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.
Wills and trusts are two of the most commonly used estate planning documents. Both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, but the way in which they work is quite different. To know the best way to determine whether or not your estate plan should include a will, living trust, or some combination of the two, meet a Personal Family Lawyer for a Family Wealth Planning Session.
Although DMX was successful in music and movies, the rap icon experienced serious legal and financial problems. His story proves that regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of, especially if you have children. The saddest part of this whole situation is that all the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been prevented with comprehensive estate planning.
Legendary hip hop artist Earl Simmons, known as DMX, passed away at age 50 after suffering a heart attack. Despite selling more than 74 million albums and enjoying a wildly successful career in music and movies, DMX, who died without a will, left behind an estate that some estimates report being millions of dollars in debt. With so much wealth and so many children, his failure to create an estate plan will likely mean his loved ones will be stuck battling each other in court for years to come.
Planning for your potential incapacity and eventual death is probably the farthest thing you have in mind, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse. Indeed, once your marriage is official, your relationship becomes entirely different from both legal and financial perspectives, so here's we cover the final three of the six essential items you need to address in your plan.
As we head into the peak of wedding season, if you are a newlywed or are about to tie the knot, add "estate planning" to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse.
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.
A last will and testament is the most commonly thought-of document when it comes to an estate plan. But really, it's only a very small part of an integrated plan that ensures your family stays out of court and out of conflict if and when something happens to you. Do not think you can just write your own will that will help your family, especially when you plan on creating it online. If you need help in getting started, consult with Personal Family Lawyer® that will help you through the process.
In case you missed all of the commercials for floral arrangements that have been airing recently, here’s one final reminder: Mother’s Day is this Sunday, May 9th. But before you spend your money on something that will wilt and die within a week or two, consider getting Mom a truly priceless gift—a plan for her kids that provides her with peace of mind that, when something should happen to her and dad, her children will always be in the care of the people she knows, loves, and trusts.
Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” whose earnings are worth $80 million, died from pancreatic cancer at age 76. Yet, due to poor estate planning, her children have yet to see a dime of their inheritance, and what they ultimately receive will be significantly depleted by back taxes. Also, it’s still not clear whether or not Aretha ever had a valid will. Her story shows how destructive poor estate planning can be for the loved ones we leave behind.