Most people do not worry about their estate plans until they age. However, at this point, you may be in your second marriage, and you and your spouse may have children from previous marriages. This can make estate planning tricky because you want to leave assets for...
Estate Planning
How long will it take to close your estate?
Choosing an executor is a critical part of estate planning and one that requires time and thought. The person you select should have adequate availability to oversee the many responsibilities of the role. As part of your effort to inform your executor, you may wonder...
Using charitable giving as part of your estate plan
When you hear the word "heirs," you most likely think of close family or friends. However, you can also name charitable organizations as beneficiaries of your estate plan. Gifting your money to such entities can have considerable benefits for you, as well as the...
Power of attorney abuses to look out for
A power of attorney (POA) is a legal document that gives another person the authority to make decisions on your behalf. Several types of POAs exist, including a durable POA, which remains in effect even if you become incapacitated, and a springing POA, which only...
The difference between an individual and corporate trustee
Establishing a trust can be an excellent decision for your financial legacy. However, with the establishment of a trust, you have to make several important decisions, including establishing a trustee. You have complete control over who you choose to control your...
Should you include a letter of intent in your estate plan?
If your estate includes special needs planning for a child who will require lifelong care, you may consider including a letter of intent. This letter is not a legal requirement, but it can provide you with peace of mind about the care your child will get once you are...
How a trust protects your adult child when a marriage fails
You worked hard to create a legacy to leave behind to your children, and you may worry about what happens to what you leave your child if he or she marries, and then that marriage fails. If you have concerns about your adult child potentially losing what you left him...
What to know about second marriages and estate planning
If you are in your second marriage, you might feel torn between leaving your estate to your current spouse and providing for your children from a previous marriage. In addition, your children might worry that their new stepparent will receive their share of your...
Does your funeral deserve a place in your estate plan?
If you have not yet created an estate plan, you certainly are not alone. In fact, according to reporting from CNBC, roughly two-thirds of Americans are in the same boat. Still, as the adage says, there is no time like the present to get your affairs in order. When you...
How to tell if a charity is worthy of your financial gift
Giving Tuesday, the Tuesday after Thanksgiving is quickly approaching. Whether you intend to make a one-time gift on Giving Tuesday or to leave a charity a substantial sum in your estate plan, you want to be certain your generosity is going to a worthwhile...