Beyond the practical purpose of transferring assets and reducing taxes, an estate plan reflects love, responsibility, and values. That emotional heaviness may be part of why many families avoid the subject. With aging parents, estate planning can often feel like a pressing matter, but for many Americans, that is not the case. Pew Research reports that […]
Parents generally try to treat all their children fairly. We often assume that fairness means leaving an equal inheritance to each child. However, when it comes to an estate plan “fair” does not always mean “equal.” A thoughtful estate plan considers each child’s unique circumstances to create distributions that truly support their needs. Situations of “Unequal” […]
In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other’s company. Then the matriarch or patriarch becomes incapacitated. Suddenly everyone wants to step forward to be the loving, responsible relative. Questions of who will be the primary decision-maker for grandma or grandpa can lead to tension. If […]
When you establish a trust, you nominate someone to be the trustee. The trustee is in charge of managing the trust’s accounts and property. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust’s […]
Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children who still […]
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a third-party SNT […]
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: First, who will get your stuff when you die; and Second, how do you want those individuals or charities to receive their inheritance? Ways to Give Away Your Money and Property […]
Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Welch appeared in more than thirty films and fifty television series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. However, Welch was more than an actress. She was also a savvy businesswoman […]
