Category Archives: Heirs
What Paperwork Is Needed after Someone Dies?
Tax return issues, family matters, business associates, partners, trustees, bankers, investment advisors and tax collectors from the IRS to state and local taxing authorities all require attention after someone has died. There is a lot of work, and often a grieving family member finds it helpful to enlist the aid of a professional to… Read More »
Does a Trust Have to Be Funded to Be Valid?
Thinking you have divided assets equally between children by creating a trust that names all as equal heirs, while placing only one child’s name on other assets is not an equally divided estate plan. Instead, as described in the article “Estate Planning: Fund the trust” from nwi.com, this arrangement is likely to lead to… Read More »
What Kind of Estate Planning Mistakes Do People Make?
Estate planning for any sized estate is an important responsibility to loved ones. Done correctly, it can help families flourish over generations, control how legacies are distributed and convey values from parents to children to grandchildren. However, a failed estate plan, says a recent article from Suffolk News-Herald titled “Estate planning mistakes to avoid,… Read More »
How Can Estate Planning Address the Troubled Child?
Every family has unique challenges when planning for the future, and every family needs to consider its individual beneficiaries in an honest light, even when the view isn’t pretty. Concerns may range from adults with substance abuse problems, an inability to make good decisions, or siblings with worrisome marriages. These situations can be addressed… Read More »
How Much Should We Tell the Children about the Estate Plan?
Congratulations, if you have finished your estate plan. You and your estate planning attorney created a plan that is suited for your family, you have checked on beneficiary designations, signed all of the necessary documents and named an executor to carry out your directions when you pass. However, have you talked about your estate… Read More »
Estate Planning Lessons from Celebrities for ‘Regular’ People
Hsieh, former CEO of Zappos, left behind an estate worth an estimated $840 million and no estate plan, reports Forbes in a recent article titled “Lessons From The Rich And Famous: Why Estate Planning Should Be Part Of Your Retirement Plan.” The family had to file with the court to have family members appointed… Read More »
What Does Legacy Planning Mean?
Asset distribution is how many estate plans begin, but we can create legacies for generations to come through our estate planning, says Kiplinger in the article “Legacy Planning: Create a Lasting Legacy.” You may not realize it until you sit down to prepare an estate plan, or even until you prepare a second estate… Read More »
Avoid Estate Planning Mistakes
Estate planning should be a business-like process, where people evaluate the assets they have accumulated over time and make clear decisions about how to leave their assets and legacy to those they love. The reality, as described in the article “5 Unfortunate Estate Planning Myths You Probably Believe, ” from Kiplinger, is not so… Read More »
Estate Planning and Probate Planning
The nature of the probate process varies from state to state, and even varies from county to county. However, the nature of the process is the same. A court has to validate a will to ensure that it meets the legal requirements of the state before assets can be distributed, explains the article “Probate… Read More »
Can I Disinherit Anyone I Want?
If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive little or nothing from you when you die. However, be careful—disinheriting an heir is not as simple as leaving them out of your will, explains the article “How to Disinherit… Read More »