Can You Contest a Will That Leaves Your Parent’s Money to a Charity?
Though rare, it is possible to contest a will leaving your parent’s money to charity instead of you. Check out some valid reasons for contesting the will.
Advantages and Disadvantages of an ILIT
Based on a permanent life insurance policy, an ILIT can reduce tax obligations, provide greater control over certain assets and enhance privacy.
Trusts Help You Avoid Federal Taxes
Avoid Federal Estate Taxes With Trusts If you want to transfer your wealth to your heirs, you need to know how to avoid federal estate taxes. The current federal estate tax exemption stands at $11.7 million, and thus very few estates are subject to the tax. Even so, there are ways to minimize the burden. What Are...
When Should the Irrevocable Trust Be in Place?
There Are Basically Three Reasons to Use an Irrevocable Trust Did you know that an irrevocable ttrust cannot be modified, amended, or terminated without the permission of the beneficiaries? Set up to minimize taxes as well as other reasons, the grantor legally removes their rights to ownership. As an estate planning...
Is It Better to Update Your Estate Plan Before or After Divorcing?
When to Start Changing Your Estate Planning Documents After a Divorce If you are involved in one of the 2.4 million divorces happening each year, your estate plan might be the last thing on your mind. It is certainly important to remember to update these documents after your divorce, but many people are left...
How to Reduce the Chances of Your Children Arguing During Probate
Tips for Preventing Sibling Disputes During the Probate Process The average probate takes around nine months, but it can be extended even longer when heirs start disagreeing. An unfortunate reality of estate planning is that some siblings end up arguing about how their parents’ property should be distributed....
Giving Your Loved Ones the Gift of Avoiding Probate
One big reason that people draw up revocable living trusts is that they want to avoid the probate process. Probate is a court-supervised process that can take several months, or even years, to complete. Then your will is a matter of public record for everyone to see. None of this happens when you set up a revocable...
Estate Planning Issues When Your Kids Are 18 or Older
You can execute an estate plan at any time in life provided you are of sound mind when you do so. Most people who are well-versed in such issues would agree that devising a solid plan sooner in life is better than later or never at all. If your son or daughter has turned 18, there are several important estate...
5 Important Elements of a Will
Less than half of adults in the United States report having estate planning documents that include a will. If you haven't yet begun to explore preparing one, the impact of foregoing this step could be significant for loved ones left behind. Below, we go over five of the most important elements to be mindful of with...
The Correct Way to Seek a Conservatorship
Sometimes, it is necessary to become the guardian of an adult for the purpose of protecting that person’s finances. The adult may be the biological child of the person or may be a relative of a disabled person. Obtaining Guardianship of a Relative If it has been determined that a relative needs a guardian, you can go...