The passing of a loved one can be a traumatic experience. It's no wonder that heirs often want to tie up loose ends with their estate so that they can continue privately grieving their relative's loss. Sentiments such as these often lead to heirs asking why the...
Can you protect your assets against bankruptcy with estate planning?
As you work on your estate plans, one of the things to look into is setting up a trust. An irrevocable trust helps you protect your assets as you age and keeps them safe. It may also lower your tax burden and prevent the loss of assets if you are in debt and face...
Are you too young for an estate plan?
You turn 40, and someone jokingly tells you that you better write a will. They’re just giving you a hard time for being “over the hill,” but it still makes you think. You feel pretty young, but are you too young for an estate plan -- or is it really time to get one in...
An accurate inventory of assets makes probate easier
Probate is the legal process by which a court distributes someone’s estate. Before you can distribute an estate, you need to know what it includes. To work this out, the executor of the will needs to make an inventory of assets. What is an inventory of assets? An...
Inheritance theft: More common than you might think
After a loved one dies, you might think that it would be obvious if someone tried to take something from the estate that your deceased family member didn’t intend for them to have. However, many common forms of inheritance theft aren’t obvious and largely go...
Can Medicaid take a portion of your parent’s estate?
Qualifying for Medicaid as an older adult often requires careful planning. Those at or past the age of retirement may give strategic gifts to their loved ones or even place their most significant assets, like their retirement account, into a trust to ensure that their...
How do revocable and irrevocable trusts differ?
A trust is a valuable estate planning tool that enables the creator to pass assets down to others without having to go through the probate process. Trusts also provide a measure of privacy for all parties involved since the contents of the trust aren’t public record....
How to bring up estate planning with your parents
You know that your parents have not done their estate planning. You also know that they’re going to need it sooner rather than later. What you’re not sure how to do is to bring it up. It feels like it could be a somewhat awkward and difficult conversation, and you...
How to choose an executor for your estate when you’re single and don’t have children
The executor of your estate is the person who is entrusted to follow your wishes, settle your debts and distribute your remaining assets to your heirs. They’ve got a big job ahead of them when you die. Most people pick their spouses or adult children to be their...
Filing and paying taxes are important parts of probate
Settling or administering an estate, possibly with the help of the probate court, is a complex process that requires a lot of work and attention to detail. One of the first steps and executor will need to take is to make an inventory of all the assets that the...