By and large, estate plans are typically private matters that not something everyone in your life needs to know in detail. The decisions about whom to trust with decision-making power and how you plan to distribute your wealth is your business. For married couples, they will naturally know the details of plans they created together. But […]
Estate planning often feels complex, leading many people to rely on common misconceptions that can have devastating consequences for their loved ones and their legacy. From who can make decisions for you to whether you need an estate plan, common myths can stand between you and a secure future. Let’s debunk these widespread misconceptions and reveal […]
Yes, everyone needs an estate plan, regardless of whether that plan is centered around a will or a trust. These important tools ensure that your legacy will be carried out according to your wishes. They will allow you to provide for loved ones after your passing. A properly prepared trust can also help avoid probate, which […]
A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring real property with a will requires probate. […]
Many people believe the trust protection myth, i.e. they believe that once they create a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts protect […]
Rising housing costs, the desire for companionship, and the need to share resources are increasingly leading buyers to consider co-ownership of a home with someone other than a spouse, such as a friend, relative, or significant other. Although this arrangement can be beneficial on several levels, it should be approached with open communication, careful planning, and […]
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life insurance […]
Michael Jackson passed away in 2009, but the settling of his estate continues more than 15 years after his death due to a lingering tax dispute with the Internal Revenue Service (IRS) and other legal challenges, including a lawsuit brought by his mother over a deal to sell part of his music rights to Sony Music […]
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint property ownership […]
It’s fair to say that estate planning has never been truly popular. Research shows that, in 2024, less than one-third of Americans report having a will.[1] And even fewer people are creating estate plans today than in years past. However, the trust is that every adult—whether they are 19 or 99—really should have a will at a […]
