Many people choose to leave property to their loved ones or favorite charitable causes. But what starts as a kindly act can go terribly wrong if the land turns out to be contaminated. Unfortunately, estate plans involving environmentally contaminated property happen more than you might think. In many cases, the individual or couple gifting the property may not even aware the land is contaminated or is in violation of environmental regulations.
Putting together an estate plan is likely on your to-do list. You know that list. The one that also includes other fun projects like putting together a budget, double checking the health insurance policy and cleaning out the basement. This list likely gets brushed aside on a regular basis.
Prenatal classes, baby showers and birthing classes - oh my! Preparing for a baby is enough to leave your head spinning. Just when you think you have everything figured out and that hospital bag packed, you read the latest data on the cost of raising a child.
For many families, summertime means vacation time. Trips to Europe or other exotic locations may be part of your summertime relaxation plan. If so, it may be wise to consider putting together a vacation will.
Protecting your future finances with a comprehensive estate plan
Most people presume that a comprehensive estate plan is unnecessary until you are retired and wealthy. It is true that trusts are essential tools to minimize estate taxes, provide for charities, and ensure loved ones are able to benefit from your hard work.
Dealing with a parent's diminishing physical and/or cognitive health can be both emotionally and financially draining. The same is true when a parent passes away, as many adult children are left to sort out not only their own complex feelings, but also complex estate matters.
Now that spring has officially arrived, you may be thinking about organizing that closet or desk drawer which fell into a bit of disrepair over the winter months.
Most people are familiar with the estate planning document known as a last will and testament. Frequently regarded as the most basic of all estate planning documents, via a will, an individual can express his or her wishes with regard to the distribution of assets and personal belongings.
While most people know that they should take steps to plan for what happens to their assets and belongings after they die, an alarming number of U.S. adults don't even have a will. In fact, according to an April 9, 2014 article in Forbes, 51 percent of Americans between the ages of 55 and 64 don't have wills.