One of the most common questions, and an area of much misunderstanding, involves the difference between a Trust and a Will. I have not addressed the subject in some time, so doing so again seems appropriate. I will begin with an explanation of Wills since people seem to have a better idea of the concept…
The Internet has opened up the world for do-it-yourselfers, including the option do your own estate planning. People have saved a tremendous amount of money by “Googling it” and finding how-to videos and instructions on all kinds of things. From alternatives to medicine that promise relief from ailment and good health to do-it-yourself Will kits,…
Most people help their children when their children need help, even when they are adults. Sometimes that means making “loans” to them. You should think about how to handle gifts or loans to children in a Will or Trust. Your family will thank you for it! Imagine that your son’s car breaks down, and he…
Trusts are very robust and handy estate planning tools. If you are not familiar with trusts, perhaps you should read some articles that explain what trusts are (See Trusts Compared to Corporations; The Benefits of Living Trusts; and Avoiding Probate is a Matter of Trust) Even if you are familiar with trusts, the difference between…
Fear of Estate Planning, as in doing a Will or Trust (or both) is a common malady. Everyone knows they should do something, but few people know exactly what that something is they should be doing. Fear of the unknown often keeps people from doing what they know they should do. That “something” we should…
If you are getting together with your family members this holiday season it may not seem like a great time to talk about dying, but actually it is! Hollywood has combined death and holidays for years. Well, truth be told, Dickens started it. A Christmas Carol is a look at the world without Scrooge, and…
Anyone who is contemplating a divorce, is in the process of obtaining a divorce, or is recently divorced should think about estate planning. If you are still married, your spouse is considered your heir. So, an untimely death before your divorce is finalized will result in your spouse receiving some or all of your estate.…
Most people today have an IRA, and sometimes more than one. IRA’s and 401(k)’s and other qualified plan assets have become more popular, taking the place of more traditional pension plans. Whether an employer makes any contributions, or not, people are increasingly aware of their own need to put money aside for retirement into pre-tax…
The concept of a trust is difficult for many people to grasp because a trust is a concept, and therefore is intangible. Another intangible concept that is more familiar, and therefore seems easier to understand, is a corporation. Corporations have some similarities to trusts and, therefore, provide a helpful comparison. A quick look at the…
An expansion from Do I Need a Will? I have done a series of articles explaining estate planning on a spectrum from simplest and cheapest to more complex and more expensive. Generally, that spectrum flows from planning how assets are owned so that they will pass on death with beneficiary designations, payable on death designations…