A common misconception about revocable living trusts is that they completely eliminate federal estate taxes on the property they hold. In reality, a living trust does not offer any unique estate tax avoidance strategies. However, when properly integrated into a comprehensive estate plan, a revoca...
Congratulations on your perfect wedding day! 🎉 You and your spouse had an amazing honeymoon and are now ready to embrace your happily-ever-after. But before you get too comfortable, it's time to tackle some important post-honeymoon legal and financial tasks to ensure your newly married status is ...
Americans are passionate about their hobbies and collections, investing significant time, money, and emotions in what they love. From classic cars to comic books, vintage toys to photography, hobbies often hold deep personal and financial value. That's why including these cherished items in your ...
If you recently married or have been married for a while and have acquired additional money or property (or plan to), you have options regarding how your assets can be owned. Although joint ownership for married couples seems easy and convenient, it may not always work as well as you think it sho...
Americans are, quite literally, getting buried in debt, with nearly half expecting to pass away with outstanding debts. As a general rule, a person's debts do not go away when they die. Some types of debt, such as federal student loans, are typically forgiven upon the debtor's death, but private...
Estate planning is essential for everyone—regardless of age or marital status. For newlyweds, it's an opportunity to ensure that your spouse and future family are protected from life's unexpected challenges. Proper estate planning provides peace of mind and ensures that you both have a say in wha...
Life insurance is often a cornerstone of estate planning, providing beneficiaries with a tax-free, lump-sum payment upon the insured's death. While it offers immediate liquidity to cover expenses like burial costs, debts, and income replacement, relying solely on life insurance can come with risk...
Managing the affairs of a deceased loved one can be overwhelming. One task that often goes overlooked is handling their mail. Whether you're the executor, personal representative, successor trustee, or simply the new owner of a deceased person's home, ensuring that mail addressed to them is prope...
“No, I am your father.”This legendary line, voiced by James Earl Jones as Darth Vader, is etched into cinematic history. From Star Wars to The Lion King, where he gave life to Mufasa, Jones's powerful voice defined generations of storytelling. Beyond the screen, his life and estate leave an endur...
Estate planning is essential to protecting your assets and ensuring your wishes are honored. Yet, many people delay creating a plan due to confusion about foundational tools like wills and trusts—or the consequences of dying without either (intestate). Here's a detailed comparison of what happen...
Adulthood comes with new freedoms—and new responsibilities. As you step into this exciting phase, one critical aspect to address is appointing decision-makers for your medical, legal, and financial matters. Without legal preparation, no one—not even your parents—can automatically step in to make ...
Turning 18 is a milestone—it marks your transition into legal adulthood. But with this change comes new responsibilities, including control over your medical information. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) ensures your medical records are private and protected...
Sending your child off to college is a bittersweet milestone. You've likely spent weeks preparing everything from dorm essentials to heartfelt goodbyes. But amidst the excitement and nerves, have you thought about how to protect your child legally and financially now that they're an adult? While...
Turning 18 is a milestone—welcome to adulthood! 🎉 While you may not feel different, the legal landscape of your life has shifted significantly. Here's what you need to know about your new responsibilities and how to plan for the future: Key Legal Changes When You Turn 18 Control Over Medica...
Michael Jackson's legacy continues to make headlines over 15 years after his passing in 2009. The King of Pop's estate recently overcame a series of legal hurdles, including a contentious tax dispute with the Internal Revenue Service (IRS) and a lawsuit from his mother, Katherine Jackson, to fina...
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, ...
In the United States, divorce is a significant life event many face. According to recent Centers for Disease Control and Prevention data, over 670,000 divorces and 2 million marriages occurred in 2022 alone. In some states, laws terminate an ex-spouse's rights in estate planning upon divorce, nul...
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...
