As this recent article explains, one of the most critical parts of any estate plan is a life insurance policy. Having a life insurance policy increases the size of the estate that a person is able to leave to his or her heirs. The cash from a life insurance policy can also aid your heirs[...]
One of the documents that helps to make up a proper estate plan is the power of attorney (“POA”). A POA is a document that authorizes a representative of your choosing to act on your behalf in private and business affairs. Although most people select one person to serve as their POA, this recent article[...]
When President Barack Obama recently released his 2014 budget proposal, it was revealed that the estate tax exemption may not last as long as many had previously anticipated. According to a recent article, the proposed budget would not only increase estate taxes, but it would also drop the per-person exemption from federal estate taxes. Currently,[...]
Despite the grave importance of having an estate plan, a large amount of Americans still have not undertaken any steps towards drafting their estate plan. Often, people put the task aside because it is unpleasant to consider the reality of our deaths. A recent article suggests that, by simply preparing for a meeting with an[...]
Whether for work, school, or simply finding a warmer climate, a recent article discusses how many individuals find themselves living away from the rest of their family. Although it is perfectly acceptable to name personal representative who lives in another state, some may feel more comfortable naming a personal representative who is closer. If you[...]
Like most estate planning devices, a revocable living trust is not right for every estate. A recent article discusses several of the pros and cons of creating a revocable living trust. A revocable living trust is a trust that a person establishes during their life with their own assets. The terms of the trust can[...]
If you include any kind of trust in your estate plan, one important consideration is whether you would like to compensate the person you name as trustee. A recent article discusses the "when and how" of trustee compensation. Not all trustees need or expect to be compensated for their services. Trusts that do provide trustee[...]
Due to advances in medical technology, there is a growing possibility that people's lives will be prolonged against their wishes. For those who would not like their lives to be prolonged indefinitely with various medical instruments, it is vital to provide detailed instructions as to your medical wishes and elect a health care representative. A[...]
Many people understand the importance of creating an estate plan, however it is often difficult to determine where to begin. A recent article simplifies the estate planning process into four steps: people, property, plans, and planners. Below is a brief overview of this process. 1. People: The first and foremost thing to consider when creating[...]
There is no good reason to put off estate planning. An estate plan dictates what will happen to you and your possessions after you have died. Without such a plan, state law will dictate where your assets will go. Distribution under state law will likely not yield the result that many people intended. Moreover, when[...]