Unless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary. In a perfect world, we’d all have our estate plans created when we started working, updated when…
Here’s a legacy that you may not want to leave for your family to pay: your credit card debt. It doesn’t go away when you die. Three out of four consumers die in debt, says Yahoo Finance’s recent article, “What Happens to Credit Card Debt When You Die?” That means…
One of the reasons for a pre-nuptial agreement, is to clarify who owns what in the marriage, and what happens to property if the marriage should dissolve. In a community property state, everything is “ours.” If you live in a community property state, like Texas, and you are married, both…
Estate planning is not as much fun as vacation planning, but it is something you do for your loved ones to save them a lot of stress. It can also provide a surprising sense of relief to have this task completed. It’s hard for anyone to consider their own mortality.…
Wealth transfer occurs in a number of different ways, and sometimes there are too many choices. How do you decide which strategy to use? Start by educating yourself about some of the fundamentals of lifetime gifting. Gifting strategies are used to minimize the tax burden on estates and preserve assets,…
A will serves several purposes. It gives you the power to distribute your possessions, according to your own wishes. It also lets you name who should take care of your children, if they are minors when you die, and of your pets, if you provide for them in the will.…
When you die, the assets you’ve accumulated during your lifetime have to be distributed. If you don’t make a plan, your family may be left to clean up a legal mess, quarrel amongst themselves, or watch as a long-lost family member is given everything by a court decision. An estate…
The fight over Conrad Prebys’ $1 billion estate continues, three years after the San Diego developer and philanthropist died. When the directors of the Conrad Prebys Foundation decided to give his son Eric $15 million, despite the fact that his father had left him out of the will, Preby’s longtime…
A trust is a complex document, but taking the time to read it a few times will prove enlightening. If you have questions, call your estate planning attorney, so they can help clarify anything you don’t understand. Attorneys do try to simplify documents when they can, so that clients will…
Notice that the title is not “if” you need to update a will, but “when.” A will is like the family pet—it can protect the house and demonstrate your love for your family. However, you have to take care of it. People often comment when they complete their estate planning,…