What is a Devise in My Estate Plan?
So exactly what is a devise in your estate plan? A devise is a legal term that traditionally has referred to a gift of real estate made by a will. However, in common usage, it has been used interchangeably with other legal terms such as a bequest, which traditionally refers to a gift made in a will of personal property—that is, property other than real estate. Courts will uphold the use of either term for a gift of real or personal property in a will if the will clearly shows that the person who created it (the willmaker) intended to make the gift.
Three Important Concerns Self-Employed Individuals Should Address
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may have.
Was Your Loved One a Book Lover? Think Twice Before You Throw Them Out
An individual’s belongings—such as jewelry, furniture, photographs, and books—sometimes slip through the cracks of their estate plan. Most books have little or no market value. Those that are not valuable to collectors, however, may have personal value. And a book collection could contain a hidden treasure or two, not only due to a book’s rarity but because of what is hidden in its pages.
How a Community Property Trust Could Save You Money in Taxes
When it comes to your family’s legacy, every dollar you can save from taxation counts. One way to keep your accounts and property out of the hands of the Internal Revenue Service (IRS) is to form a community property trust.
Things You Must Do to Protect Your Family if You Are Recently Unemployed
If you have recently lost your job, you are not alone! Inflation has skyrocketed in the United States over the past couple of years. Some smaller businesses have not been able to survive the increased expenses, putting employees out of work, while many larger companies have laid off employees to reduce their costs. If you are dealing with a job loss, you can transform what you may view as a crisis into an opportunity to take steps to protect yourself and your family.
Investment and Distribution Trustees: Why Would I Need Both?
When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will take over when you can no longer act (either because of illness or death), it is sometimes helpful to divide the responsibilities between two or more successor trustees.
Mental Health Awareness: How an Estate Plan Can Help Improve Anxiety
Roughly one in five US adults experiences a mental illness each year. Anxiety disorders are among the most common mental health conditions, affecting nearly one-third of adults at some point in their lives. While anxiety can be generalized and chronic, it can also be a normal reaction to everyday stresses, such as worrying about finances, health, and family.
Home Remodeling: How Remodeling Your Home Could Impact Your Estate Plan.
In 2023, over 17 million home remodeling projects are expected to be undertaken in the United States.
Between planning, permitting, and construction, the home remodeling process can take months to complete. But even after the finishing touches have been applied, there may still be work to do. If the home is part of an estate plan, a remodel can affect that plan and require changes to it. To keep your estate plan up to date, make sure to discuss a home remodeling project with an attorney.
Why Can’t We Have a Joint Trust If We Are Not Married?
Joint trusts are beneficial for many married couples. If you are in a long-term relationship with your partner but are not married, you may want to take advantage of these benefits. However, joint trusts typically are not a good option for unmarried couples. This may not seem fair, but there are some important reasons why unmarried couples should consider separate rather than joint trusts.
The Death of Raquel Welch and What Her Estate Plan Is (or Might Be)
Raquel Welch, whose acting career spanned five decades, passed away in February at the age of eighty-two. Her reported net worth of $40 million will presumably go to her two adult children, although there are few public details about Welch’s estate plan. This suggests that Welch was also savvy about estate planning and may have set up a trust for her loved ones.
Garn-St Germain Act: What You Need to Know
It is important to let your estate planning attorney know if you own real estate that is subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the mortgaged property, the entire amount of the debt owed on the mortgage is immediately due and payable. Under the Garn–St Germain Depository Institutions Act of 1982 (Garn–St Germain Act), lenders are prohibited from enforcing due-on-sale clauses in some circumstances but not in others. If your estate plan involves the transfer of property subject to a mortgage, it is important to keep this in mind.
Five Things to Know Before Including a Limited Liability Company In Your Estate Plan
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. Learn what it is and how it works!