Senior Citizens Face Loss of Buying Power, Study Shows
Inflation affects all consumers, but older Americans are facing an especially dramatic loss of buying power.
Trusts for Personal Residences
A person's estate planning strategy should aim to minimize their beneficiaries' taxes while protecting their assets. The qualified personal residence trust (QPRT) is a valuable tool in this area. This specialized trust enables individuals to transfer their primary residence or…
Knowing the Probate Process Whether You Have a Will or Not
The probate process usually takes place in probate court and is known to most people as something that happens after someone passes away. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take…
Estate Planning for Farms and Ranches
Succession and estate planning can be challenging for farm and ranch property and related livestock, equipment, and other personal property. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
Estate Planning Mistakes to Avoid
Having an estate plan ensures that your assets, interests, and those you care about are protected after you die. Unfortunately, many individuals make costly mistakes without proper advice and guidance from a qualified estate planner. Beyond undermining your intent and…
How to Talk to Your Children About Their Inheritance
Keeping your adult children in the dark about their inheritance can have costly consequences. Knowing how their inheritance situation will affect their financial planning can help them make better decisions. These are practical matters of allocating resources for things like…
Why Health Care Directives Are Important
In some cases, disease, injury, or illness can prevent people from communicating their needs and wants. When this happens, they need someone they trust to advocate for them. You can prepare the proper legal documents in advance. Losing the Ability…
Comparing Estate Planning and Elder Law
As you start to plan for your future, both in terms of financial affairs and health care needs, you may wonder what estate planning and elder law entail and how they differ. Estate planning and elder law also have some…
The Problems with Self-Drafted Wills
In the event of your death, a will addresses who will inherit your assets and properties according to your wishes. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your executor…
Estate Planning for Widows and Widowers
A spouse's death is a life-changing experience emotionally, spiritually, and often financially. It is common for one spouse to handle family tax and estate plans, and a widow(er) may be looking at a complex financial situation with more questions than…