By Andrew Gilliland | Published February 25, 2020 | Posted in Uncategorized |
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⟩ What To Do When a Disability Throws Your Estate Plan Into Chaos
As the poet Robert Burns mused centuries ago, “The best-laid plans of mice and men often go awry.” Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or a chronic medical condition can force you to re-evaluate the core assumptions you used to plan Read More
Read More3 Tips for Overwhelmed Executors
While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets Read More
Read MoreTime to Amend or Restate Your Trust?
An out-of-date Revocable Living Trust might cost your loved ones valuable time and money. It may potentially: Ignite a family feud. Cause an increase in income taxes, estate taxes, or both. Force loved ones into court. Delay how long it takes beneficiaries (including your spouse) to receive their inheritance. Increase the fees and costs associated Read More
Read MoreDo you really need a trust?
Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management Read More
Read More5 Reasons to Protect Your Retirement Accounts Now
During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Fortunately, there is an answer. A special trust called a “Standalone Retirement Trust” (SRT) can protect Read More
Read MoreHow Your Divorce Affects Estate Plans
After all the turmoil of a divorce, the last thing you probably want to hear, is a recommendation to schedule yet more meetings with an attorney. But because you have just gone through a major life change, it is essential that you meet with an estate planning attorney. Here are some of the reasons why. Read More
Read MoreCan my Trust be Updated?
If your trust is a revocable trust, as most are, you have the power to update it whenever you’d like (so long as you have the mental capacity to do so). Updates which add to, or replace, parts of an existing trust are called “amendments.” If the entire trust is updated, it’s called a “restatement.” Read More
Read MoreSpecial Approaches to Estate Planning for Blended Families
You’re probably already well aware that blended families have outpaced the traditional nuclear family by quite a margin. Many estate planning strategies have been developed to help blended families. Catering estate planning strategies to meet the needs of blended families Being a spouse in a blended family is very common. Even if you aren’t in Read More
Read More3 Things You Must Do Once Your Divorce Is Final
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation Read More
Read MoreHow Can I Prevent My Children from Fighting Over My Belongings After I Die?
You probably own some items of financial or sentimental value (jewelry, antiques, art, heirlooms, furniture, clothing, etc.) that you want a certain child, grandchild, special friend, relative, or organization to have after you die. Or maybe you just want to provide for some orderly way for your belongings to be divided among your heirs after Read More
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