The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most...
Category: Beneficiary
Inspiring Action: The Guide to Creating or Updating Your Estate Plan
Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to...
5 Good Reasons to Decant a Trust
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries,...
Swedish Death Cleaning
How much stuff is too much? Most Americans would probably admit that they own too many things. From clothes to electronics to sports equipment to collectibles, the typical US house is stuffed to the brim with items of questionable utility.
On occasion, we may commit to decluttering, only to...
Back to School: Time to Protect Your Child’s Future
Personal Guidance from beyond the Grave
Life can get hectic for parents when the school year starts. Parents often juggle many different responsibilities, which increase with the number of children they have and activities the children participate in. Most parents feel like they need to be in five places...
Why You Want to Avoid Intestacy
About two out of three Americans will die without a will. This is known as dying intestate.
While the reasons for not having a will vary, the end result is the same for everyone: they do not get to choose who receives their property when they die. Instead, their...
Could a Testamentary Trust Be What Your Loved Ones Need?
One of the main reasons that a person creates a revocable living trust (a trust established during a person’s lifetime that they can amend or revoke) instead of relying on a will to transfer their money and property to their beneficiaries is to avoid probate. Probate is the court process during which...
Estate Planning News You Can Use to Beat the Heat of Uncertainty
Just as spending a day under the summer sun without proper protection can leave you with a painful sunburn, an unfinished or out-of-date estate plan can inflict harm on you and your loved ones. In this newsletter, we explore the importance of creating a comprehensive estate plan to protect your legacy and...
Time to Brush Up on Your Estate Planning Etiquette
Important Probate Rules You Should Know
When a person dies, what happens next depends on whether the deceased person had any foundational estate planning documents such as a last will and testament (otherwise known as a will) or trust, who the living relatives are, and their relationship to the...
National Home Remodeling Month: How Remodeling Your Home Could Impact Your Estate Plan
Spring is associated with renewal, and as the weather gets warmer, many homeowners turn their attention to renovation projects.
Each May, the home remodeling industry and the National Association of Home Builders (NAHB) celebrate National Home Remodeling Month. In 2023, over 17 million home remodeling projects are expected to...