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Can you disinherit your child? A parent can disinherit their children in all states, except Louisiana – but only under limited circumstances. In Louisiana, you can’t disinherit a child who is 23 or younger, or if the child is permanently incapable of managing their own finances or taking care of themselves at the time of their ...
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After you’ve spoken to an estate planning attorney and learned the basic concepts of estate planning, next you’ll need to consider which people will help you carry out your wishes for your estate, one of which would be the “executor.” Executor of the Will The executor is the person who you name in your will to wrap up the ...
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Many people think that they should start planning their estates when they reach their mid to late sixties. We know that the normal progression of life is to get a college degree, start a career, get married, have children, help our kids through college, become grandparents, retire, and enjoy life. Then, after we’ve lived a fulfilling life, we ...
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If you will have money left over in your individual retirement account when you pass, then it’s up to you to decide who is to receive those funds after your death. Can you leave your IRA to your church? The short answer is yes, and by taking this route, both your estate and your heirs may enjoy some tax advantages. IRAs Pass Outside of ...
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When a person engages in estate planning, they typically identify which people they want to receive their property through their will. However, on occasion a beneficiary named in a will dies before the creator of the will. What happens to the property if the beneficiary is deceased? What happens next depends on how the will was drafted and the ...
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What is estate tax? As the owner of assets and property, it is a tax on your right to transfer your property when you die. The estate tax consists of an accounting of everything that you own or have interests in on the date of your death. The fair market of these assets are used, thus, what you paid for them or their value at the time you purchased ...
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According to the National Institute on Aging (NIH), the spike in the average life expectancy in the 20th century is one of the greatest achievements of modern society. Though most of the babies that were born in 1900 didn’t live past the age of 50, the life expectancy at birth today is 81 in many developed countries. With people living longer ...
Continue reading "Planning for Mental Disability" »
One of the greatest fears that Baby Boomers and aging Americans have is that they may end up in a nursing home. If this happens, they don't want to drain all of their assets in the process, leaving nothing behind for their loved ones. Having to move into a nursing home can mean much more than losing one's autonomy, it can come at a huge ...
Continue reading "Why Americans Need Medicaid Planning" »
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You've probably heard all about the living trust and how it can be used to "avoid probate" when you pass away. Probate is the court-supervised process of validating a will, appointing an executor to handle an estate, paying off the decedent's debts and distributing what's left to the beneficiaries. Believe it or not, probate ...
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Working with disabled clients and their family members is one of the most rewarding aspects of an estate planning attorney's job. One of the most important reasons for working with a young, disabled client is ensuring that funds are preserved for their long-term improvement and quality of life. Such work is rewarding because it provides great ...
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With advances in modern medicine, America's elderly population is living longer than ever before. With seniors living into their 70s, 80s and beyond, we are seeing a greater need for conservatorships and adult guardianships. Conservators are appointed by the court and are given the authority to manage the affairs of someone who is no longer ...
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If you're filing for divorce, estate planning is probably the last thing on your mind. However, once your divorce is finalized, you need to update your estate planning documents. If you don't, some of your assets could be distributed in ways that you don't want, and go straight to your ex-spouse. If you're like many people, a large ...
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Settling your loved one's estate can be difficult, but conducting two separate probates in different states can be even harder. If a decedent lived in one state, and passed with solely owned property in another state, there will need to be a probate in both states. Why do there have to be two probates? Because, real estate property is governed ...
Continue reading "An Overview of Ancillary Probate" »
If you're a parent, you likely want some, if not the majority of your estate to go to your children. In the scheme of things, this is the ultimate goal, however, if your children are minors, you're going to want to take a few things into account. Do you remember how good you were with money when you first graduated from high school? Since ...
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Second marriages can be rewarding on so many levels, namely a second chance at happiness. If you're like a lot of couples, you and your spouse have children from previous relationships, and you might even have children together. You may have each brought a significant amount of assets to the marriage, you might even have a prenuptial agreement ...
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If you have been appointed as an executor or an administrator of an estate, in the eyes of the law you are what is called a fiduciary. A fiduciary is an individual whom another has placed a great deal of trust and confidence in to manage and protect assets or property, or both. Essentially, whenever one person places trust and confidence in another ...
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If you're considering meeting with an attorney to draw up the customary estate planning documents, you may be wondering what happens when people die without a will. First, it's important to understand that there are many different types of assets that pass outside of a will, and are therefore not subject to probate, these include but are ...
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If something were ever to happen to you; for example, if you were seriously injured in an auto accident, or if you were on your death bed due to a disease such as cancer, wouldn't you want to have a say in what types of life-sustaining procedures you would receive? Living wills ensure that if such a day comes, that you have a voice in the ...
Continue reading "Living Wills for Medical Decisions" »
While some families are transparent about their intentions over how their assets will be distributed upon their death, others keep the details to themselves and prefer to have their heirs learn about their plans after they are gone. Being open about one's estate plans does not necessarily preclude will contests from occurring, however, openness ...
Continue reading "What are the Grounds for a Will Contest?" »
What is probate? Probate is the court-supervised process of validating a decedent's will, paying off the decedent's debts, and ensuring that the decedent's assets go to the rightful beneficiaries named in the will. Or, in the absence of a will, to those who stand to inherit. Probate varies slightly from state-to-state – many ...
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When is the last time that you took a look at your beneficiary designations? If it's been a long time, you may find that the people you put down 5, 10, or 15 years ago are not who you would put down today. This is especially the case if you have divorced, remarried, or had children since you opened that bank account, or first established your ...
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When a person passes away, they typically provide a will that designates heirs of their property and assets. In some states, taxes are placed on the property beneficiaries inherit. These states require an inheritance tax from heirs: Iowa Kentucky Maryland Nebraska New Jersey Pennsylvania Keep in mind, just because you don't live in one of these ...
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Probate is used to distribute a decedent's assets and property to their beneficiaries. This process is often dreaded by those facing it. Not only is it emotionally challenging to navigate the court system after the loss of a loved one, but it can also be time-consuming, expensive, and frustrating. How can you prepare to avoid the pitfalls of ...
Continue reading "Avoid Costly Delays in Probate By Planning Now" »
Most life insurance policies list a beneficiary to their policy. The beneficiary is the person to whom the policy is meant to be paid out to upon the death of the primary holder. Usually, this is not handled by the executor of the estate and can be a significant support to loved ones following a death. How can I get a life insurance payout? Life ...
Continue reading "Claiming Life Insurance as a Beneficiary" »
Building your estate plan involves a lot more than legal concerns, but can be an intensely personal process as well. Hiring an attorney that is not only skilled in the law but is also capable of representing your best interests beyond your death is very important. The first step in doing so is finding attorneys in your area that are both skilled in ...
Continue reading "Find the Right Probate Attorney for You" »
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