Typically, many people tend to think an estate plan only includes your Will. In today’s day and age, however, most people have a much more diversified estate plan than they realize. Your estate plan is far more than just your Will and includes things like trusts, investments, retirement accounts, and…
Most individuals recognize the importance of comprehensive estate planning, although they may still choose to avoid it. One important part of your estate plan is your power of attorney (“POA”). Basically, a POA is a document that nominates an individual to make legal decisions for you in the event that…
Once an individual decides to engage in comprehensive estate planning, several concerns may arise. One of those concerns often involves leaving a large sum of money to an heir that may be facing financial difficulty or may not yet have the ability to budget in a responsible manner. In such…
We have written several aspects about the role IRAs can play in your comprehensive estate planning strategy, as well as several concerns that accompany them. Here, we will address the two common choices facing non-spousal individuals listed as heirs for an IRA account that is not slated to go to…
In the past, a trust was something that seemed useless for many Americans. It was a term often used to refer to the bank accounts of wealthy individuals. However, trust can be useful tools for many individuals. You don’t have to be a millionaire to make use of them, either.…
For some people, the term “estate planning” conjures up images of wealthy families complaining about the estate tax. However, estate planning is an important responsibility for all adults with assets that they wish to leave behind. This is especially true today as most people are becoming increasingly familiar with the…
An important part of your estate plan is making sure that it provides for your heirs in the way you want it to. While you may take pains to make sure your estate plan is comprehensive and covers all your bases, it is important to factor your heirs and their…
Each individual state has its own trusts and estates laws. While there are many similarities among these laws, there are also important differences. Some states are notoriously difficult when it comes to the probate process. Fortunately, other states – like New York – make the process much easier when you…
Estate planning can be a difficult topic and is likely to touch on unpleasant emotions. However, it is an important part of comprehensive, responsible financial planning. Mistakes can be costly and some pitfalls can be difficult to recognize. In this three-part series, we will explore some of the biggest mistakes…
Comprehensive estate planning is a lifelong process. There are always reasons to review and update your estate planning portfolio, including major life events life births or divorces. Not only does estate planning need to be a part of adjusting to major life changes, but the components of your estate plan…