Receiving an inheritance can be a meaningful and transformative experience, but it can also create challenges if not handled thoughtfully. Without a clear plan, an inheritor may struggle to manage newly acquired assets, face creditor or tax issues, or lack the financial experience Continue reading →

Committed, Protected, Prepared: Estate Planning Tips for Unmarried Partners

More couples than ever are building deep, lasting relationships without ever walking down the aisle. Whether by choice, circumstance, or principle, many Americans are opting out of marriage—but not out of commitment. Continue reading →

Creating an estate plan is a crucial task for any adult, but it is not a one-and-done task. Think of it as an annual physical exam or a periodic review of your investments with your financial advisor; regular checkups of your estate plan are essential to ensuring that it still fits your life and evolving circumstances and will work the way you intend when you and your family need it most.

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Have you just welcomed a baby to the family? Protecting your newborn goes beyond car seats
and babyproofing. Ensure that your child is protected no matter what life brings by creating an
estate plan. Establishing an estate plan is one to-do task that many people put off. They may
delay this very important task due to lack of time, the belief that they do not have enough money
or property, not knowing how or where to start, or fear of contemplating death. Whatever the
reason, if you have just welcomed a baby, it is time to meet with an estate planning attorney to
implement a plan.

In simple terms, an estate plan comprises a collection of legal tools that outline how you want
your money and property to be distributed and who will care for your dependent loved ones
while you are alive but unable to manage your own affairs (incapacitated) or after your death.
Working with a qualified estate planning attorney is the best way to ensure that your plan works
as intended and fully protects your family, including your newest addition. Continue reading →

 

Yes, everyone needs a will, a trust, or both. These important tools ensure that your legacy will be carried out according to your wishes and allow you to provide for loved ones after your passing. A properly prepared trust can also help avoid probate, which is a lengthy, public, and often expensive court process that becomes necessary when there is no legally valid estate plan in place for distributing your accounts and property after your death. Wills and trusts are not just for the wealthy: People with any level of means can benefit from having a clear plan in place to protect their loved ones, avoid unnecessary legal hurdles, and ensure that their wishes are honored. Even if your savings are modest or your property has mostly sentimental value, these planning tools provide peace of mind and control over what happens after you are gone.

Creating a will or a trust should be a priority for several important reasons, including the following:

Handling Digital Accounts

Almost everyone has at least one account or digital presence online. Think about all your photos stored in the cloud, as well as your emails, social media profiles, online shopping accounts, online payment platforms (e.g., Venmo or PayPal), and online banking accounts. Whom do you want to have access to them? Do you want the accounts deleted or transferred to someone else? What happens if the account holds money? How do your loved ones access that money? An estate plan ensures that your online photos, records, and accounts do not get lost or locked. Continue reading →

 

The United States is in the midst of the largest generational wealth transfer in history. Over the next few decades, baby boomers are expected to pass down an estimated $84 trillion in money and property,^[1] around $18–19 trillion of it related to residential real estate.^[2]

For millions of younger Americans, this means inheriting a parent’s or grandparent’s home. But while a house can be a generous gift that might seem like a windfall, the financial and practical realities of owning a home can quickly turn that gift into a burden for heirs who are not fully prepared.

A mortgage does not automatically disappear when a home changes hands. Ongoing costs—such as property taxes, insurance premiums, utility bills, and deferred maintenance—can also quickly pile up. And if the home lingers in probate or stays in a trust before transferring to beneficiaries, questions may arise about who is responsible for covering these expenses in the meantime.

If the house needs major repairs or is in a high-property-tax area, the costs can be staggering. On top of that, other “hidden” costs, such as cleaning out decades’ worth of accumulated stuff (which may or may not have financial or sentimental value) or replacing major outdated appliances, can surface.

This is not to say that inheriting a home is a bad thing—far from it. With home prices at record highs and many Americans priced out of the market, inheriting a house can be a life-changing opportunity. However, without proactive estate planning and frank conversations about the true costs of home ownership, it can also bring surprise expenses, family conflicts, and tough decisions. Continue reading →

After a loved one dies, their money and property that goes through probate must be distributed to the people legally entitled to it, either according to a last will and testament (also called a will) or the state’s default distribution scheme (found in its intestacy statute). 

While most people want the settlement process done as soon as possible, probate can take up to 12 months in some states. The time delays create unnecessary stress, especially for families who need access to those accounts or property to pay their deceased loved one’s taxes, expenses, or legally valid debts.
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Whatever the time of year, it is always good for members of the military and their loved ones to create or revisit their estate plan. Military families face unique estate planning considerations that others do not, especially when a family member is deployed overseas or receives a temporary duty assignment. In addition, service members have access to special benefits and resources that can add complexity to the planning process, so seeking help if you are a military family is important.

Whether you are beginning your military service or have been serving for some time, the following may be important in your estate planning. Continue reading →