The 6 Biggest Estate Planning Mistakes
If you’re like most people, you have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning, your best intentions may not be enough. Here are six of the most common estate planning mistakes people make: 1. Failing to […]
How to Protect an IRA From Heirs’ Creditors
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited? Resolving a conflict between lower courts, the U.S. Supreme Court in 2014 unanimously ruled that funds held in an inherited IRA are not exempt from creditors in […]
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor. There are two main problems with naming a minor as the beneficiary of your estate […]
Using Life Insurance as Part of Your Estate Plan
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy for a set number of years and you have coverage with a death benefit if […]
How to Create an Estate Plan That Includes Your Pet
Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. While we may think of pets as part of our family, the law considers them to be property. This means that you cannot leave anything in […]
Why You’re NOT too Young for an Estate Plan
I always tell people who ask who really needs an estate plan, if you’re over the age of 18 and you have someone you care about, or someone cares about you, then you need one. The reality is when we speak of an estate plan, we’re not talking about the millionaire with the house for each […]
Busting the “Not Enough Stuff” Myth
Myth: You must have significant assets in order to have an “estate plan.” Answer: NO! If you’re hung up on having stuff because we call it “estate” planning, then try this one: You are your greatest asset. Let me explain why this thought is so important. Your estate plan is two-fold. First, it covers life planning. When […]
5 reasons an attorney is better than DIY for your estate plan
Don’t get me wrong, I love DIY, I really do. I’ve done the remodeling of homes, the epic Pinterest fails (I really should have posted them), the fixing of various broken items after watching a YouTube video. I’ve done them all, so I do appreciate that DIY drive. Preparing your estate plan is just one of those things that […]