There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order.
In a society dominated by paperwork, the question of how long to hold on to important documents is baffling for most people. We especially worry about documents of a financial or personally identifying nature. People who worry about losing something important sometimes keep everything; others who worry about things like identity theft are too quick to […]
The best time to share your family history with loved ones is right now, before the memories are forgotten. The coming holiday season is a great opportunity to reminisce because you’ll probably have your loved ones nearby.
If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your accumulated miles once you’re gone. They could be worth thousands of dollars, so you probably don’t want them to just disappear, but some airline policies say that’s exactly what will happen.
Maya Angelou’s heirs are in a bitter fight over her legacy, according to this November 7, 2017, article from www.courthousenews.com. Maya Angelou’s grandson allegedly is trying to gain control of the late poet’s intellectual property from his father and has bankrupted a company set up to manage her legacy. Maya Angelou’s son has accused her grandson, his son, of trying to cut him out of the proceeds from Caged Bird Legacy, the company that manages the intellectual property of the author and poet, including her copyrights. Angelou, the beloved author of I Know Why the Caged Bird Sings, was awarded the 2010 Presidential Medal of Freedom. After her death in 2014, 25% of her company’s proceeds were gifted to her grandson – but now, his father claims, Angelou’s grandson is raiding the coffers to fund an “extravagant” lifestyle and has allegedly borrowed hundreds of thousands from the company. Angelou’s grandson has not responded publicly to the lawsuit.
Does your estate plan need to include your vacation property? Yes! If you own a vacation home, timeshare, investment property, or any other asset outside of the state where you are domiciled you must make sure it’s included in your estate plan. If you fail to include these in your estate plan, or fail to have an estate plan at all, your heirs will encounter issues, and usually the expense and hassle of court costs, when inheriting these assets.
Money may be the most talked about wealth contained within a person’s estate, but the riches of their experience and wisdom can mean even more to family members down the line. Reinforcement of family traditions can be built into your estate plan alongside your wishes regarding your money, property, and belongings. After all, what really makes a family a family is its values and traditions — not the way its finances read on paper.
With Veteran’s Day approaching, it is important to honor those that have served our country. This time is also a good opportunity for members of the military and their loved ones to consider setting up an – or revising an existing – estate plan. Military families need to consider special estate-planning issues that others do not. This is particularly true when one or more family members are deployed overseas. Beyond this, members of the military have access to special benefits and resources. This can become complicated and, for this reason, it is important that you seek special help if you are a military family.
When you hear the phrase “estate plan,” you might first think about paperwork. Or your mind might land on some of the uncomfortable topics that estate planning confronts head-on: end-of-life decisions, incapacity, and your family’s legacy from generation to generation. Those subjects hit home for everyone.
The idea of implementing an estate plan might be one of the scariest things you have to confront as an adult. But estate planning does not have to make chills run down your spine. On the contrary, estate planning is empowering for both you and your family and allows you to live confidently knowing that things will be taken care of in the event of your passing or incapacity. Remember, estate planning is not just for the ultra-rich. If you own anything or have young children, you should have an estate plan. Read below to find out reasons why.
