When you’re a parent, you never want to play favorites with your children – and most parents worry about how to be fair to their children in their estate plans, as well. While the conventional wisdom has often leaned toward leaving each child equal shares, the...
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Why people use trusts to pass resources to their children
There are multiple, relatively simple ways of transferring specific assets to someone's children when they die. A will is arguably the best-known instrument for arranging for the transfer of property. People can also attach transfer-on-death designations to major...
A guide to revoking a trust
When events or unexpected developments occur, you may rethink the trust you have created or even wish to revoke it. Although it may be possible to revoke a trust in certain instances, it is important to consider the consequences and ensure you take the proper steps to...
Digital assets and estate planning
In today's society, most people have a significant digital footprint. From social media to payment accounts, cryptocurrency, and music libraries, there is a wide range of assets you access and enjoy each day that is not part of your traditional estate planning...
How seniors can protect themselves against fraud and identity theft
Identity theft and scams continue to plague the nation in epidemic numbers, and seniors are among the prime targets. The FBI reports that in 2022 those in the over-60 age group lost over 3.1 billion dollars to scammers, an increase of 84% over the prior year. Many...
The legal implications of gifting in estate planning
One of the goals of estate planning is to reduce tax implications for your beneficiaries after your death. If your assets are over the estate tax exclusion, it is important to be aware of your options and common mistakes that people make when estate planning....
What happens to an HSA as part of an estate?
High Deductible Health Plans (HDHPs) are a popular choice with Americans who buy insurance. When combined with the tax benefits of a Health Savings Account (HSA), you can feel less anxious about the possibility of a healthcare emergency. When creating your estate...
What to do after your Medicaid application is denied
Applying for Medicaid can be overwhelming. This process becomes more confusing and stressful if your application is denied and you don't have additional financial resources to cover your medical bills. Thankfully, there are several options you can pursue to seek...
Top estate planning question: How do I handle real estate?
Real estate can serve as more than just a family property. It can serve as a valuable legal tool to diversify our investments, including vacation properties, rental homes, and commercial units. Because of the high value involved, it is wise to take care when planning...
Elder financial abuse: How to identify it and what to do
Elder financial abuse or exploitation happens to millions of elderly adults every year. You may be unaware of this exploitation and not discover it before it is too late. Here are a few tips on how to spot this abuse and what you can do to protect your elderly loved...