Three Tips for Overwhelmed Executors
Three Tips for Overwhelmed Executors While it is an honor to be named an executor in a person’s will, it can often be a sobering and daunting responsibility. Being an ...
Guardianships & Conservatorships and How to Avoid Them
Guardianships & Conservatorships and How to Avoid Them If a person becomes mentally or physically handicapped and can no longer make rational decisions about their person or their finances, their ...
Estate Planning for the Chronically Ill
Estate planning for the chronically ill There are certain considerations that should be kept in mind for those with chronic illnesses. Before addressing this issue, there should be some ...
Three Celebrity Estate Planning Mistakes and Tragic Lessons
Three Celebrity Probate Disasters and Tragic Lessons One would assume that celebrities with extreme wealth would take steps to protect their estates. But you know what they say about those ...
Will Our Child Have to Handle Multiple Trusts After Our Deaths?
Will Our Child Have to Handle Multiple Trusts After Our Deaths? When a married couple creates an estate plan using a revocable living trust, they have the option of creating ...
What To Do if Your Trustee Is Unresponsive
What To Do if Your Trustee Is Unresponsive A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of ...
What is a Nongrantor Trust?
Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the person who created the trust) but are terms that have to do with the trust’s income tax (typically not estate or gift tax) liability.
Important Questions to Ask When Investing in a Vacation Property
According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved ones. Following are some important estate planning questions to consider to ensure that your place of happy memories is protected.
How to Keep Your Child’s Inheritance Out of Your In-Law’s Hands
About 40 to 50 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, you must face the possibility that they could become your child’s ex-spouse. Should that day come, the money you leave to your child could be subject to a division of marital assets. With careful estate planning, your child’s inheritance can be kept safely out of the hands of their spouse or former spouse.
Things to Consider Before Accepting Your Inheritance
The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting.