Protecting a Child’s Inheritance

A number of our clients have expressed concern about protecting the inheritances of their children. Sometimes, they worry about the security of a child’s job and what will happen if he or she loses that job in a tough economy, cannot pay bills, and loses the inheritance to creditors. Other times, they worry about the influence sons or daughters-in-law have over their children, and what would happen if their child got Read More

The Biggest Mistakes People Make When Probating an Estate, Continued

In our last post, we discussed some of the mistakes to avoid when settling an estate through probate. Here are some others: Handling creditors improperly Every potential creditor of the estate must be notified about the estate going into probate. If the creditor is known, he or she can be notified personally. Unknown creditors, on the other hand, must also be notified. How? Through a notice published in Read More

The Biggest Mistakes People Make When Probating an Estate

Losing a loved one is difficult enough without the added stress of having to make important financial decisions while grieving. For many people, the duties and responsibilities of probating a loved one’s estate can feel overwhelming. The probate process is time-consuming, complicated, and, quite often, extremely frustrating. If you have been named as an executor or personal representative and are tasked with settling Read More

The Roth IRA Versus the Traditional IRA: Which One Is Right for You?

Deciding whether to choose a Roth IRA or a Traditional IRA is an important decision and can have major financial consequences. Both options, however, are excellent ways to save for retirement. Let’s look as some of the biggest differences between the two. Roth IRA Your contributions are not tax-deductible There is no mandatory distribution age Earnings and principal are tax-free if you follow all Read More

Think Twice Before Deciding to Serve as Trustee

If you have been asked to serve as a trustee, chances are you were initially flattered by the request. After all, it is quite an honor—a parent or other loved one thinks highly enough of you to entrust you with the management of a major portion of their life’s savings. However, before agreeing to serve as a trustee, it is important to consider the responsibilities involved. Administering a trust typically involves Read More

What Does the End of Roe v. Wade Mean for Same-Sex Couples?

The recent decision by the Supreme Court in Dobbs v. Jackson sent shockwaves through the nation as it overturned the landmark Roe v. Wade decision and with it, decades of legal precedent. As a refresher, precedent in the legal context refers to a decision (also sometimes called an opinion) from a court that serves as “authority” for future decisions. Generally speaking, the higher the court, the more authority their Read More

The Benefits of Putting Your IRA Into a Trust

An IRA Trust can help you control distributions after you pass away and restrict access to beneficiaries who might squander the funds of your IRA. How does an IRA Trust accomplish this? Let’s say your IRA is left directly to your beneficiaries outside of a trust. In this situation, your beneficiaries can immediately cash out your IRA and spend the money however they choose. The trouble is, when the IRA is cashed out, Read More

Six Reasons to Revise Your Estate Plan

For your estate plan to meet your needs, it must be kept up to date. We recommend having your plan reviewed at least once every two years, but there are certain situations where you should have your plan revised immediately. Here are some of the most common reasons to do so. You get married. Getting married, or re-married, doesn’t automatically change the provisions of your will or trust. While marriage Read More

Will My Estate Be Taxed?

Everyone has heard the line about taxes and death being the only things you can truly count on. Estate taxes apply to both. When someone passes away, the estate may be taxed before the beneficiaries receive the assets.  Though we will explain why your estate may or may not be subject to estate taxes, you should first understand that they differ from inheritance taxes. With an inheritance tax, the person who is set Read More

Estate Planning After Getting Remarried

As your life changes, so will your estate plan. Adapt it accordingly. One such significant event is when you remarry—especially after already having children. The core focus of estate planning is to ensure your assets get dispersed according to your wishes. As joyous as a second marriage can be, it can alter your plan for the future. By creating an estate plan, you are planning out your future and protecting Read More