While both wills and trusts are the most commonly used estate planning vehicles to pass on wealth and other assets to your loved ones, putting your home in a trust has several distinct benefits compared to using a will. However, each family's circumstances are different. This is why your Personal Family Lawyer® will not create any documents until we know what you need and what will be the most affordable solution for you and your family—now and in the future—based on your family's conditions.
As you already know, but may not have given much thought about, the most important inheritance you provide is so much more than the money you'll leave behind, but also includes your wishes, insights, stories, and experience. That's why, this year, we invite you to ask your loved ones the 32 important questions that can reveal a wealth of valuable life lessons - family treasures to discuss and share with generations to come.
If you're like many homeowners, your home is likely your family's most valuable and treasured asset. In light of this, you want to plan wisely to ensure your home will pass to your heirs in the most efficient and safe manner possible when you die or in the event you become incapacitated. That's why it's a much responsible way to include your home into your estate plan. But before you do that, make sure to identify the best estate planning strategies when passing your home to your loved ones.
NFTs, or "non-fungible tokens," are the latest sensation in the cryptocurrency universe or the "Cryptoverse." And if you haven't heard about NFTs yet, now is a great time to learn because they're likely to be a big part of our collective future. You might be wondering why anyone would spend such vast sums on digital images that you can download from the Internet for free. Here we'll explain what you need to know about NFTs and how to ensure your estate plan covers them if you own one.
With the booming aging population, more and more seniors will require long-term healthcare services, whether at home, in an assisted living facility, or in a nursing home. However, such long-term care can be expensive, especially when needed for extended periods, and that's why long-term care insurance was created to address this gap in healthcare coverage. We'll answer some of the most FAQs about these policies to help you determine whether you could include this as part of your estate plan.
You've most likely heard people mention a couple of different types of wills when it comes to estate planning, and the most common is a "last will and testament," or known as a "will." But you may have also heard people talk about what's called a "living will." Both terms describe important legal documents, but their purpose and how they work are very different. We'll discuss some of the most critical things you should know about living wills and why it's essential in every adult's estate plan.
The pandemic has caused Americans to change their behavior in different ways, and one of the most positive of these changes is related to estate planning. While many people said that the pandemic inspired them to see a greater need for creating an estate plan, others still don't think that estate planning is important. But as we've outlined here, not having an estate plan can be traumatic and costly for both you and your loved ones, who will be forced to deal with the mess you've left behind.
A comprehensive estate plan can protect what matters most to you. This means everything you own and everyone you love - your children. Take a few minutes to consider right now: if both you and your child's other parent were to become incapacitated or die right now, who would step forward to care for your child? Many parents struggle with including such provisions as naming a legal guardian for their children in their plan. If you're ready to take that step, start by sitting down with us.
Estate planning is not a one-and-done type of deal. Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it's not regularly updated. No matter who you are, your life will inevitably change, and your plan should continuously evolve along with your life circumstances and other changing conditions. In the absence of any major life events, we recommend reviewing your estate plan annually to ensure its terms are up to date.
If you have children from a previous marriage, and you become incapacitated or die, leaving everything to your new spouse or partner, there is almost certain to be some conflict (whether spoken or not) between your children and new spouse. You can avoid all of this (and even use the estate planning process to build stronger bonds with those you love) by having clear planning in place that has been discussed with your children and your new spouse or partner.