The American Declaration of Independence begins “We hold these truths to be self-evident, that all men are created equal . . .” While this may hold true for people and their rights, all Trusts are not created equal. Seemingly small differences in wording can make a big difference in reality. For example, one Trust may have a “No Contest” clause while another Trust might not. A No Contest clause provides that if someone unsuccessfully contests the validity of the Trust, negative consequences … [Read more...]
The Impact of Dying Without an Estate Plan
Most of us expect that tomorrow will be another day like any other. But, as Euripides said, “no one can confidently say that he will still be living tomorrow.” In fact, thousands of people die in the United States every single day. Some of them die from long-term illnesses. But many of them die unexpectedly from accidents, heart attacks, and other tragedies. Let us look at what would happen if you died without planning. First, if your death were preceded by a period of incapacity, your … [Read more...]
Updating Your Plan: Beneficiary Designations
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...]
Tax Planning for 2021
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...]
Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...]
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