Disinheritance—the intentional exclusion of a family member, usually a child or spouse, from receiving part of your estate after your death—is more common than you might think. It is also easier than you might think to disinherit a loved one, with a couple of notable exceptions. However, it is not as simple...
Category: Estate Planning
Different Names or Aliases and Estate Planning
What is in a name?
If you are a beneficiary or a creditor of an estate, or if you are setting up an estate plan, your name means a great deal.
It is not unusual for a person to go by different names, such as the...
How an Inheritance Can Enhance Your Loved One’s Educational Experience
A primary goal of estate planning is to financially provide for your loved ones. One way to ensure that they are set up for lifelong success is with an inheritance that pays for their education.
Higher levels of education are positively correlated with better life outcomes, including improved health,...
Ways to Keep a Loved One’s Memory Alive After They Pass
When somebody close to us passes away, we are left with constant reminders of them. Maybe it is a jacket hanging in the closet that still bears the scent of their cologne, a dog-eared book on their nightstand, their handwriting on a scrap of paper, a bench where they sat and fed...
Estate Planning Mistakes Farmers and Ranchers Make
Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan—or any estate plan at all. Without a proper estate plan, the family farm or ranch, passed down for generations, can...
Beneficiary and Transfer-on-Death Designations
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 An Outright Distribution the Best Way to Leave Assets to 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,...
Avoiding 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...
Unborn Children and Estate Planning
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...
Don’t Choose the Wrong Successor Trustee
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...