In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared any estate planning documents such as a will or trust even though 76% viewed them as necessary. Many of the respondents said this was due to … [Read more...] about Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan
Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk themselves out of seeing a qualified attorney to put together an estate plan based on some of the following common myths: Myth #1: Only the Rich Need Estate Planning When we hear about estate planning on the news or read about it on the … [Read more...] about Myths We Tell Ourselves About Estate Planning
When you are being introduced to the benefit program at your first “real job,” you typically get initial exposure to a couple of long-term planning concepts that you may have never considered before. Most packages come with a certain level of life insurance, and you can typically participate in a 401(k) plan to save for retirement. In many instances, the employer will match your contributions up to a certain percentage. This is nothing more or less than free money that you can receive on a … [Read more...] about Using an IRA for Estate Planning Purposes
For a lot of people, estate planning is simply a matter of slicing up a pie. You decide who will have a seat at the dessert table and how large the respective slices will be for each individual. In a very basic sense, there is truth to this, but there is much more to take into consideration if you want to plan your estate effectively. First, you have to recognize the fact that there are different types of “pies” as it were. The way that assets are distributed if you use a last will is … [Read more...] about Communication Can Prevent Inheritance Disputes
When we consult with clients, we often hear many of the same questions. With this in mind, we present a hypothetical question-and-answer session with a Reno estate planning lawyer in this post. Doesn’t the state take care of everything when you die without an estate plan? To die without an estate plan is called dying intestate. Under the rules of intestacy, the probate court would supervise the administration of the estate. Creditors would be given an opportunity to come forward seeking … [Read more...] about Q & A Session With a Reno Estate Planning Lawyer
Some need the money and postpone retirement or get a part-time job; others simply have the urge to keep busy in some constructive way during retirement and choose to do some type of work. These days financial planning experts often write about the value of working longer. This can be necessary if you simply need more time to accumulate the resources that you need to retire. Others who don't absolutely have to work choose to do so because they want to have plenty of discretionary income so they … [Read more...] about Working on Your Own Terms During Retirement
It is said that there are some things that money can't buy, and wisdom would certainly be one of these things. When you are planning your estate your primary concern is going to involve our valuables. However, you may be able to pass on your values as well by maintaining a blog during your retirement years. A lot of people have an interest in writing their memoirs once they have the time to devote to the project. This is a great way to share formative experiences with people that you care about. … [Read more...] about Blogging Can Be Rewarding During Retirement
If you are like millions of Americans, you probably own at least one pet. Have you taken the time to consider what will happen to your pet when you die? If you haven’t, now is the time to do so before it is too late. When you die, your assets will all be secured until your executor or personal representative has the chance to inventory them and file the proper documents with the probate court. But what about your pet? Someone needs to look after your pet immediately after you die. A well … [Read more...] about What Will Happen to Your Pet When You Die?
Anyone who owns a pet knows the love that can be shared between a human and an animal. Not surprisingly, many people want to make sure their pet is properly cared for in the event of their death in the same way they want to make sure family members are taken care of financially. One way to do that is to create a pet trust. Although a pet trust is a wonderful estate planning tool, be sure that you do not create a probate nightmare as a result of the terms of your pet trust as did the late Leona … [Read more...] about Leona Helmsley and the Pet Trust–An Example of Bad Estate Planning
Have you considered who would manage your financial afffairs if you became incapacitated? Married couples are sometimes under the impression that their spouse will automatically be given access to all the assets. This may not be the case. Assets that are titled jointly may be easily accessed but that is not always the case. Take for instance real property that is jointly titled. If the well spouse desired to refinance, obtain a secured loan or sell real property that is jointly owned a … [Read more...] about If You Become Incapacitated, Who Will Manage Your Money?