What does “probate” mean?
The term “probate” is one you may have heard and might associate with negative connotations, but you don’t fully understand what it is. For some, the term conjures images of lengthy delays waiting for wealth to…
Estate planning for second marriages: 5 tips to consider
For traditional nuclear families, the goal of estate planning is usually straightforward: Leave everything to the surviving spouse who, in turn, will leave everything to their joint children. Things get more complicated when a person divorces…
Is it time to review your beneficiary designations?
A will or revocable trust may form the core of your estate plan, but for most people, a substantial amount of wealth bypasses these traditional estate planning tools and is transferred to their loved ones through…
Taking steps to protect your will from being contested
Well-crafted, up-to-date estate planning documents are an imperative for everyone. They also can help ease the burdens on your family during a difficult time. Arguably, the most important document is your will. Regardless of how harmonious…
Special needs require a special needs trust
No one likes to think about his or her own mortality, so it’s no surprise that few people put estate planning at the top of their to-do lists. But to ensure that your wishes are carried…
Estate planning isn’t just about taxes
Last year the estate tax exemption amount was increased to $5 million. If your net worth is under this threshold, can you put off estate planning? From a tax-planning perspective, the increased exemption amount takes some…
Are your children prepared to handle your wealth?
Stories of “trust fund babies” who’ve squandered the wealth their parents carefully set aside for them to ensure their financial well being are all too common. If you’ve built up a large estate and are eager…
Compiling a marital balance sheet in divorce
Divorce is difficult for almost everyone. Being organized can help facilitate the process. A financial expert can help you with the first step, which is generally to compile a marital balance sheet. This document shows the…
Planning ahead after a divorce
If you’ve recently divorced, your time likely has been consumed with meetings with attorneys and in negotiations, even if everything was amicable. Probably the last thing you want to do is review your estate plan. But…
Your college-aged child doesn’t have an estate plan
As your child heads off to college, with little or no assets in his or her name, estate planning is probably the last thing on your mind. But while it may be difficult to think about,…