Broaching the subject of estate planning can be difficult, as emotions often run high while discussing end-of-life care and other similar topics. However, having a plan in place can streamline the estate transfer process upon the passing of your loved ones, bringing peace of mind to the whole family.
The primary benefits of revocable trusts only are available if a revocable trust is FUNDED during life. Unfortunately, experienced estate planning attorneys often have clients who delay the funding of their revocable trusts until it is too late and miss many of the benefits that these trusts provide.
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
It’s easy to overlook an important task after a spouse or other loved one passes away – like retitling assets. It’s a little thing with big ramifications. Follow this checklist to help make a challenging time less confusing.
For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.