Using a DIY deed to add children or others as joint property owners with survivorship rights may seem like a quick way to bypass probate, but it can lead to significant complications. When property has joint ownership with survivorship rights, the surviving owners automatically inherit the deceas...
As family sizes in America shrink, planning an estate for an only child presents unique opportunities and challenges. While leaving your entire estate to one child may seem straightforward, it's important to consider their role and the responsibilities they might inherit. Here's what you need to ...
You routinely check your retirement, bank, and investment balances, but when did you last review your beneficiary designations? These designations on accounts like IRAs, life insurance, and 401(k)s determine who inherits your assets—and they override instructions in your will or trust. Life chan...
A third-party special needs trust (SNT) allows you to provide for a loved one with disabilities while preserving their eligibility for government benefits like Supplemental Security Income (SSI) and Medicaid. SNTs can cover various goods, services, and enriching experiences beyond basic support, ...
If you've created a revocable living trust, you're on the right path to building a comprehensive estate plan. However, many people mistakenly believe that simply having a trust guarantees they'll avoid probate. Unfortunately, that's not always the case. The key to probate avoidance lies in proper...
Irrevocable dynasty trusts are a common feature in estate planning, offering long-term benefits like tax minimization and asset protection for multiple generations. These trusts can extend through the lifetime of a surviving spouse and even several future generations. The trust's duration depends...
Surprisingly, only about 25–35% of Americans have an estate plan. Without one, the state—not you or your family—will decide what happens to your assets, including your business interests. While the business succession planning rate is higher, studies show that many family businesses lack formal s...
When a loved one passes away, cherished memories often come to mind—perhaps a piece of jewelry like Grandma's ring, which holds both sentimental and financial value. However, dividing personal property in an estate can quickly lead to disputes, especially when there's no clear plan for who gets w...
Many members of the next generation expect to receive a significant inheritance as part of the ongoing Great Wealth Transfer. However, research reveals a growing gap between what children anticipate inheriting and what their parents actually plan to leave behind. If you've been left out of your p...
Choosing a guardian for your minor children is a critical decision that every parent should make. While it's difficult to imagine someone else raising your children, the alternative is far worse: a judge who doesn't know you, your child, or your family could make that decision for you if somethin...
Making everyday decisions is something we take for granted, from choosing meals to planning vacations. But what happens if you're no longer able to make decisions for yourself? Selecting the right person to act as your conservator is crucial for ensuring your personal and financial needs are met ...
When establishing a revocable living trust, you likely named yourself as the initial trustee to manage your own financial affairs. However, a successor trustee will eventually need to take over when you can no longer manage your trust due to incapacity or after your death. Choosing the right succ...
Selecting the right initial trustee is a crucial decision when setting up your trust. If you're creating a revocable living trust, you will likely serve as the initial trustee. However, it's important to choose successor trustees who can take over when you're no longer able to manage the trust. T...
Choosing the right guardian and trustee for your minor child is one of the most important decisions in your estate planning process. These roles involve caring for your child's well-being and managing their financial inheritance, making it crucial to understand the differences and the qualificati...
When planning your estate, selecting a trustee, executor, and agent under a power of attorney is a critical step. These individuals are fiduciaries, meaning they are legally obligated to act in your best interest and the best interests of your beneficiaries. Whether you are drafting a will or est...
Your estate plan likely includes powers of attorney for medical and financial matters, ensuring someone can act on your behalf when needed. But have you considered what happens to your minor children when you're out of town? A comprehensive estate plan should not only protect you but also your c...
Estate planning isn't just for the wealthy—every adult should have a plan in place. Yet, most Americans do not. One of the main reasons for this is the perceived cost of creating an estate plan. Unfortunately, the financial consequences of not having a plan can be much greater than the upfront co...
Thinking about creating a simple estate plan on your own? While it might seem easy, estate planning is more complex than it appears. Laws vary significantly from state to state, and they frequently change, making it difficult to ensure everything is done correctly. Even a minor mistake—such as a ...
Many people choose to set up joint ownership for bank accounts or real estate, especially with rights of survivorship, as a way to avoid probate. It seems like a simple, convenient way to ensure that the surviving joint owner (usually a spouse or family member) automatically inherits the property...
Many people assume that if they die while married, their spouse and children will automatically inherit everything. However, this belief is rooted in state laws that apply when someone dies without a will—referred to as dying "intestate." In this situation, inheritance is determined by state-spec...
Creating a comprehensive estate plan is essential to ensure that all your assets—both tangible and intangible—are properly accounted for. However, even the most meticulous planning can leave some assets unassigned, resulting in what is known as a residuary estate. This estate, which can include v...
The relationship between spouses is significant, especially in estate planning. While you can exclude certain family members like parents, siblings, and adult children from your estate plan, excluding a spouse is not as straightforward. Legal protections exist to prevent a spouse from being disin...
August is National Black Business Month, a time to celebrate and support Black-owned businesses across the nation. At The Robinson Advocacy Group, we recognize the critical role that entrepreneurs play in driving economic growth and fostering innovation within our communities. As a business law a...
The Challenge of Loving Someone with an Addiction Loving someone with an addiction is incredibly challenging. It's especially tough for parents to watch their children, whom they once had high hopes for, struggle with substance abuse. Regardless of the circumstances, relationship, or age, having...
