Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability. When an…
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…
“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…
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…
It’s a problem that most people wish they had: a sudden influx of money, sometimes a lot of money. It can be overwhelming, and the most important thing to do is—nothing, at first. The first thing to do when you are newly flush with money, is take a few deep…
Consumers often find themselves with investments with one company, insurance with another, a financial advisor with a third company and one or maybe more banks. Depending upon the asset level, it may make sense to put all of this under one roof. Trust companies provide clients with a variety of…
There are different types of property. What we informally call real estate, is known in the law as “real property.” That includes any property that is made of land and any structure that sits on it. That also can include assets that appear on that piece of land, like crops,…
An IRA is one of the most popular ways to save for retirement. The possibility, however small, does exist that you will pass before using the entire IRA. How do you decide who to leave your IRA to? In addition to leaving assets, including IRAs and 401(k)s, to heirs, you…
The last step of an estate plan is one that all too often gets forgotten. That’s too bad, because unless you retitle assets so that they are owned by the trusts created for the plan, means that all good planning could be worthless. When you are done creating an estate…
With about half of all marriages ending in divorce, second marriages and blended families have become the new normal in many communities. Estate planning for a blended family requires three-dimensional thinking for all concerned. An article from The University Herald, “The Challenges and Complexities of Estate Planning for Blended Families,…