Tag Archives: estate planning
Do I Need an Estate Plan?
In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2021 survey conducted by Caring.com, only 33 percent of adults in the United States… Read More »
How Does the Court Handle Estate Administration?
Probate is the method by which judicial officials, including probate judges, process a decedent’s will. While state probate laws may vary, the general process of estate administration is quite similar across the country. Probate is the process of proving wills for decedents. A probate judge will also oversee cases where the deceased person did… Read More »
Is Our Home Community Property or Separate Property, and Why Does It Matter?
When two people get married, the property they obtain during their marriage is called marital property. This includes anything from real property like homes and rental properties, to stock options, investment accounts, heirlooms, and employment income. A common assumption is that spouses want to share their property with each other. This assumption is not… Read More »
Estate Planning Considerations for the Family Vacation Home
Many families enjoy spending time in their family vacation home. Sharing time and creating memories is the hallmark of such properties, and often there is a desire to preserve the home’s ownership within the family system for generations to come. Yet, even seemingly harmonious families can experience discord and exasperation when parents are no… Read More »
What Is a Separate Revocable Living Trust?
When a couple engages in foundational estate planning, one of the first questions addressed by estate planning attorneys is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If using an RLT makes sense, an important follow-up question to married couples should be… Read More »
Understanding the Different Types of Trusts: Living, Testamentary, and Constructive
In the world of estate planning, terms that refer to legal documents such as wills, trusts, powers of attorney, and healthcare directives can be confusing and even overwhelming at times. What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney from an immediate power of… Read More »
Irrevocable Life Insurance Trusts and Wealth Management
It may be time to reconsider how you plan to pass generational wealth to your heirs since the federal estate tax exemption allowance appears to be in jeopardy of being lowered. Congress is proposing to lower the current estate tax exemption from $11.7 million to $3.5 million for individuals and $23.4 million to $7… Read More »
Selling Real Estate After The Death of a Loved One: Things You Need to Know
After the death of a loved one, such as a parent, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling real estate that belonged to your deceased loved one is one of the more daunting ones. But before you call a real estate agent,… Read More »
What is a Will?
If you asked a group of people, “What is a will?” you may be surprised to find out that many people do not know exactly what a will can (and cannot do). However, having a clear understanding of the purpose, benefits, and limitations of a will is extremely important. What is a Will, and… Read More »
National Home Remodeling Month: Can I Remodel My Own Estate Planning Documents?
Do you know that, according to the National Association of Home Builders, May is National Home Remodeling Month? Many people associate spring with cleaning out the old, brushing off the dirt accumulated from the long winter, and starting projects around the house that have been neglected for far too long. Perhaps, however, your home… Read More »
