People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. Joint property is all perceived to be easy […]
Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They are thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” In that case, the specifics will vary depending on each […]
One misconception people have about life insurance is that naming beneficiaries is all you have to do to ensure the benefits of life insurance will be available for a surviving spouse, children, or other intended beneficiary. Life insurance is an important estate planning tool, but without certain protections in place, there’s no guarantee that your […]
Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset protection. […]
According to the National Center on Addiction and Substance Abuse, substance addiction or abuse impacts as many as one in seven Americans. Because of its prevalence, navigating a loved one’s addiction is actually a relatively common topic in everyday life and you should consider it when working on your estate planning. Whether the addiction is […]
Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency. A car accident, sudden illness, workplace injury or chronic medical condition can force you to re-evaluate the core assumptions you used to plan your future and set up your legacy.
According to a 2015 report published by the Centers for Disease Control and […]
We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your child’s guardian could be a relative you despise or […]
If you want to leave a robust financial legacy for your family, a financial plan alone is like trying to guide a boat with just one oar. It is only part of the big picture for your overall monetary health. A well-informed financial plan is worth your time for several reasons, but let’s look at […]
On January 24, 2017, the Death Tax Repeal Act of 2017, or H.R. 631, was introduced to the U.S. House of Representatives by South Dakota congresswoman Kristi Noem. If passed, H.R. 631 would completely repeal the federal estate tax. A separate companion bill put before the Senate by South Dakota senator John Thune, S. 205, […]
Many people think estate planning means focusing on what will happen to their money and assets after they pass away. But that misses a significant consideration, the need to plan for long-term care.
The last thing any of us want to contend with when a health issue arises later in life is having to throw […]
