What happens if illness, injury, or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a court-appointed guardian. Health care arrangements...
Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and is likely your ‘pride and joy.’ So, it is normal if your fondest wish is for the business to continue...
With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates are not taxable. However, that does not mean making lifetime gifts is not without significant benefits — even if your estate is not taxable under the...
In a world that is increasingly paperless, you are likely becoming accustomed to conducting a variety of transactions digitally. However, when it comes to your last will and testament, only an original, signed document will do. The Original Vs. A Photocopy Many people mistakenly believe that a...
If you are going through a divorce, you probably feel overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. What The Law...
You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you would take this action? Following are five reasons: 1....
It is August, and that means it is time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as...
You have probably seen it in the movies or on television: A close-knit family gathers to find out what is contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for example, benefits at the expense her uncle,...
You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they also are useful for protecting assets, both now and later. After all, the better protected your assets are, the more...
Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and domain names. But what happens to these assets when you die or if you become incapacitated? The answer depends...