What is the Difference Between Estate Planning & Elder Law?

You have worked hard to build up your estate over the course of your life. Whether you are still working, starting retirement, or nearing the end of your life, you want to protect all of your assets and ensure they are there for you now, and your loved ones when the time comes. When researching how to do this, you have undoubtedly come across information related to two related, but separate, areas of law. Estate Read More

Don’t Believe This Estate Planning Myth

Perhaps it is because the word “trust” is commonly (albeit falsely) attributed to the wealthy—or that people vastly underestimate how complex even a small estate can become. Regardless of the reason, don’t fall for the trap of thinking that creating an estate plan is solely for rich people. Though this is false for many reasons, it is essential to point out that estate planning extends beyond money. A young, new Read More

What Your Will Can’t Do

One of the common misconceptions about an estate plan is that it is one document. Think of it more along the lines of an umbrella term that covers several documents. These come together to form a solid estate plan that conveys your intentions after you pass away when executed and planned correctly. Each document or piece of your estate plan is a tool. Different ones serve different purposes. After people learn of Read More

How To Pass Down Assets To Your Grandchildren

Becoming a grandparent is a significant event in most people’s lives. In addition to seeing your children become parents, you get to see a new generation being added to your family. Because grandparents tend to have such powerful bonds with their grandchildren, they may consider passing down an inheritance. This may come from a desire to help their grandchildren financially when it comes time to pay for school Read More

Estate Plans Are For Everyone—Not Just The Wealthy

Thinking that you don’t have enough assets to warrant an estate plan is a common belief many people have. If you are one of these people, think about how you get to work, the bank accounts you have, and even the debt you have taken on.  The car you own, the money in your bank account, and your credit card or school debt will have to be dealt with. Your property and assets belong to you, and you have a say in Read More

2 Myths Connected To Irrevocable Trusts

An irrevocable trust is a powerful tool for you to use. Its nature tends to give people the wrong impression about what it achieves and how it impacts you (and your assets) specifically. Whether you choose to create it as part of your estate plan is ultimately up to you and your attorney.  However, don’t dismiss this option and its benefits because of misinformation or a general misunderstanding about Read More

How To Create An Educational Trust

Some selfless people are willing to support the educational needs of others financially. Although there are several ways to accomplish that, this article will discuss an educational trust. An educational trust is not the same as a 529 Plan. A 529 Plan is a means to set money aside for future educational costs, but it has its own benefits and restrictions.  What Is An Educational Trust? It is a trust fund Read More

Establish Your Business Succession Plan Early

Estate planning extends beyond wills, trusts, and the distribution of your personal property. If you own a business, you need to develop a succession plan. The statistics show that second-generation businesses are more likely to fail than succeed. These odds only increase when applied to third or fourth-generation businesses.  Pick A Successor Do this early. There is nothing wrong with thinking about who Read More

Estate Planning Fundamentals

Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name Read More

Estate Planning & 529 Plans

Estate planning applies to everyone—especially people who are starting new families. So much of your estate planning directly pertains to how your children will be taken care of in your absence.  One particular way in which you can provide for your children is by putting aside money to pay for their college education. This is commonly referred to as a 529 plan because it is authorized in Section 529 of the Read More