I emphasize to all of my estate planning clients the importance of keeping track of your assets, what they are, where they are located, etc. The reason: a Will or Trust instructs your Personal Representative or Trustee on how you want your assets to be distributed after your death, but not always what those assets […]
If you have a young adult child coming home for the holidays, the Thanksgiving table might serve as a good opportunity to talk with them about estate planning. While most young adults do not own property or have children that may necessitate a Will, two major estate planning documents are often overlooked by young people […]
As discussed in a previous post, preparing for a death of a spouse can be extremely difficult and nearly unbearable to even think about. However, it is important to understand the financial impacts so that, if and when the time comes, the surviving spouse is equipped with the right information and is organized. This preparation […]
Only wealthy people benefit from the “loophole” anyways. Retirement plans were never intended to be an estate planning tool. It won’t impact me. I don’t care. These are some of the comments in the press right now regarding proposed legislation to end the ability of heirs to take inherited IRAs out over their life expectancies […]
When speaking with my elderly clients I encourage them to have conversations with their children about their wishes. Upon the mention of this suggestion, I have witnessed the change in demeanor of many. I go on to explain what their children will need and how the administration of their estate will proceed. We discuss how […]
Every now and again clients ask what happens when someone murders someone for an inheritance. Can the murderer inherit from the victim’s estate? The simple answer is: No. If the potential beneficiary of certain assets murders the decedent, he or she is denied inheriting from the decedent’s estate – including both probate and non-probate assets. […]
I recently came across this TED Talk by Judy MacDonald Johnston and thought she did such a great job starting the discussion on end-of-life planning that I had to share it with our readers. The video is worth watching (it is a short 6 minutes) and should be shared with any loved ones who are unwilling […]
Did you know that well over half (up to 80% according to some sources) of all life insurance policies issued, lapse prior to the insured’s death? Most policies are designed, purchased, placed and funded with the expectation that at death (an unknown time), the life insurance proceeds (a known amount) would be paid to a […]
Grieving through Facebook has been previously discussed on Epilawg (see Jen Santini’s post, Grieving in the Digital Age), but I was again reminded of this topic as the result of a recent Minneapolis Star Tribute article by Katie Humphrey, Facebook is Changing the Way We Grieve. Ms. Humphrey reminds us that, “[d]eath doesn’t kill a […]
We have had many posts related to choosing guardians for your children should something happen to both parents before their children reach the age of majority: Appointing a Guardian for Minor Children, How to Choose A Guardian, among other miscellaneous references to the importance of having an estate plan when you have minor children. As […]
Let’s face it. Needing to buy life insurance for your kids tops the list of Things No One Wants to Think About. It’s difficult to look at the long-term and financial reasoning behind a topic which is full of emotion. Parents often can’t address it and many life insurance agents don’t broach this awkward conversation. […]