A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, and ensuring you have listed a beneficiary for each of these.
Elder law attorneys, with expertise in estate planning, incapacity planning, and end-of-life care for seniors, are essential in working to protect a vulnerable population.
Powers of attorney that only allow an agent to do certain things are commonly referred to as a limited power of attorney.
You may no longer be legally married, but divorce does not automatically remove your prior spouse from your will, trust, or beneficiary designations.
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if not, it’s not as simple and you have a lot of company.
Although the vast majority of Americans have estates that fall under the estate and gift tax exemption, the exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively affected when it decreases.
Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
There are a number of different kinds of trusts, but they fall into two basic categories: testamentary and inter vivos.
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.
