Don’t Let Creditors Inherit from You or Your Spouse
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. […]
Young Adults Need Estate Planning, Too
Most young adults think they are invincible. But the reality is that anyone can become seriously ill or be injured in an accident or a random act of violence at any time. Far too many of us know the tragedy of a promising young life that was abruptly cut short. Once a child turns eighteen, […]
What Does Funding My Living Trust Mean and How Do I Do That?
Funding your trust is the process of transferring ownership of your assets from you to your trust. To do this, you physically change the titles from your individual name (or joint names) to the name of your trust. You will also change most beneficiary designations to your trust so those proceeds will flow into your […]
Estate Planning with Dementia on the Rise
Dementia is a chronic or persistent syndrome caused by brain disease or injury and marked by deterioration of memory, personality changes, and impaired cognitive function. As the baby boomer generation continues to age, the number of people who are affected by dementia increases. Perhaps more alarming is that individuals in their fifties are more commonly […]
Understanding the Significance of Trusts
This article addresses a topic that is important to many Americans yet is sometimes misunderstood—trusts. In the right circumstances and with proper drafting, trusts can provide significant advantages to those who utilize them. Admittedly this is a complex area of law, but this article reviews the basic principles and types of trusts and explains the […]
How To Protect Your Retirement Accounts
Most people are shocked to learn that after they pass, creditors can seize the retirement accounts intended for their loved ones. During your lifetime, your retirement funds have fairly comprehensive asset protection, meaning they cannot be taken in a lawsuit. Unfortunately, as soon as retirement accounts are inherited, the protection evaporates in most states. This […]
Saving for School: Planning for Your Family’s Education
According to the National Center for Education Statistics, in the 2018–2019 academic year, the average tuition and fees for a public four-year institution were $9,200; $35,800 for a private nonprofit four-year institution; $3,700 for a public two-year institution; and $18,400 for a private nonprofit two-year institution. If post-secondary education is in your family’s future, […]
Can a Non-U.S. Citizen Create an Estate Plan in the U.S.?
The United States has experienced a surge in immigration since 1970, and there are now approximately 45 million foreign-born people living in the United States. Some of them have become U.S. citizens, but many non-citizens live in the United States as well. In 2019 alone, approximately 1,031,000 foreign nationals obtained lawful permanent resident status.[1] It is […]
Caught in the Undertow: How No Estate Plan (or a Bad One) Could Leave Your Family Overwhelmed
Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. But there may be unseen dangers that are crucial for beachgoers to keep in mind: For example, the undertow is a current of water, often quite powerful, below the surface, that is moving away from shore when […]
COVID-19: A Reminder of Why Estate Planning Is Important
Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. But there may be unseen dangers that are crucial for beachgoers to keep in mind: For example, the undertow is a current of water, often quite powerful, below the surface, that is moving away from shore when […]
