Tom Petty, the world-renowned singer-songwriter, passed away in 2017. His beneficiaries include two adult daughters and a wife. His wife at the time of his passing was not the mother of his children.Like most blended families, the death of the uniting factor -- in...
A trust is a legal tool that allows the creator to have greater control over his or her assets. Depending on the structure of the trust, the legal tool can result in tax benefits, shelter assets from creditors and even guide how money is used in the future.There are...
Digital assets play a significant role in your estate plan. What are digital assets and why should you care what happens to them when you pass away? Two important questions with equally important answers.Digital assets are online accounts or digital files. Common...
As discussed in our previous post, When is an Equal Distribution of Assets a Bad Idea?, available here, splitting assets does not always work out as we may intend. This post will discuss some proactive steps you can take to better ensure an equal...
Only 18% of Americans age 55 and older have a will and two other estate planning documents, according to a new report by Merrill Lynch and Age Wave. Even more concerning is that 45% of people age 55 and older do not have a will.Why does everyone need to have a will,...
It is common for those who put together an estate plan to attempt to distribute assets to heirs in equal portions. The idea behind the move is logical — each kid gets an equal share of the parent’s or grandparent’s assets. But does it end up working...
An estate plan accounts for more than just a transfer of assets at one’s death. It guides financial planning, health care decisions and even how we gift. Anyone that puts together an estate plan with a one size fits all mentality is unlikely to make the most of...
An estate plan accounts for more than just a transfer of assets at one’s death. It guides financial planning, health care decisions and even how we gift. Anyone that puts together an estate plan with a one size fits all mentality is unlikely to make the most of...
Tax season is upon us. Those who are getting ready to file their tax returns may wonder whether this is the year they are chosen for an audit. Audits are generally not random. There are some red flags that can increase a taxpayer’s risk of a federal audit.For...
Ideally, an estate plan should be an evolving set of documents. These legal tools should change and grow with you — not remain static. Those who put together an estate plan and forget it are less likely to have an estate plan that truly reflects their desires...
