Consider this story. Beth’s divorce from her husband was recently finalized. Her most valuable assets are her retirement plan at work and her life insurance policy. She updated the beneficiary designations on both to be her two minor children. She did not want her ex-husband to receive the money. Beth passes away one year after…
3 Things You Must Do Once Your Divorce Is Final
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation…
Why Not Just Go on NoloⓇ and Create Your Own Estate Planning Documents Cheaply?
There are many software programs, as well as websites, that sell do-it-yourself estate planning documents. These websites and form tools seem to offer a convenient and cost-effective alternative to consulting with an estate planning attorney. But do they really meet your needs and protect your family? Is online, do-it-yourself estate planning worth the perceived upfront…
Financial Planning. Tax Planning. Legacy Planning. Estate Planning – How many plans do I need?!
Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being and protection of your assets and family. All of these…
How to Leave Your Life Insurance and Retirement Plan to Your Minor Children
Your children are your pride and joy. It is no surprise that at some point or another, every parent likely becomes concerned about who will care for a minor child or children if one or both parents die or are incapacitated. From a financial perspective, many parents turn to life insurance in an effort to…
How to Fix 5 Common Estate Planning Problems
Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do…
The One Thing Every New Grandparent MUST Do As Soon as Possible
Congratulations on welcoming the newest addition to your family. Being a new grandparent changes everything – including how you approach your finances – and is one of the most joyous occasions in life. The excitement of a new baby – and all of the firsts that come with this bundle of joy – can grab…
Beneficiary Designations and a Blended Family: Why You Need to Think Before You Sign
Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marries create important and unique issues when it comes to estate planning. You may need to account for a prior…
Estate Planning When Not All of Your Kids are in the Family Business
Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake. Future…
Basics of Beneficiary Forms and Estate Planning.
Are Your Documents Following the Same Script? In the event of your untimely death, the manner in which your beneficiaries — or those people who receive your assets from your estate — are determined is highly dependent on how your property is titled. Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts,…
Five Surprisingly Common Planning Mistakes Baby Boomers are Making in Droves
Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most…
Estate Planning for People Living Together, Bachelors, and Bachelorettes.
Not Married? You’re not alone – but you still need a plan. Approximately half of America’s population over the age of 16 is unmarried. While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it is even more important…
