No matter how well you think you know your loved ones, it's impossible to predict exactly how they'll behave when you die or become incapacitated. No one wants to believe that their family members would ever end up fighting one another in court over inheritance issues, but the fact is, we see it all the time. The best way to deal with estate planning disputes is to do everything possible to prevent family conflicts from making sure they never occur in the first place.
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.
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.
With the new proposed legislation that is still under consideration and far from being finalized, if your family stands to be impacted by any of the new proposed bills, it's vital for you to take action as soon as possible to ensure that whatever changes to your planning that need to be made can be planned and executed before the year's end. If you've been following the news about the coming changes, you know that none of us know what will ultimately happen or even when we will know the outcome.
On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact of these changes, we encourage you to take action now if you would be affected by the proposed legislation to ensure that whatever actions required can be planned and executed before the end of the year
If you are a single parent, life for you right now probably couldn't get any busier. You are likely being pulled between work, school activities, and home - and the inevitable emergencies that fill the lives of single parents everywhere. It's a huge responsibility, even if you do share time with a parenting partner, and especially so if you don't. Regardless, as a single parent, your children's lives are now largely in your hands, and the best way to protect them is through estate planning.
Giving donations to a charitable cause is a noble act of kindness. And you are also likely well aware that as with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. But it doesn’t end here. You may be surprised to learn about the numerous benefits available when you incorporate charitable giving into your estate plan. Learn more here!
Estate planning is an obvious concern for all parents, especially when having a child with special needs. It's important that you are aware of the unique considerations to go into planning and understand the necessary things you need to provide to your child - emotionally, physically, and financially, especially in the event of your eventual death or incapacity. But the first and most critical decision you need to make is to ensure your child's future well-being by appointing legal guardians.
Although married same-gender couples are now enjoying nearly all of the same rights as opposite-gender couples, there is still one key right that’s still up in the air—the automatic right to be legal parents. While parental rights are automatically bestowed upon the biological parent, the non-biological spouse/parent still faces a number of challenges when it comes to obtaining full parental rights. Luckily, same-gender couples do have an alternative to adoption—estate planning.
Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both political and family levels continues to create complications for married and unmarried same-gender couples. With this, especially if you're a member LGBTQ+ community, estate planning is even more critical for you and your beloved to ensure that they will be protected and provided for in the event of your death or incapacity.