There’s Still Time: End-of-Year Tax Planning Considerations
Many people think of estate planning as merely a set of documents that lays out their instructions after they die. However, estate planning also involves strategic preparation during your lifetime. Everyone has different goals with their estate planning including protecting their vulnerable beneficiaries, leaving instructions for end of life care, providing for children and grandchildren, […]
How Can I Take Care of My Pets When I Die?
According to Forbes, more than 65% of all U.S. households have a pet. More and more, people want to make sure their pets are taken care of after they pass away. Whether it’s a cat, dog, horse, or any other beloved pet, it is important to provide instructions – and possibly money – for their […]
What You Need to Know about Long-Term-Care Insurance
The extreme cost of skilled care is leading to many more people looking into additional benefits to help cover those costs. The average cost of a semi-private room in a skilled nursing facility was $94,900 per year, in 2021.[1] Assisted living, home health aides, and in home care can cost between $50,000 and $60,000 […]
Myths and Misconceptions about Probate
Simply put, probate is a legal process for settling debts and distributing assets after a person passes away. There are many myths and misconceptions about the probate process, the most common of which we will dispel here. If the decedent had a will, his or her estate won’t have to go through probate.While a will […]
How to Discuss Division of Assets with Loved Ones
Estate planning is a difficult topic to broach no matter what, but conversations can also make things much easier for your loved ones and limit the possibility of disputes in the future by holding these conversations in advance. Clear communication can reduce stress and provide clarity around your intentions, making it easier for your loved […]
Preserving Your Legacy: What Entrepreneurs Should Know About Estate Planning
Many entrepreneurs refer to their business as their “baby” and rightfully so. Like a child, entrepreneurs nurture their business from an idea through conception, to growth, and maturity. Running a business is much like raising a child. Both require a lot of time, tears, resources, and effort to be successful. People often prepare for what […]
Why Your Estate Plan Must Include More than a Will
A Last Will and Testament is an essential legal document that allows you to accomplish a number of important goals. You can name your beneficiaries and specify the assets you want them to receive; name a guardian for your minor children; and choose the person you want to settle your estate (known as the Executor). […]
Estate Planning for Couples Marrying Later in Life
Here are some factors to consider when marrying, or remarrying, later in life. Should You Have a Prenuptial Agreement? In most situations, the answer is yes, particularly if you and your betrothed have children from previous marriages, a disparity in financial resources, or substantial assets. When couples marry, assets and income typically become community property. […]
Coping with the Sudden Impact of a Loved One’s Death
The sudden death of a loved one raises many different emotions, questions, and even potentially challenges. It can be difficult enough to navigate the process of grief, but it is also hard to determine all of the action steps that must be taken to tie up their affairs and for legal compliance. The early days […]
Considerations when Gifting to Grandchildren
They say something magical happens when a parent turns into a grandparent. Of course there’s the unconditional love and admiration for this child of your child; and there’s also the urge to shower them with toys, clothes, presents, money and other gifts! Many people don’t want to wait until they are gone to give gifts […]