Be Careful Relying on Life Insurance to Provide for Loved Ones
Most life insurance policies provide flexibility in how the death benefit is paid, but policies do not actually pay out in every situation. If you have life insurance policy coverage, you need to understand the scenarios that can nullify it to ensure that your loved ones receive the financial protection the policy is intended to provide.
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)?
Shannen Doherty Understood That With Divorce, Timing Is Everything
Shannen Doherty’s divorce. Was the divorce was deemed to be finalized before her death.
Enriching Life with a Third-Party Special Needs Trust
A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. Rules around SNTs are complicated, and a trustee’s unauthorized use of SNT funds may result in a penalty or reduction of government benefits for the trust beneficiary.
How Do I Create an Estate Plan with an Only Child?
Raising an only child can still sometimes present unique challenges for both the child and the parents, especially in the area of estate planning. In some ways, having one child simplifies the process. However, leaving your entire estate to them and making them the sole decision-maker for all the roles in your estate plan may not be ideal.
Caution: Using a DIY Deed to Avoid Probate Can Lead to Unintended Consequences
Many believe they do not need an attorney to help them prepare and record a new deed. Instead, they think a deed template can simply be downloaded online or obtained from a book, filled out, signed, and then easily recorded. However, deeds are legal documents that must comply with state law to be valid. In addition, in many states, property will not pass to the other owners listed in a deed free of probate unless certain specific legal terms are included in the deed.
Will My Revocable Living Trust Avoid Probate? It Depends.
If you have established a revocable living trust (which we will refer to simply as a trust), congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, and they will not have to take any additional steps. Unfortunately, this assumption creates a false sense of security.
Do It Now: Name a Guardian for Your Minor Children
We know it is difficult, even horrific, to imagine someone else raising your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, or your relatives and friends—will determine who raises your children if something happens to you. Depending on state law, your children’s guardian could be a relative you do not get along with or, less commonly, a stranger you have never met.
Left Out of Your Parent’s Estate Plan? What You Need to Consider
What if you inheritance isn’t what you expected to receive? What if you learned that you were left out of your parent’s estate plan. Now what?
How Are My Business Documents Relevant to My Estate Plan?
Company rules about transferring business interests are found within documents such as a limited liability company (LLC) operating agreement, a partnership agreement, corporate bylaws, a shareholder agreement, or a buy-sell agreement. To help a client properly plan for the future transfer of ownership of their business, an estate planning attorney must review these documents.
Estate Planning Roll Call: Important Legal Tools You Should Have
When assessing an estate plan, several legal tools, or documents, should be in attendance to accomplish the goal of a complete and comprehensive plan.
Incapacity Planning and Pets
Few US adults have an estate plan. Even fewer have included a pet in their plan. Perhaps you have an estate plan that addresses who will take your pet when you die. But does it address the possibility of your incapacity and the need for a temporary pet caretaker?