While most of us have heard of “trusts,” few understand the differences between the various types of trusts, specifically revocable and irrevocable trusts. When it comes to estate planning, these two types of trusts are discussed most often. However, the differences between these types of trusts—and when (and how) they should be used—is where [...]
While we all go into marriage hoping and thinking it will last, the truth is that 50% of marriages end in divorce. So what about those who are on their second—or third, or fourth...—marriage? If you’re someone who has had more than one marriage, it is vital that you start estate planning early, and [...]
We live in a digital world, where almost everyone has an online presence, as well as multiple passwords across multiple platforms. Even to simply sign on to a computer or cell phone normally requires some sort of password...with an uppercase letter, lowercase letter, number and a special character involved. By including digital assets in [...]
The only thing more important than having a power of attorney in place, is who you choose to represent you and carry out your wishes in the event of incapacitation. A power of attorney, or POA, is a legal document drawn up by your attorney to give authority to someone else to act and [...]
One of the biggest mistakes that someone can make in terms of estate planning is not updating their plan after certain life events. There are several common life situations that may require you to update your estate plan: You moved to another state. Estate planning laws vary state by state. Make sure that when [...]
Estate planning is a hard topic to talk about, but no matter your age or wealth, it is smart to have a plan in place should the unexpected happen. Basic estate planning starts with a will, which deals not only with your property but with other important decisions, as well. You may know, however, [...]
Growth is a mandatory part of life. As you age, your life expands and changes. Often these changes come slowly, but sometimes tectonic shifts happen—and it is at these times that your estate plan needs an update. Divorce is an example of one such tectonic shift. When ending a marriage, it is crucial that [...]
While on the campaign trail, then-presidential candidate Joe Biden presented a tax plan that promised to return the federal estate and gift tax exemption to its pre-Tax Cuts and Jobs Act (TCJA) amount of $5.85 million, and to increase capital gains taxes on upper-income individuals (among other provisions). Instead, when he announced the “American Families [...]
When it comes to estate planning, even the smallest error can cost you. It’s not just your life’s work that is at stake, but your family’s long-term well-being and, in the worst of cases, your family unity. Oversights in your estate plan may not only be costly but can also provoke irreparable conflict among loved [...]
Ask the average person what they know about estate planning and you’ll probably hear something about last wills and testaments. These are the most well-known documents associated with the subject, after all, but they are far from the only ones that matter. Trusts, advance directives, and power of attorney documents are just as essential. Indeed, [...]
