Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person’s personal property (their stuff) can also be a source of value that needs to be addressed. Don't forget about personal property when planning your estate. Premier Legacy Law explains why it's important and what to do.
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Estate planning can be a very difficult process. Making the decision to move forward with an estate plan requires us to face the fact that we will not live forever. This thought stops many people in their tracks. Others talk themselves out of seeing a qualified attorney to create an estate plan because of the common myths described in this article.
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An estate plan can provide significant peace of mind by ensuring that your money and property are protected, plans are in place in the event you become ill, and your accounts and property pass down according to your wishes. Read this article to learn more about the key elements of an estate plan you should consider and how to talk to your loved ones about creating an estate plan.
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Irrevocable trusts can be modified through a court order. Many people share the misconception that the name implies absolute permanence. Yet, changes in laws, family, trustees, or financial circumstances can warrant alterations. Errors in the trust document may also arise, prompting a need for modifications, even in irrevocable trusts.
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There are many reasons why you may want to give to a charity: You may give because you believe strongly in a cause or organization, but it can also reduce your yearly income tax bill and remove value from your overall estate. If you are considering making a donation, but are unsure of how to proceed, we are here to help. Read this article to learn about charitable planning strategies that can help you achieve your goals.
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Trust decanting provisions are important to allow flexibility when dealing with irrevocable trusts. Some estate plans contain irrevocable trusts for the benefit of a spouse or other family members that may need some changes to ensure the plan still meets beneficiaries’ needs.
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Studies have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. This article discusses some of the fears that prevent people from communicating with their loved ones about their wealth.
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Read this article if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” Although much of the traditional estate planning conversation focuses on surviving spouses, children, and grandchildren, many pet parents wonder about what would happen to their “furry children” after their death or if they become incapacitated and unable to care for their pets.
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Because your family’s needs and circumstances are constantly changing, so too must your estate plan. Your plan must be updated when certain life changes occur. These include, but are not limited to: marriage, the birth or adoption of a new family member, divorce, the death of a loved one, a significant change in assets, and a move to a new state or country.
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You have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. In this article, read about the “stress test” questions you should ask yourself to assess whether you need to meet with an estate planning attorney.
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