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Prepare With Your Parents in Advance for Their Future

Plan Ahead. Don’t Wait, for an Emergency. That sounds like something your mother might say, right? And how often have you wished that you’d followed mother’s good advice? Nobody really wants to think in advance about accidents or illness. But…

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Understanding Why You Might Need Probate

Although probate sounds expensive and complex, it is a standard legal procedure which formalizes how some assets pass from decedents to the heirs or beneficiaries of their choice. Whether or not you require probate depends on the type of property…

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Five Estate Planning Mistakes People Make

People spend the first half of their lives trying to achieve financial security and the second half of your life trying to maintain it. This adage is why many people spend substantial time and effort maximizing their legacy goals in…

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Why It Is Best to Have a Will and a Trust

In estate planning, wills and trusts each have specific purposes and unique advantages. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should compliment…

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Gift Tax Explained

Anytime there is a transfer of assets, such as property or cash from one individual to another without receiving something in return of equal value, a gift tax is assessed. The asset has to be of a certain value for…

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Reasons to use an irrevocable life insurance trust

An irrevocable life insurance trust (ILIT) is created with a life insurance policy as its asset. As the name suggests, the trust grantor cannot, in any way, modify, amend, or rescind the trust or reclaim its property after its initial…

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Coming of Age and Powers of Attorney

When your child turns 18 (in most states), it might be hard to imagine that little child who once needed you for everything has now become – overnight – an adult. Now your child is free to vote, marry, apply…

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