By Tom Anderson Prince shocked estate planners everywhere when it was revealed after his death that he didn’t have a will. The Purple One was not alone. Only 42 percent of U.S. adults have a will, according to a survey by Caring.com, a website for family caregivers. The top reason people gave for slacking […]
Read More… from Prince didn’t have a will and neither do nearly 60 percent of Americans
by Elizabeth Harris It’s tempting to put off talking about death and money. After all, who really wants to face their own mortality? Couple that with the potential discomfort about revealing specific details about estate plans and it’s easy to see why many families still avoid the topic. Yet in a surprising new look at the […]
Read More… from The Last Taboo: Your Parents Still Won’t Talk About Their Money With You
By James Watkins III When most people hear the phrase “estate planning,” they immediately think of a will. However, while a will is often the cornerstone of an estate plan, there are certain types of assets it does not control, including insurance policies, individual retirement accounts, 401(k)s, and similar retirement accounts. These assets can be […]
Read More… from Do You Know Who Gets Your Assets When You Die?
The saying goes that anyone who does not learn from mistakes in the past is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them. Mistakes in the estate planning of high profile celebrities is one very good way to learn the lessons of […]
Despite what you may have heard, you probably do not need (or want) an irrevocable trust. When you create an irrevocable trust you are creating a document you cannot change easily, and the property you transfer to the trust is no longer in your control. So why would anyone part with power over his or […]
Read More… from The (Only) 3 Reasons You Should Have an Irrevocable Trust
Have you decided to get divorced during the COVID crisis? You are not alone. This prolonged period of quarantining is causing many people to reevaluate their lives. They have had enough of their spouses during this pandemic and decided to finally start anew. If you have decided that now is the right time to […]
Read More… from Divorcing During COVID? 5 Things You Need To Know
We are all dealing with greater uncertainty than usual driven by questions like: How long will we be battling Covid-19? What will the economic impact be? How will the stock market perform? And will my kids ever go back to school? Another worry that might not be on everyone’s radar is the likely increase in taxes […]
Read More… from Higher Taxes Are Coming – Here’s How To Prepare