The decisions you choose to make and those you ignore or overlook for your estate plan will have long-lasting and permanent ramifications. Don’t let the significance of estate planning prevent you from getting started. Would you fail to jump to action if you saw a friend choking because of the long-lasting ramifications of helping him?…
Read MoreOptional estate planning documents are generally not legally binding documents. Their purpose has little or nothing to do with the transfer of assets and do not effect estate tax. Optional estate documents focus on values, lessons, and legacy issues. Not everyone wants to think about these issues since they can be much more emotional. 1)…
Read MorePower of Attorney: What is it? This sounds much more complicated than it is. A power of attorney (POA) is a legal document that allows one person to act on behalf of another. The person setting up the POA is called the principal and the person given the power to act is called the attorney-in-fact.…
Read MoreA Will: What is it? After you pass away, the courts must determine the distribution of your assets. A Will is a legal document that expresses how your assets should be distributed at death. Remember, each state has a pre-determined plan for your assets that they will use unless you provide other instructions. A Will…
Read MoreThe top 10 excuses people use to avoid creating an estate plan. 1) I don’t have enough assets to require an estate plan. When I talk to some people about estate planning, they look at me like I’m crazy. They say, “My last name is Jones, not Rockefeller. I’ve got a simple life with modest…
Read MoreCongratulations! You already have an estate plan. Maybe you didn’t know it, but right now you already have an estate plan! Even if you’ve never written a Will or considered estate planning, you have a plan. Each state has developed an estate plan of last resort—called an “intestacy”—for residents who haven’t created their own plan.…
Read MoreMost of us don’t like to think about death, but as uncomfortable as it may be to think about, if you put off proper planning you risk subjecting your loved ones to a financial disaster—just as they’re trying to deal with the emotional impact of a loved one’s passing. You’ve worked hard to design your…
Read MoreA slick way to leave money to your family and friends… I kind of lied to you. I know our relationship is built on trust, but when I told you your options for leaving your assets to others after you passed away were just to do nothing, write a will, or create a trust, I…
Read MoreWhat happens when you die? According to the Catholic tradition . . . no, don’t worry. This is not a religious or philosophical discussion about what happens to you when you die. We want to know what happens to your stuff and your money when you die. Now that’s interesting. Think about it. A person…
Read MoreLiving trusts are created with a clearly defined objective: to avoid probate. Unfortunately, misconceptions about living trusts have spread to the point where people think they can accomplish much more than they can. If you fear probate, consider a revocable living trust. If you worry about your will being contested or your heirs fighting over…
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