The Mega Millions lottery recently reached $1 billion, which is the second-largest grand prize in history. Strangely, statistics reveal that lottery winners are more likely to declare bankruptcy than other Americans. If you have come into a windfall from winning the lottery or inheriting from a relative, you need to exercise care when managing this… [Continue Reading]
The Most Common Estate Planning Errors
Estate planning is a particularly complicated area of law. Any mistakes that are made in a will or other document can end up creating significant errors in the administration of an estate. When these issues crop up, you will likely not be alive or aware that your estate planning documents contain errors and your wishes… [Continue Reading]
Important Concerns About Life Insurance When Estate Planning
There are a number of questions that arise when estate planning. Many people are uncertain about what effect various estate planning documents and accounts will have after their death, including their life insurance policies. The following will address the most common questions that we receive about life insurance and its effect on estate planning. Because… [Continue Reading]
Signs You Should Consider Guardianship for a Parent
As time passes, many people find themselves taking care of their parents. This might include shuttling parents to medical appointments or helping them move into a smaller, more manageable living situation. Many people find themselves assuming responsibility for a wider range of tasks when it comes to caring for their parents. In these situations, many… [Continue Reading]
What You Need to Know about DAPTs
More and more people who are interested in estate planning are learning about domestic asset protection trusts (DAPTs), which offer an important advantage regarding estate taxes and income. DAPTs allow you to appoint yourself as a beneficiary of the trusts. DAPTs are not a wise estate planning tool for everyone, however. Instead, DAPTs work best… [Continue Reading]
Reasons Your Executor Might be Challenged
When the time comes to create a legally binding estate plan, you will be required to name a personal representative to oversee your estate. The person named is usually referred to as an executor, and he or she must handle the daunting task of managing your estate while ensuring that your heirs receive their inheritances… [Continue Reading]
Should You Choose a Professional Trustee or a Family Member to Manage Your Trust?
One major consideration when setting up a trust is whom to appoint as the trustee of the trust, responsible for managing the trust assets. Some people choose to appoint family members or friends as trustees, while others prefer to use professional trustees. There is no right or wrong choice when it comes to making the… [Continue Reading]
Prepaid Funeral Contracts
As part of their estate plan, some people choose to arrange their funerals before they die in order to make things easier for their family members or in order to ensure that they get all the things they want at their funerals. When making funeral arrangements in advance, people are generally required to prepay for… [Continue Reading]
Should You Tell Your Beneficiaries Details of Your Estate Plan?
Not many people discuss their estate plans, particularly the provisions in a will, with the beneficiaries of the plan. These matters are often considered private matters that should not be made public. While there may be cases in which it is best to keep the provisions of a will under wraps, having a frank discussion with… [Continue Reading]
Making Provisions to Avoid Lapsed Gifts
An estate plan that is not regularly updated can result in one or more of the beneficiaries under a passing away before the testator. In that situation, any property bequeathed to the beneficiary is at risk of being distributed in a manner that is not in line with the testator’s wishes. Bequeathed gifts that fail… [Continue Reading]
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