Research from the National Alliance for Caregiving (NAC) and AARP shows that more than 50 million Americans currently serve as unpaid caregivers. This number has increased by nearly 25% since 2015. Statistically, baby boomers and women take on the biggest caregiving burden when it comes to providing care for aging family members. As life expectancy … Continue reading How to Talk to Parents about Estate Planning
Category: Inheritance
Should Each Child Get Equal Inheritance?
Every estate planning attorney has conversations with their clients about how adult children should inherit. While most people assume siblings should all inherit equally, in many situations, equal is not always appropriate. There are many situations where an equal inheritance might be unfair, says an article, “How Should Your Children Inherit? 4 Scenarios Where ‘Equal’ Is … Continue reading Should Each Child Get Equal Inheritance?
How Does a Trust Work?
You’ve worked hard to accumulate financial assets. You’ll need them to support your retirement. However, what if you also want to pass them on to loved ones? Trusts are used to pass assets to the next generation and have many benefits, says an article titled “Passing assets through a trust—What to know” from the Daily Bulldog. “Funded” trusts … Continue reading How Does a Trust Work?
What are the Components of an Estate Plan?
Estate planning doesn’t have to be challenging. It’s also one of the most thoughtful steps you can take for the people you care about. Estate planning is the process of who will handle your estate and receive possessions after your death, according to an article titled “10 Essential Estate Planning Documents You Need” from The Street. There are … Continue reading What are the Components of an Estate Plan?
What Happens When There Is No Will?
A will ensures that your personal and financial assets are given to the people and organizations you want. It also allows you to choose the person you want to settle your affairs, known as your executor. The time to have a will prepared is typically the same time people have a power of attorney and … Continue reading What Happens When There Is No Will?
What You Need to Know About Inheritance
Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, an article titled “Getting an Inheritance? Here are 4 Things to Consider” from Kiplinger, has some helpful information. It takes … Continue reading What You Need to Know About Inheritance
You Need a Digital Estate Plan
Laws about intangible assets used to be a legal niche practice area. However, today’s estate planning attorney addresses digital assets as much as tangible assets, according to the article “How to Start Digital Estate Planning in 2023” from yahoo! Social media, emails, websites, photos and even the contents of a hard drive contain a vast amount of digital assets. … Continue reading You Need a Digital Estate Plan
You Need a Completed and Properly Prepared Will
The first two essential estate planning documents are the durable power of attorney for legal and financial matters, followed by a healthcare power of attorney. Next is the last will and testament. However, unlike the first two, the last will is not used until after death, explained in the article titled “Completing a will ensures wishes … Continue reading You Need a Completed and Properly Prepared Will
What are the Big Emotional Issues in Estate Planning?
The largest-ever generational wealth transfer is here: more than $68 trillion is flowing from baby boomers to their adult children. MarketWatch’s article entitled “When it comes to estate planning ‘you have to get to the core emotional issues’” says financial advisers and estate planning attorneys have helped their aging clients shift from wealth accumulation to wealth preservation. The … Continue reading What are the Big Emotional Issues in Estate Planning?
Three Ways to Making Trusts Millennial Friendly
If your named beneficiaries are Millennials—born between 1981-1996—you may want to consider three essential points about your trusts, as explained in the article “Trusts For Your Millennial Beneficiaries” from The Street. They’re different from their parents and grandparents, and disregarding these differences is a missed opportunity. This generation’s distinguishing characteristics and traits include: Valuing relations with superiors with … Continue reading Three Ways to Making Trusts Millennial Friendly