The term estate may bring to mind mansions, vast fortunes, and a level of wealth that many people do not possess. This misconception may lead to the false impression that estate planning is only for the rich and famous, discouraging those with more modest means from seeking professional guidance.
Beneficiary and Transfer-on-Death Designations: Are You Doing It Right?
Do you know which of your accounts have beneficiary designations, sometimes called transfer-on-death (TOD) or payable-on-death (POD) designations? Have you updated them recently? Are you aware of what can go wrong if there are issues with your beneficiary designation forms?
If you answered “no” to any of these questions,...
Is Outright Distribution the Perfect Fit for Your Loved Ones?
Although Americans are living longer and spending more time—and money—in retirement, many parents intend to leave an inheritance to their children. The exact amount can vary greatly depending on individual circumstances and wealth levels, but even a small inheritance can be meaningful and help set a child up for long-term financial success,...
Have a Harmonious Family that Does Not Fight? You Still Need an Estate Plan
In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other’s company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings surface, and the once-happy family is now embroiled in litigation over the head of the family’s money and...
4 Tips to Avoid a Will or Trust Contest
Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight.
If you are concerned about challenges to your estate plan, consider...
Should I Include My Unborn Child in My Estate Plan?
Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. The more you plan for what life might...
Is It Time for an Annual Planning Retreat?
Do you ever feel like you never have a moment to yourself? Or that even if you manage to carve out some personal time, you are not spending it as effectively as you could be?
Our always-on culture may counterproductively (and counterintuitively) be holding us back from achievement. We...
The Wrong Successor Trustee Can Derail Your Final Wishes
Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the trustmaker dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of several additional generations. Because these trusts can be designed to span multiple decades, it...
Where Is the Best Place to Store Your Original Estate Planning Documents?
Estate planning attorneys are often asked where original estate planning documents—wills, trusts, powers of attorney, and healthcare directives—should be stored for safekeeping. While there is no right or wrong answer to this question, consider the following:
Should you store your original estate planning documents in your safe deposit box?
Ensure That Your Loved Ones Call the Right Doctor
Now that we are in March, we are well past the point at which most of us have abandoned our New Year’s resolutions. As in previous years, improving physical health ranked among the top goals that Americans set for themselves in 2025.[1] But while goals like losing weight and building...