Most people think of estate planning as planning for death. However, a well-titled article “Planning for death probably isn’t the most important part of your estate plan” from Coeur d’Alene/Post Falls Press presents another reason for estate planning in clear terms. Estate planning is planning for the unexpected eventualities of life. Estate planning documents address how things will work … Continue reading The Most Important Part of Estate Plan Is Planning for Living
Author: Shannon Fauver
What Is a QTIP Trust?
A Qualified Terminable Interest Property Trust, or QTIP, is a trust allowing the person who makes the trust (the grantor) to provide for a surviving spouse while maintaining control of how the trust’s assets are distributed once the surviving spouse passes, as explained in the article “QTIP Trusts” from Investopedia. QTIPs are irrevocable trusts, commonly used by people … Continue reading What Is a QTIP Trust?
Why Do I Need an Estate Plan?
Yahoo News’ article entitled “Don’t fail to be ready for the day you’re dead” says that you need four key legal documents to take care of those who care for you. An experienced estate planning attorney will make sure it’s all done correctly. You want a will that will last through the years without needing constant revision. … Continue reading Why Do I Need an Estate Plan?
Problems Created When No Will Is Available
Ask any estate planning attorney how much material they have for a book, or a movie based on the drama they see from family squabbles when someone dies without a will. There’s plenty—but a legal requirement of confidentiality and professionalism keeps those stories from circulating as widely as they might. This may be why more … Continue reading Problems Created When No Will Is Available
Why are Trusts a Good Idea?
Estate planning attorneys know trusts are the Swiss Army knife of estate planning. Whatever the challenge is to be overcome, there is a trust to solve the problem. This includes everything from protecting assets from creditors to ensuring the right people inherit assets. There’s no hype about trusts, despite the title of this article, “Trusts—What Is … Continue reading Why are Trusts a Good Idea?
Ask Mom if She has a Will
The family was baffled. Not only was the will out of date, but it was also unsigned and the person named as executor had died a decade before their mother died. Grandchildren born after the will was created were not mentioned and personal possessions left to some people in the will had been given away … Continue reading Ask Mom if She has a Will
Intestacy is Possibly the Worst Mistake for Families of Modest Means
Thinking About Not Writing a Will Because You Believe You Don’t Have Enough Resources? Think Again. Writing a Will is something most of us know we eventually have to do, but none of us really want to start. Some people believe it is too complicated. Other people don’t want to think about death. Some folks believe that the law … Continue reading Intestacy is Possibly the Worst Mistake for Families of Modest Means
What is a Life Estate?
A life estate is a type of property ownership that divides the control and ownership of a property. The person who creates the life estate for their home and assets is known as the “life tenant.” While a tenant retains control of the property, he or she shares ownership during their lifetime with the remainderman … Continue reading What is a Life Estate?
Important Documents in Your Estate Plan
The Durable Power of Attorney (DPOA) and a Health Surrogacy or Advanced Health Directive are used for situations where you can’t make decisions for yourself, explains Parent Your Parents article entitled “What You Should Know about Durable Powers of Attorney and Health Surrogacies.” A Durable Power of Attorney (DPOA). This is written authorization to represent or act on another’s … Continue reading Important Documents in Your Estate Plan
Estate Plans Can Protect against Exploitation
Financial exploitation is far more common than most people think, especially of the elderly. There are several types of individuals more at risk for exploitation, according to an article from mondaq titled “How An Estate Plan Can Protect Against Financial Exploitation.” These include someone with a cognitive impairment, in poor physical health, who is isolated or has a learning … Continue reading Estate Plans Can Protect against Exploitation