Probate can be a challenging process for families who are dealing with the loss of a loved one. Amidst the emotional strain, however, it is necessary to address the various tax issues that may arise after the death of a family member. Knowing what to expect when it...
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Estate Planning
How can you prevent family disputes while estate planning?
Estate planning is an important aspect of managing your assets and allowing for a smooth transition of wealth to future generations. To prevent disputes among family members, you should approach estate planning with foresight and open communication. Preventing...
When should you update your will?
Your will is likely one of the first documents you created during the estate planning process. This document allows you to designate beneficiaries for your assets and if you have minor children, name a guardian for them. Ensuring your will reflects your current wishes...
The consequences of poor estate planning
According to CNBC, 67% of people in the U.S. do not have an estate plan. Estate planning is an important step in securing your financial legacy and ensuring those left behind carry out your wishes after your passing. Failing to engage in proper estate planning can...
Can I minimize my assets’ potential taxes during estate planning?
When your estate planning goal is to protect your assets and secure your loved ones’ futures, you would want to have as much of your estate to pass down to your heirs. Unfortunately, impending deductions, such as inheritance taxes, may reduce a significant portion of...
How do charitable trusts work and why should I consider one?
Managing your assets after you pass away is integral to estate planning. If you are charitable, you may want to consider giving back to your community after you pass. One way to do this is by establishing a charitable trust. This type of trust can reduce some taxes...
What are some qualities of a good executor?
One of the most important parts of getting your estate in order is choosing who you want as your executor. Thinking about your family and friends can give you important clues about whether or not they would fulfill this role well or not. By learning more about the...
What is a breach of fiduciary duty?
A fiduciary is someone a person entrusts with managing their assets and affairs. In estate planning, this is typically the executor or trustee, the person designated to settle the person's estate and fulfill their wishes according to their will or estate plan. The...
Recognizing signs of undue influence in an estate plan
With an estate plan, you can determine who receives your wealth and property, bypassing intestacy laws that may dictate the distribution otherwise. It provides peace of mind, control and protection for you and your loved ones. However, there are situations where the...
Is it time to update your plan?
Having an estate plan is crucial for anyone with assets to pass along after their death. However, creating the plan is just the first step. After that, it is equally important to keep the plan up to date. But how does a person know when to update their plan? Facing...