You may have heard that most Americans do not have a will, and perhaps you are one. A common excuse you hear in this situation is quite simple: "I don't have children. Why would I need an estate plan?" The logic is that you only really care what happens to your estate...
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Estate Planning
How does having a retirement account impact estate planning?
When it comes to estate planning, you shouldn't forget to address your retirement plan when getting your affairs in order. As you embark upon end of life planning, you'll want to look at your retirement plan and make sure you've designated a beneficiary that you're...
It’s important to have a plan for transferring a family business
Some reports cite that there may be as many as 5.5 million family-run businesses in the United States. It's estimated that these corporate entities contribute just over $8 trillion to the American economy each year. This equates to at least 57 percent of this...
The importance of having a living will, even if you’re young
While many Americans age 65 and older have wills in place, few take time to have an advance directive, also known as a living will, as well. Even fewer people from younger generations have them. They often believe that there's no need to do so as they don't anticipate...
What is a guardianship and what does the guardian control?
A guardianship gives one person the ability to make decisions for another should he or she become either temporarily or permanently disabled. The incapacitated individual that a guardian may be appointed to represent is known as a ward. Establishing a guardianship can...
What steps can be taken to ensure a proper business succession?
If you've built a successful company from the ground up, then there's a strong likelihood that you're looking to do what's necessary for it to remain viable once you've either retired or passed on. Planning for the future of your business is a process known as...
Why women should engage in estate planning even more than men
In the United States, women generally outlive men by nearly five years. Although they may live longer than their male counterparts, they earn far less income than men over the course of their lives. The combination of these two factors makes it even more critical that...
Have you considered a charitable remainder trust? – III
In a series of ongoing posts, we've been examining how those who find themselves in the unexpected position of being able to leave a not insubstantial amount to a favorite charity need to carefully consider all of the their options, including the creation of a...
Does your estate plan consider your pets?
While the prospect of sitting down to create a comprehensive estate plan is not necessarily the most enticing prospect, those who have invested the necessary time, money and energy often find themselves left with considerable peace of mind once the process is...
Have you considered a charitable remainder trust? – II
Last month, we began discussing how even though people might harbor doubts about ever being able to give more than a nominal amount to a favorite charity at the outset of their careers, they may ultimately find themselves in a position to do exactly this after 30-40...