Stepfamilies and Estate Planning Is estate planning in second marriages a potential minefield? This can be a loaded question because it’s already complex enough to blend families. It can be hard to decide on both an emotional and a legal level. After all, you’ll want to make sure your assets are working in everyone’s favor, […]
Trusts
Will vs. Trust: Cost, Process and Uses
Wills and trusts ensure your assets pass to heirs according to your wishes. You may choose to use a will if you’re married, have kids, or don’t own real property. For people who have a large estate, own property, or are concerned about incapacity, planning a trust is important. Wills specify how you want to […]
Inherited IRA Rules Altered by the SECURE Act
If you find yourself in a position where you recently inherited an IRA, you might feel as though you’re at a crossroads filled with many planning tasks pertaining to estates, finances and taxes. According to IRS regulations instituted in 2020 (with significant updates later), the majority of beneficiaries who inherit IRAs must withdraw their portion […]
How To Avoid Common Trust Errors
When people want to bypass probate, they often turn to trusts. Trusts also help you establish legally backed instructions for distributing your assets after you pass away. The hope is that you make time to establish a trust and identify the beneficiaries of your estate. However, while trusts are amazing tools that people can […]
How To Choose a Trustee
Are you setting up an estate plan and searching for someone to name as the trustee for your estate? Naturally, you likely considered naming a family member or friend as your estate’s trustee, seeing as they are the most familiar with you and vice versa. In most cases, family and friends would not think to […]
Dead Hand Control: How Wills and Trusts Can Control Behavior
You may want to use your estate to influence your heirs in your absence. To a certain extent, this might be possible, but the process is delicate, and it requires well-designed structures. One way to do so is by creating a will or trust for your estate. With a “dead hand control,” wills and trusts […]
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