A lot of people have been told they should avoid probate. But just because people may have heard that term, doesn’t mean they know exactly what probate means, why it can be a problem, or how to successfully avoid it.…
A durable power of attorney is an essential estate planning document. It allows someone who you appoint (your agent) to make decisions on your behalf in the event you become incapacitated. If you have not appointed an agent then your…
The practice of estate planning is evolving due to changing family structures. As recently as thirty years ago, a traditional family comprised a husband and wife who married young, purchased a home, had children, and worked toward financial stability and…
A family with a special needs child can use life insurance in two ways. In one situation, parents may consider purchasing life insurance for their child’s life, addressing the possibility of outliving them. Alternatively, parents may use a life insurance…
Almost everyone knows about the probate process, which takes place in probate court after someone passes away, and they are aware that it takes place after someone dies. Unfortunately, fewer people know that it can be a long and complicated…
Most likely, you have a beneficiary, as beneficiary designations are common in retirement accounts, wills, and trusts. A beneficiary is an individual (or legal entity) to receive the proceeds from a financial product or vehicle when the owner passes away.…
We don't own much. Isn't it possible to put off planning until we are able to afford it? You shouldn’t. It is crucial to give legal authority to a person of your choice, to care for your children if anything…
At first glance, life insurance may not seem to have any bearing on how assets are distributed in your estate plan. However, life insurance can be an integral, indispensably important part of a well-thought-out estate plan. There are numerous other…
You have been asked to be trustee for the trust created by your friend Rose. You would be managing Rose’s property for her and for others whom she names as beneficiaries. You might be paying her bills and taxes, overseeing…
As the COVID-19 pandemic continues, advance care planning and directives become more important than ever. Responses to vaccinations and understanding their efficacy, reinfection potential, and long-haul symptoms resulting from COVID-19 continue to baffle our scientific understanding. It appears the coronavirus…