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Please take the time to read both of these brief stories. They contrast the difference between planning and not planning. Mark and Marcia Mark and Marcia were living the American dream. He was a doctor. Their two children were very active. She worked at a coffee house. But, one day Mark walked in and dropped […]
If I add my child’s name to the title of my house, wouldn’t that be the easiest way to avoid probate and transfer it quickly after I die? The short answer: NO! Here’s the scoop When you put your child’s name on the deed to your house, you are making a gift to them. You’re […]
Most people think of probate as a private process. However, since wills are filed at the courthouse, probated estates become a matter of public record. That means your nosey neighbor Nellie can simply go down to the courthouse or hop online and find out about your probate. Really. It’s Not Just Nellie That Has […]
Is a Will Obsolete? In my opinion, the Will is not completely obsolete, but it is close. Because of advances in estate planning law in the last 20 years, Wills, while important, aren’t as important as they once were. A Will Requires Probate That a Will requires Probate surprises many people. They think that by […]
Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and pay the associated income tax. WARNING: the cashed-out […]
The estate planning process, as we see it, is a system of 9 steps. Why a system? A system is a repeatable set of steps that maximizes the benefits of the results. Systems are built and monitored to minimize errors and maximize benefits. The 9 Step Estate Planning Process Step 1 – Take Action It […]
Estate planning explained often as the process of preparing to transfer your property to your loved ones and others when you pass. This misses a whole lot of what estate planning is all about. Estate planning also includes preparing for incapacity and dementia before an accident, medical incident, illness, or dementia strikes. These things often […]
Estate planning costs can be looked at in two ways… First, what is the cost of creating an estate plan? Second, what is the cost of NOT creating an estate plan? First, let’s examine the cost of NOT creating an estate plan. The Estate Planning Costs of NOT Planning If you don’t create your own […]
Adopted Children and Estate Planning is a topic that comes up from time to time. It is important to understand the way the law treats adopted children for the purposes of estate planning and inheritance. Many times, people don’t realize their rights, or lack thereof, by being adopted. Parents are just as confused. Too many […]
One definition estate planning is the documents required to protect your family, yourself, and your money for your lifetime and beyond. You can also define estate planning as the process. It is the process you go through to come up with the documents to protect your family, yourself, and your hard-earned money. One process, the […]
