Posted on: November 11, 2024
You regularly check the balances of your retirement, bank, and investment accounts. But when did you last check the beneficiary designations on these accounts (and, really, all the other accounts that allow you to name a beneficiary)? It may have been years since you opened an individual retirement account, bought a life insurance policy, or […]
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Posted on: November 7, 2024
One common way to avoid the probate requirement for real estate after the owner dies is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights, and one joint owner passes away, the remaining owners automatically receive the entire interest of the […]
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Posted on: November 4, 2024
Stereotypes surrounding “only child syndrome” have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have become far more common. This […]
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Posted on: October 31, 2024
While the term fiduciary is a legal term with a rich history, it generally means someone legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you pick a person to fill these fiduciary roles in your estate plan, you pick one or more people to make […]
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Posted on: October 28, 2024
When you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust’s affairs if you can no longer manage the trust yourself. The […]
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Posted on: October 24, 2024
If you have overheard any estate planning discussions, you have likely heard the words “guardian” or “trustee.” In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. Whether the guardian and trustee for the […]
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Posted on: October 21, 2024
If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) […]
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Posted on: October 17, 2024
Many estate plans incorporate irrevocable dynasty trusts, which can offer benefits such as tax minimization and asset protection. The benefits of these types of trusts continue for a surviving spouse’s lifetime and several future generations. The actual duration of the trust can be affected by such factors as state law and how long the money […]
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Posted on: October 14, 2024
If you have a beloved late grandmother, many images and memories may come to mind when you reminisce about her. Hopefully, if she had a robust estate plan, how she went about dividing her personal property wouldn't have come to mind. Instead, you might picture her at her home or the family vacation house during […]
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