As an avid Twins fan, I had an eye on last weekend’s MLB draft. In baseball, like most sports, it’s better to draft the best player available instead of a player who fit’s the team’s current needs. The same is true in picking your Trustee. We may think it’s an honor to name a child […]
What’s Involved with Being a Trustee? Read More »
Just as your life changes, so should your will. You may need to replace a personal representative, update accounts, or adjust heirs. If you have an estate plan with greater wealth or need more complex arrangements, such as trusts or guardianship provisions, you should work with an experienced estate planning attorney, says US News’ March 2018 article entitled “4 Times
When Should I Revise My Will? Read More »
Parents with disabled children worry about how their offspring will manage when parents are no longer able to care for them. Leaving money directly to a child receiving means-tested government benefits, like Social Security Supplemental Income or Medicaid, could make them ineligible for these programs, explains an article from Kiplinger titled “Estate Planning: A Special Trust for a Special
How Do Supplemental Needs Trusts Work? Read More »
I often refer to the Transfer on Death Designation (sometimes called a Payable on Death or “POD”) as the lowest hanging fruit of an estate plan. These designations are easy to set up and can be very effective. There are certain pitfalls, however, in using these designations that may prove costly to your estate. Investopedia’s recent
What Is a TOD Beneficiary? Read More »
trust fund is a legal entity you create that takes ownership of your assets and ensures that the assets are used in a way that’s beneficial to your loved ones, explains Yahoo Finance’s recent article entitled “How to Start a Trust Fund the Easy Way.” Trust funds are created by a grantor, who sets up the trust and
How Do I Create a Trust? Read More »
A pour-over will is a particular kind of will created to work with a trust, with a goal of facilitating the transfer of assets if the person creating the trust (the grantor) has not transferred all of their assets into the trust. This happens more often than you’d think. How do you know if you
What Is a Pour-Over Will? Read More »
Nj.com’s recent article entitled “What does becoming someone’s ‘power of attorney’ mean?” explains that a power of attorney (POA) is a legal document through which a principal states that his or her trusted agent may act on his or her behalf and for their benefit.A power of attorney is usually centered on addressing the principal’s financial matters, such as banking,
What Is a Power of Attorney? Read More »
Getting your affairs in order may not be on anyone’s top ten fun list for a weekend. However, once it is done, you can relax, knowing your loved ones will be cared for. Is estate planning more or less painful than doing taxes once a year? The answer depends on who you ask, but a recent article
Just What Is in an Estate Plan? Read More »
There’s no way around it, this is a difficult conversation to have with aging parents or loved ones. Who will take care of parents when they cannot take care of themselves? Do they have their estate plan in order? According to this article from Health, an important detail is often overlooked: “A Health Care Power of Attorney Is Essential
Is It Necessary to have a Health Care Directive? Read More »
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