A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, since they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally. A revocable trust, commonly called…
Admit it: Whether you're 35 or 65, the prospect of retiring without a mortgage is an attractive one. No more monthly mortgage payments to your home lender means extra money to spend on having fun in retirement. After years of punctual principal-and-interest mortgage payments, it's the least you deserve, right?…
“Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new…
This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.” Many of us set New Year’s resolutions to improve our quality of life. While it’s often a goal to exercise more or eat more…
Property deeds are used to convey real property from a grantor (seller) to a grantee (buyer). For a deed to be legally operative, it must include the identification of the grantor and grantee, and the adequate description of the property. Property deeds can be classified into several categories. Investopedia’s recent…
A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by. MSN’s…
“The heirs of a philanthropist who donated a historic theater to the City of Miami want it back.” A dissolved nonprofit controlled by the heirs of Maurice Gusman sued the city of Miami recently, in an attempt to regain control of the Olympia Theater and restore it to its former…
Blended families are almost the new normal in America. A Pew Research Center analysis shows that as many as 40% of all new marriages include at least one person who had been married before. For another comparison, in 1960, 13% of all married adults had been married before, compared to…
Some people think once the children are all grown up, with spouses and children of their own, that they don’t need life insurance. However, it can play a valuable role in protecting the family and transferring wealth. With estate tax exclusions at levels that make them a non-issue for most…
If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs. If you decide to purchase a life insurance policy or to put some money into a new deferred annuity contract or Individual Retirement Account (IRA), you need to complete the beneficiary form.…