Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents of […]
No one will ever be you or parent exactly like you. More than likely, however, someone you know could do a decent job providing for your children’s general welfare, education, and medical needs if you can no longer do so. Parents with minor children should name someone to raise their children in the event both parents […]
Most people understand that having an estate plan benefits them and their loved ones. However, many individuals do not initiate the estate planning process because they do not fully understand the nuances of the core estate planning tools such as wills or trusts, additionally they do not understand the full implications of dying without either in […]
As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child’s other parent were unable to care for them? It is important to note that […]
About two out of three Americans will die without a will. This is known as dying intestate. While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their money and property are distributed according to the […]
Your retirement account may be one of the most valuable things you own. Many people consider naming their children as the beneficiaries of these accounts because they think it is a way of easily transferring their wealth if something happens to them. However, there are some factors that make this type of transfer more complicated than […]
It is a common misconception that financial management and estate planning are useful for only the wealthy. But estate planning is not just for the wealthy. Regardless of how much you have in the bank, you and your family can benefit from planning ahead for the future. If you fail to do so, you could leave […]
There is no question that having children changes everything — and your estate planning is no exception. If you and your spouse pass away or become legally incapacitated, and arrangements were never made in the event of such an emergency, your minor child or children will have to be placed with a new family. Not surprisingly, […]
