Once you have taken the very important step of getting estate planning documents (your will, healthcare documents, powers of attorney, any trusts, living trusts etc.) you just have to do one more thing…. Keep Them Up-to-Date. We cannot stress enough how important it is for you to have estate planning documents to protect yourself and [...]
A guardianship is a legal tool that the courts use to protect people who have become incapacitated (for example, those in a coma) or those who have mental or physical disabilities that render them unable to take care of themselves. A guardianship allows one person (or an entity) to make decisions for another person (the [...]
When it comes to estate planning, couples who live together but are not married (“cohabiting couples”) face some unique planning challenges. Living Together, Torn Apart Without an Estate Plan. Unlike married couples, cohabiting partners do not have the legal right to make the necessary health and financial decisions for each other in the event one [...]
Prenuptial agreements (also called antenuptial agreements or “prenups”) don’t sound very romantic. But they can make a lot of sense to have, especially for people who may have been married before. What is a Prenup? Prenuptial agreements are contracts made between two people before they get married (pre (before)-the-nuptials). These are private contracts made between [...]
If you have ever thought about writing your own will either by hand (a “holographic will”) or by using prefabricated forms or online templates, think again. Your will is one of the most important documents you will ever execute in your life. What are the chances you will mess it up if you write it [...]
At Esser, Bradley and Khalsa, PPLC, we are all in favor of American independence and tackling jobs yourself. As long as you do not try to tackle drafting your own estate planning documents. Why? Because there simply are some jobs that are best left to the professionals. And doing your own estate plan is one [...]
In the practice of trusts and estates, we love wills. But we love trusts even more. Why? Because trusts are one of the most flexible estate planning tools we have. Trusts and Estate Planning. Trusts can protect your property, save on estate taxes, and help you avoid probate. Trusts can do many things and they [...]
Decisions, decisions, decisions. You can leave your home to your heirs through your will, of course. Or, you can use a beneficiary deed. Choosing to Leave Your Home Through Your Will. Your Last Will and Testament (“Will”) determines how your property is divided when you die. You can (and most people do) leave your real [...]
If you have any type of retirement account — a 401(k), IRA or pension—estate planning for these accounts is critical. Inherited Retirement Accounts. For tax purposes, retirement accounts are considered to be “income in respect of a decedent.” As such, any amounts withdrawn from non-Roth accounts are subject to income tax at the beneficiary’s ordinary [...]
These days it seems that people will argue over just about anything. When it comes to your estate, avoiding time-consuming and expensive arguments —like will contests—is critical. Below are 3 Tips that will help you to avoid having your estate tied up in a will contest. What is a Will Contest? But before we get [...]
