How to talk to your aging parents about estate planning
Talking about finances and health challenges can be very emotional. Many older adults grew up in households where such discussions were largely deemed inappropriate. They may pass those values on to their children, who may then struggle to talk about practical...
Are estate planning fees tax deductible?
Creating an estate plan is not a legal necessity, but it is a practical obligation. Those with sizable personal resources need an estate plan in place to protect those assets and arrange for their distribution to others in the future. Those with dependent family...
What percentage of people choose to have living trusts versus wills?
In estate planning, two essential testamentary documents often come into play: living trusts and wills. These legal instruments give individuals control over their assets and the distribution of their wealth after their death. How do people choose between these two...
Should children know what they’re going to inherit when you die?
Those putting together an estate plan have to think carefully about the relationships that they've had with their family members and other loved ones. They typically need to very carefully evaluate their financial circumstances to see what resources they can offer and...
How will a minor child receive their inheritance after your passing?
In many cases, estate planning occurs when someone’s children have reached the age of majority. They’re already 18 years old or older, so it’s just a process of transferring assets to the next generation. They are allowed to inherit property, so parents can opt to...
Can estate planning be affordable?
A significant number of adults do not have an estate plan even though they have property in their names or dependent family members. One of the many reasons that people cite for putting off estate planning is that it can be expensive. A review of national costs...
How do retirement accounts factor into estate planning?
Your retirement accounts may have a higher total value than the home where you live if you are already close to retirement age. After all, those savings will need to support your household for years after you officially and your career. Experts have long recommended...
The often-ignored risks of DIY estate planning
A surprising number of adults are attempting to create their own estate plans. Many are turning to how-to tutorials online which gives them a false sense of confidence about the end product that they’re seeking to craft. Unfortunately, the do-it-yourself (DIY)...
What are the differences between a living trust and a will?
Trusts and wills are two of the main documents that people use to leave assets to their heirs. With either one, you can determine how you are going to pass your wealth on to the next generation. However, along with the similarities come some very significant...
How do I appoint a guardian for my child?
As a parent, your primary responsibility is to secure your child’s health and well-being. And most parents take this responsibility very seriously. However, there is one aspect that most parents overlook: appointing a legal guardian for their child. Basically, a legal...