that you wish to pass it on to. Many people who have a collection also have a great deal of knowledge that comes with it, such as knowledge about values or even the resale market. Starting a collection is a great hobby that can take you to all sorts of interesting places but Read More
Do Your Loved Ones Know Where Your Estate Documents Are?
Once you've created a living trust or a will, this is only the first stage in the estate planning process. You need to be sure that the documents are located in a safe place so that they could be accessed by any other key parties, such as the executor of your estate or a family member who needs to be able to find this material quickly. It is a good idea to consult with your estate planning attorney not just about Read More
When Is a Will Not Enough?
Most people recognize that estate planning requires a will for the vast majority of people, but when does a will not go far enough and potentially even leave you exposed to unnecessary problems for your loved ones? Recognizing when a will doesn't go far enough should prompt you to meet with your knowledgeable estate planning lawyer. A will doesn't avoid probate, which is one of the biggest reasons many people choose Read More
When Does an Executor Need to File Tax Returns?
An executor has numerous different responsibilities in the process of closing out a person's estate. Who you choose to serve in this executor or personal representative role is important because he or she may also need to communicate with your loved ones during the process. Furthermore, there is some complicated steps that must be addressed by the executor, including the filing tax returns. By tax day of the year Read More
