Who needs to have an estate plan? Is it only the purview of the ultra-wealthy? Or should most people consider developing one? Most knowledgeable financial and legal professionals will argue that more, rather than less, people should have an estate plan. Here’s why: You can reduce estate taxes upon your passing Probate can be avoided…

An Irrevocable Trust permanently shifts assets to the trust from the grantor’s estate. This can protect your assets from a range of liabilities, such as tax. It can prove to be an effective estate planning tool. However, it’s not a decision to be made lightly. Three key reasons for this: You cannot make changes to…

If you’re on the fence about getting a regular power of attorney or durable power of attorney, here’s a guide that can help you decide. The main difference between a durable financial (POA) attorney and a regular power of attorney is that the latter comes to an end when the person granting the power of…

Durable Financial (POA) power of attorney is a simple and inexpensive way to arrange for someone to make your financial decisions when you’re incapacitated. Whether you’re suffering from mental or physical incapacity, a Durable Financial (POA) ensures you can protect your best interest and financials. Without a Durable Financial (POA), your loved ones have to…

These involve executors and trustees when managing and distributing a deceased person’s assets. The three key duties cover: Care: a breach may occur if the assets are not managed both according to the estate documents and relevant law Impartiality: a breach could take place if a representative favors one beneficiary over another, thus failing to…

Many folks wonder if they need to choose between creating a will, or alternatively, establishing a family living trust. Many professionals agree it’s not one or the other but both. A will, which becomes effective upon your passing, stipulates what you want to be done with your assets after you die. A living trust becomes…

There can be many different elements within anyone’s estate plan. Typically, it might include any or all of the following… Will Trusts Power of Attorney Healthcare Living Will Executors, Guardian, Trustees and other appointments Details of beneficiaries Division of Assets These, and many other parts of your overall Estate Planning strategy, require a regular review…

With certain government benefit programs, such as Social Security, Medicaid and Food Stamps, an individual with one or more disabilities or chronic health problems can potentially lose some or all of their benefits if they receive a lump sum of money or property gift or donations from a fundraiser. The money is typically counted as…

It’s still fairly unusual for a will to be successfully challenged. But it does happen. If you make a will, then you want its terms to be fully complied with. Here are three reasons why this sometimes doesn’t happen… Where it’s proved that the testator was subject to undue influence by a person who manipulated…

If you are planning to get married any time soon and are considering getting a prenuptial agreement, it is important to consult an expert. An asset protection attorney can help you navigate the best plan to protect your money, property, and investments in the event of a divorce. Nobody likes thinking about divorce before marriage…

Starting your special needs planning early is vital to ensure your child or loved one with a disability has financial security. With special needs planning, parents of children with special needs can have the peace of mind knowing government programs don’t count their inheritance towards eligibility. Here are three tips that can help you when…

While there are plenty of online resources for creating a will, it’s not ideal to go the DIY route as you may end up making costly mistakes. Instead, it’s wise to hire an estate planning attorney as they have the experience and knowledge required to draft a will that addresses your needs. Here are four…