- How Divorce Impacts Your Estate Plan
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. But if you’re divorcing, you should think about the impact a divorce can have on an estate plan. Because even if your… read more…
- Life Insurance Beneficiary vs. Will
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend. However, life insurance beneficiaries can conflict with the terms in your will if you aren’t thorough. Your life insurance beneficiary designation usually supersedes your will. So… read more…
- How to Put Your Home in a Trust
If you have a residence you would like to pass onto loved ones after your death, and you’re worried about your home going into probate, you may want to put your home in a property trust. If that is something… read more…
- How to Transfer Property Out of a Trust After Death
After a grantor passes away, becoming the trustee can be daunting, especially if you’re responsible for distributing property. Houses are among the most valuable assets in a family for financial and sentimental reasons. Therefore, it’s critical to understand how to… read more…
- Differences Between Annuitant and Beneficiary
Adding an annuity to your financial plan is something you might consider if you’re hoping to generate additional streams of income for retirement. Annuities are contracts that allow you to exchange a current premium for future payments. If you’re not well-versed… read more…
- Do Revocable Trusts Protect Assets From Creditors?
Revocable trusts, otherwise known as “living trusts,” do not protect your assets from creditors. In fact, they are subject to collections actions and lawsuits, and they are included when third parties evaluate your personal assets. We’ll discuss how it works.… read more…
- How a Medicaid Trust Protects Your Assets
A Medicaid asset protection trust (MAPT) can be useful for estate planning if you believe you or your spouse will need long-term care at some point. Transferring assets to this type of trust can allow you to qualify for Medicaid… read more…
- Testate vs. Intestate for Estate Planning
When you die, a section of law known as estate and probate law governs how your assets are distributed. Someone who dies (known as the “decedent”) with a legitimate will has set up what is known as a testate inheritance. This… read more…
- What Is Digital Estate Planning?
Intellectual property and intangible assets used to be niche fields. For most people, pretty much everything they owned could be held, sorted and doled out by their estate lawyer. Today that’s far less true. From e-mail and social media accounts… read more…
- How a Transfer on Death Deed Works
Part of planning for the future involves getting your estate in order, and determining who you want your assets to pass to when you die. If you have real estate property, and want it to transfer to loved ones without passing… read more…
- Inter-Vivos Trusts: How Do They Work?
An inter-vivos trust or living trust is a legal arrangement that allows a person to transfer ownership of assets to a trust while they are still alive. Inter-vivos trusts distribute property to beneficiaries when a person dies and helps an… read more…
- How to Dissolve a Trust in 3 Steps
If you want to end a trust, the process depends on the nature of the entity. A revocable trust can be ended relatively easily, in just three steps. The trust’s founder and owner can typically dissolve a revocable trust at… read more…
- What Is an Inherited Non-Qualified Annuity?
Someone who inherits a non-qualified annuity will only have to pay income taxes on any earnings from the annuity when they are withdrawn. Inheriting a qualified annuity, on the other hand, means owing taxes on any withdrawals from the annuity,… read more…
- Can a Power of Attorney Change a Will?
Power of attorney is one of the most important legal forms for estate and elder care planning. Along with wills and trust documents, it is a critical document for arranging one’s affairs. A power of attorney cannot change a properly written will.… read more…
- How Long Can a Trust Remain Open After Death?
If you leave a trust to a loved one, it’s probably because you want to ensure that they are taken care of after you are gone. But that very act may cause you to wonder how long can a trust… read more…
- Trustee vs. Executor: What’s the Difference?
Estate planning can be difficult. In addition to the fact that it may bring up some uncomfortable feelings – like grappling with one’s mortality – there is also the fact that it can be a complex legal process. There are… read more…
- How to Remove Someone from a Life Estate
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath a home to children while allowing them to continue living in… read more…
- Community Property vs. Joint Tenancy
When it comes to sharing property with another person, there are a few different forms of legal ownership to choose from. Of these, two common shared estate ownership options include joint tenancy and community property. Though these joint tenancy and community… read more…
- How a Non-Grantor Trust Works
One of the most useful estate planning tools is a trust, which can be used to create a legacy of wealth and protecting assets. One question to consider when creating one is whether a grantor or non grantor trust is… read more…
- Charitable Trust vs. Foundation: Key Differences
Charitable trusts and foundations can be used to both secure personal, family or business assets and enable philanthropic endeavors. Each one provides assets, such as securities, with protection from lawsuits and other claims. Trusts and foundations also can offer significant… read more…
- How Does a QTIP Trust Work?
Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust. This… read more…
- Certificate of Trust: Estate Planning
When trusts are used as estate planning tools, financial institutions such as banks and brokerages may require written documentation of the trust’s existence before transferring assets into a trust or naming it as a beneficiary. However, they don’t need to… read more…
- Understanding Inheritance Theft Laws
Receiving an inheritance could provide an unexpected (or anticipated) financial windfall. There’s just one thing you may have to contend with – people attempting to steal what you’ve inherited. Inheritance theft is sometimes a very real problem for people who… read more…
- What Is a Bequest, and How Does It Work?
When a person uses a will to leave property to their family, friends or the causes they support, the act is known as a bequest. A bequest can be the cash, investments, jewelry or other items that a person passes… read more…
- Understanding How Disclaimer Trusts Work
When a spouse dies, the surviving spouse typically inherits all of the deceased spouse’s assets. However, this may not be the best approach based on the size of your estate or your tax situation. By using a disclaimer trust, the… read more…