Living Trusts have become an extremely popular estate planning tool, and for good reason. After all, a properly drafted and funded living trust can avoid probate, keep your affairs private, and greatly simplify what happens when someone dies or becomes incapacitated. The unfortunate part about living trusts is that they can sometimes feel difficult to understand and comprehend. Forbes’s recent article, “A Beginner’s Guide To Reading A Trust,” says that as much as attorneys ha
Putting off estate planning is never a good idea. Life happens, and before you know it, “someday” arrives. Everyone can benefit from having a plan in place if the unexpected happens, says Forbes in the article “6 Reasons Why You Should Have An Estate Plan.” It doesn’t matter if you are rich or poor—you need an estate plan. People with families who depend upon them, as well as singles who don’t, all need an estate plan. Creating an estate plan involves planning for the disposi
A good estate planning attorney can save your family the stress and expense of court and family feuds that often arise when planning is avoided or done in a hasty fashion. A solid plan that you create (and not the default one provided by the state) will provide tremendous peace of mind to those who are left behind. The sorrow of losing a loved one is more than enough for a family to experience, says NewsGram, in the article “4 Things You Must Know About Estate Planning.” Ther
Updating your estate plan after a divorce should be at the top of your must do list. Forbes’ recent article, “9 Things You Need To Know About Estate Planning After Divorce” suggests that, if your divorce was finalized in 2018, prior to the effective date of the new rules providing that alimony is no longer tax deductible, it’s time to revise your estate plan. It’s also good idea for those people who divorced in prior years and never updated their estate plans. Let’s look at s
Estate planning is fairly easy to do. That said, it is also very easy not to do (as evidenced by the statistics on the subject). Therefore, it is helpful to understand the reasons why putting together your estate plan is so important. Awareness of the importance of estate planning can help propel you into action. Investopedia’s recent article, “4 Reasons Estate Planning Is So Important,” says you should consider the following four reasons why you should have an estate plan.
Trusts are often associated with the very wealthy, who want to pass on their wealth to future heirs. However, there are many good reasons to set up a trust, even if you aren’t “rich.” In general, I recommend trusts for my clients when any one of the following factors are present: The client owns any real estate; The client has over $150,000 in cash or stock; The client owns a business or has interests in a business; The client is in a blended family situation; or The client v
It’s common when both parents die, that they leave their home to their children. However, what happens when the sibling, who’s the executor or trustee, refuses to sell the home (which still has a home equity loan). nj.com’s recent article, “What happens when siblings can’t agree about selling parents’ home” explains that even though an executor has some discretion in administering the estate, she has a duty to settle and distribute the estate expeditiously and efficiently for