When everyone is alive and happy, it is easy to think nothing will break a family apart. Many people think because everyone is getting along

If you are like my family, the craziness has begun. The shopping, searching for the recipes, cleaning the house for the family members and guests, planning the activities, and the anticipation, excitement (and dread) of the families coming together for Thanksgiving holiday weekend. But despite the craziness of the occasion, it is a great time to have discussions about your estate planning desires, and decisions with your family and loved ones. The idea of getting your financi

How to Leave Assets to Minor Children Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Do not make these common, expensive mistakes. Instead, here is how to both protect and provide for the children you

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 savings? Penny Wise and Pound Foolish In all but the simplest scenarios, do-it-yourself estate planning is

Baby boomers - we are the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those of us born between 1946 and 1964, have entered and continue to enter into retirement. As we make this financial transition into retirement, many of us are learning that we have made some of the most typical retirement mistakes. But, even if you have made a financial mistake or two, there is still time to avoid or corre

Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela (a.k.a., soap opera)—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes. Family Conflict According to a recent survey of over 100 estate planning professi

You work hard for your money and want to ensure that your wealth distribution goes according to your wishes upon death. Sadly, many people simply do not understand the difference between wills and trusts and how they can affect inheritance. Do not be one of them! Take control of your wealth distribution by understanding what wills do not control and the benefits of a trust. 5 Things a Will Does Not Control Most people believe that a will encompasses and controls all of your a

Death is a costly business. Aside from funeral expenses, legal fees can take a big chunk out of how much is left for your loved ones after you are gone. But it does not have to be this way. Careful planning can minimize the legal fees your loved ones will pay after you die. Here is how: 1. Make an estate plan – The cost of creating an estate plan will be far less than the legal fees your loved ones will have to pay if you do not have one. But be careful – do not try to wri

Have you ever wondered what would happen to your debts if you passed away before paying them off? Will your loved ones be obligated to pay your debts or will they simply disappear? Every person’s debt landscape is different, and the best approach is to create a tailor-made estate planning strategy to make sure your debt does not come back to haunt your family after you are gone. Common questions about debt after death Many individuals do not have a clear picture of what h

If you are enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it. What is an HSA? An HSA is an account whose funds may be used to pay for qualified medical expenses or saved for expenses that arise in the future. These accounts have several tax advantages. You can deduct contributions t