How to Pick a Trustee, Executor, and Agent under a Power of Attorney
While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one
3 Reasons Why Transferring Ownership Of Your Home To Your Child Is A Bad Idea
Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. W
Are you ready for the Estate Tax Exemption to Sunset in 2025?
The Estate Tax Exemption is a tax imposed by the federal government when property and assets are transferred to your heirs and beneficiaries at your death. Currently, the federal estate tax exempts up to $13.61 million of your estate, meaning your heirs or beneficiaries will not have to pay tax on a
What You Need To Do Prior To Your Special Needs Child Turning 18 Years Old
Parenting is difficult and can be even more so for those with a special needs child. Availability of resources can be hard to come by for some parents and the quality of programs can greatly vary by state, county, and school district. Not everyone has the same access to resources, and therefore, it
When Is Probate Required?
Probate is required when a person passes and leaves behind assets that are solely in their name. A probate case, overseen by the court, is the process designed to validate the deceased person’s will if one exists, pay off any outstanding debts and taxes, and distribute the remaining assets to the ri
The Importance of Avoiding Probate
People often put off estate planning for many reasons. We make excuses such as….a trust is too costly, I don’t have enough assets to make it worth the effort, or I’m too young, so I’ll worry about it later. But the more lies and excuses you tell yourself, the more you put yourself and your family at
Estate Planning Can Leave A Legacy Beyond Just Your Assets
Your estate is made up of all your personal possessions, including your home, vehicles, bank accounts, investments, insurance, household items, and more. But your wealth is much more than just your financial assets. It includes your purposes, passions, family values, memories, and stories that make
How to Protect Assets During a Recession
As you’ve probably noticed by now, we’re in the midst of great economic shifts. The roller coaster of the stock market, rising interest rates, dropping home values, and inflation through the roof. For many, it can be a great financial setback. During every economic shift, whether it’s the Great Depr
Before Agreeing to Serve as Trustee, Carefully Consider the Duties and Obligations
If a friend or family member has asked you to serve as trustee for their trust upon their death, you should feel honored—this means they consider you among the most honest, reliable, and responsible people they know. However, being a trustee is not only a great honor, but also a major responsibility
The 5 Essential Documents of Estate Planning
There are five essential documents you need to have in place to ensure that your family and assets are taken care of if you become incapacitated or when you pass. These documents are part of your legacy. They are the means to making your intentions clear and to ease the process of how your family wi