Estate planning is about far more than just distributing assets; it’s about protecting your family, your wishes, and your legacy. Below are some of the most common myths about estate planning and the facts that debunk them.
Your estate plan should be updated regularly, particularly after major life events (e.g., marriage, divorce, birth of a child, death of a loved one), significant financial changes (e.g., increase or decrease in wealth, real estate transactions), or other notable shifts (e.g., moving states, changes in tax laws, health changes).
A growing number of Americans are working past traditional retirement age, often due to financial necessity but also for engagement and purpose. Working later in life has significant implications for financial planning, health care, and estate planning, requiring careful consideration of taxes, benefits, and legal documents.
There are various types of wills, such as simple, pour-over, joint, and holographic, each serving different estate planning needs.
A comprehensive estate plan can help your loved ones avoid family fights by addressing potential issues before they become legal challenges.
By sidestepping the court process known as probate, TOD accounts offer an efficient way to pass assets to loved ones or charities. However, they are not suitable for all situations. Knowing when and how to use a transfer-on-death account can help your assets get to your beneficiaries in a timely manner.
Natural disasters such as wildfires, floods, and hurricanes highlight the importance of disaster preparedness in estate planning.
Estate planning may be the most overlooked important part of adulthood. According to a Caring.com survey, only 32 percent of Americans have a will.
Whether your children are graduating with high school diplomas or completing higher education, it’s important to help them plan for their financial futures. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare them.
With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.
Estate planning is crucial when managing valuable assets and ensuring the smooth transfer of wealth to future generations. There are various types of estate planning tools available, some of which may be more useful depending on your circumstances. For some, a qualified terminable interest prop...
Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although “generation” is part of the phrase, it doesn’t refer to people born at a specific time. Typically, these family caregivers will be in the 30- to 40-year-old age range, providing for their families and balancing care duties between the needs of children and parents.
Estate planning, or legacy planning, entails preparing your affairs for the future, including death and other life events. While older adults might give more thought to estate planning, it is an essential tool at any age.
A diagnosis of dementia, a category of diseases affecting memory and thinking that includes Alzheimer’s disease, can feel overwhelming and upsetting. You might worry that you will lose control over your life and ability to make your own decisions. Fortunately, receiving a diagnosis of dementia or Alzheimer’s does not mean that you cannot execute legal documents or make decisions about plans for your future finances and health care.
It is hard to know what documents to trash and when. Before you know it, your spare room, office, basement, or garage is overflowing with boxes of papers that all seem important.
Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Following is a checklist of trust features you can review yourself.
Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members.
I review a lot of existing estate plans, and I see a lot of estate plans that are terrible and beyond repair. Why? Sometimes the reason is they were created by a "trust mill".
More and more transactions are done digitally, but estate planning has lagged behind technology. That may be changing, though. Electronic wills are gaining legitimacy.
Many people believe that if they are single, they don't need a will or other estate planning documents. But estate planning is just as important for single people as it is for couples and families.
Allocating your personal possessions can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear.
There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all.
As more and more people marry more than once, prenuptial agreements have become an important estate planning tool.
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