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Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.
Charlie Daniels played his last show before the pandemic on March 13, 2020, at the Mark C. Smith Concert Hall in Huntsville, Ala. Hunkered down at home in Mt. Juliet, Tenn., he spent the following months telling anyone who would listen — his son, journalists — that he couldn’t wait to get back on the road, where he still played up to 140 dates a year, an ambitious schedule for any artist, much less an 83-year-old.
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Increasingly, financial advisors are working with clients from nontraditional families, which can sometimes require different or additional strategies to protect their assets and achieve their financial goals.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Talking about and thinking about death can be very uncomfortable. But avoiding the issue altogether and leaving yourself-or more importantly, your family members-unprepared for such a reality is even worse.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Estate planning is the process by which you determine how your assets should be handled when you’re no longer capable of making financial decisions.
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