Life is full of contingencies. While some outcomes are relatively specific, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be...
Quicken Loans' recent article entitled "What Is A Life Estate And What Property Rights Does It Confer?" says by understanding the features of a life estate and creating one at the right time, you can enjoy several benefits, including the following: Property Avoids...
Winter is a slower season for farmers and ranchers. It offers family business leaders time to plan for the future. A recent article from Progressive Farmer, “Family Business Matters: Eight Practical Succession Ideas,” lists ideas to improve succession and estate...
1. Choosing your Executor. Your named executor is responsible for managing your estate's assets on your death and distributing them according to the terms of your will. The executor's duties include locating, inventorying, and protecting the assets on your death;...
Every estate planning attorney has conversations with clients about how adult children should inherit. While most assume siblings should all inherit equally, equality is not always appropriate in many situations. There are many situations where an equal inheritance...
If you already have an estate plan, congratulations. However, do you remember where you put it? Does anyone but you know where it is? According to a recent article from The Press-Enterprise, “2023 checklist: How to organize your estate plan,” most people take their...
Recently we have heard of two individuals hindered by unexpected injuries. Actor Jeremy Renner suffered horrific injuries while helping a neighbor clear a driveway with his snowcat, and football player Damar Hamlin nearly lost his life on a football field....
An exemption is an amount of money or personal property that you may leave to another person without paying an estate tax on the transfer. If your estate exceeds the exemption level, you must file an estate tax return and pay taxes on any excess property. The...
The executor is usually a spouse, close family member or trusted friend. If no such person is available, a qualified compensated person can be appointed under state law, according to a recent article from The Street entitled “Top Duties of an Estate Executor and How...
Some of the challenging conditions that can affect our older loved ones are Alzheimer's and dementia, and many of us have witnessed someone who is experiencing memory loss fight to maintain their cognitive abilities. There are various steps we may take as individuals...
Three big changes are coming to Social Security in 2023, and they may factor in your financial plan for the coming year. A recent article from The Motley Fool, “3 Changes to Social Security in 2023 You Probably Didn’t Know,” says checks are going to look a lot...
Research from the National Alliance for Caregiving (NAC) and AARP shows that more than 50 million Americans currently serve as unpaid caregivers. This number has increased by nearly 25% since 2015. Statistically, baby boomers and women take on the biggest caregiving...
