Author: Shannon Fauver

The Benefits of a Good Estate Plan

If you don’t have a comprehensive estate plan, state law will control. That’s unlikely to that the state will do what you would choose to do. MSN’s  article entitled “What is estate planning?” discusses the benefits of estate planning. Minimizes taxes. Clever structuring of flexible retirement accounts, such as a Roth IRA, can help funnel more tax-free money to … Continue reading The Benefits of a Good Estate Plan

Is Spouse Automatically Your Beneficiary?

People make a grave error when they don’t have a will because they think their surviving spouse will automatically inherit all of their worldly goods. The laws of intestacy work differently, as explained in an article “Estate Planning: The spouse doesn’t always get everything” from nwi.com. The surviving spouse rarely receives everything under the intestate laws. This often … Continue reading Is Spouse Automatically Your Beneficiary?

Could Your Estate Plan Be a Disaster?

You may think your estate plan is all set. However, it might not be. If you met with your attorney when your children were small, and your children are now grown and have children of their own, your estate could be a disaster waiting to happen, says an article “Today’s Business: Your estate plan—what could go … Continue reading Could Your Estate Plan Be a Disaster?

What Is the Point of a Trust?

A trust is an agreement made when a person, referred to as the trustor or grantor, gives a third party, known as the trustee, the authority to hold assets for the trust beneficiaries. The trustee is in charge of the trust and responsible for executing the trust’s instructions as per the language in the trust, … Continue reading What Is the Point of a Trust?

Can You Prevent Family Fights over Inheritance?

Inheritance battles can create new conflicts, inflame long-standing resentments and squander assets intended to make heir’s lives better. What can families do to prevent estate battles when a loved one’s intentions aren’t accepted is the question asked by the article, “Warning Signs Of Estate Disputes—And Ways to Avoid Them,” from mondaq.com. Here are the more common scenarios leading … Continue reading Can You Prevent Family Fights over Inheritance?

Should I Need a Trust in My Estate Plan?

Fed Week’s  article entitled “Considerations for Including a Trust in Your Estate Plan” describes what a trust can offer. This includes the following: If your heirs are young, you can set up a trust to stay in effect until they are older and can handle their own finances. Another option is to keep the trust in effect … Continue reading Should I Need a Trust in My Estate Plan?

Exactly Why Do I Need a Will?

Some people mistakenly think not having a will allows their assets to bypass the time and expense of probate. That’s not true–if you die without a will, your property still must go through probate, says Fed Week’s recent article entitled “The Importance of Having a Will.” If probate avoidance is an issue, you can create a revocable trust … Continue reading Exactly Why Do I Need a Will?

Can You Plan for Probate?

What can you do to help heirs have a smooth transition when settling your estate? An article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and … Continue reading Can You Plan for Probate?

Can You Prevent Will from Being Contested?

The best planning doesn’t keep disappointed family members and hangers-on from trying to get what they consider their “fair share” of an estate. There are some steps you can take to avoid this happening to your estate, says an article, “Counterattack: Tips for Thwarting a Will Contest,” from Kiplinger. Traditionally, an in terrorem provision is added, known as a “no-contest” … Continue reading Can You Prevent Will from Being Contested?