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estate planning Archives

Estate planning for expectant parents

Nothing can beat the anticipation and excitement of expecting your first child. It's one of the most magical times in life. As you anxiously await your little one's arrival, you may be fretting about how best to prepare - stocking up on those adorable newborn outfits, arranging (and rearranging) the nursery, reading how-to books, brushing up on your diaper-changing skills. Yet don't forget to prepare another important aspect of your life: your estate plan.

Work with experienced attorney to properly set up, fund special needs trusts

Previously, we began looking at the topic of properly funding trusts. As we mentioned, failure to do so can result in frustration of the purpose of the trust. Proper funding can be looked at from at least two angles: funding with the right type of assets. Again, which assets are used to fund a trust depends on various factors, including how assets are held and the goals of the estate plan.

Properly funding trusts an important task in estate planning

Trusts can be useful tools in estate planning as they are very versatile and can be tailored to the needs and goals of each individual. Complicated estate plans involving tax minimization and asset protection strategies often make use of trust arrangements. Though trusts cost money to set up and administer, these costs may be worth it when compared to the potential costs of probate.  

What is the relationship between financial planning and estate planning?

Financial planning is not something everybody, or even most people, enjoy doing. This is especially the case when it comes to planning out financial matters surrounding death. The lack of financial planning around death wouldn't be such a big deal if most Americans were more or less financially prepared, but that isn't the case.

Some pitfalls, considerations regarding wills in estate planning, P.2

In our last post, we began discussing some pitfalls surrounding wills, or things to keep in mind about wills. In addition to assessing the desirability of probate avoidance, periodic review of estate documents and beneficiary designations, and including less obvious assets, another potential pitfall it do-it-yourself wills.

Some pitfalls, considerations regarding wills in estate planning, P.1

Coming up with a well-thought-out estate plan is an important task for everybody, especially those who have children and/or significant assets. For many people, a last will and testament is the basis of a thorough estate plan. Still, just having a will doesn’t necessarily prevent all possibility of problems arising after death.

Dealing with debt in your estate plan

These days, debt is virtually unavoidable for most Americans. You need a mortgage to buy a home. You use an auto loan to purchase a car. You're strapped with significant student loans that will take years or decades to pay off. You may even have personal loans for remodeling projects, big purchases or tight financial times.

5 great reasons to consider creating a trust

When it comes to managing your property, there are plenty of ways to structure your portfolio, assets and holdings. Trusts offer many benefits that might not have crossed your mind, so they're worth considering. Here are just a few of the reasons people use these versatile financial vehicles.

Three planning tips for ensuring fiduciary access to digital assets after death

In recent posts, we’ve been looking at the issue of digital asset planning, and the requirements under Florida law for different types of fiduciaries to gain access to digital assets after the owner’s death. Here, we wanted to mention some specific ways an experienced attorney can help ensure fiduciaries have access to digital assets when the owner dies.

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