Monthly Archives: September 2018

The Truth Behind Legacy Plans

If you have created a Last Will and Testament, Revocable “Living” Trust, Health Care Proxy, and Living Will, you might the mistake of thinking that you have created all of the estate planning documents necessary. The truth is, however, that there are still some potential complications that can occur involving the distribution of your estate following death. This is where legacy planning comes in. Legacy planning refers to a financial strategy that lets a person pass assets to a loved one or family member after death. Because legacy plans are frequently complicated in nature, they often require the assistance of an experienced estate planning attorney. There are also many myths circulating about how legacy plans operate, which this article will seek to explain. What is Legacy Planning? Most estate plans focus solely on what assets a person will leave behind after death. Legacy planning, however, involves a more comprehensive approach and focuses on the creation of a plan for managing a person’s total wealth while alive, distributing an estate after death, and passing on a person’s legacy. These plans often include non-financial assets as well as financial assets. Through legacy plans, you can not only pass assets to loved ones     Read More

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Learning from the Estate Planning Mistakes of Aretha Franklin

While Aretha Franklin is remembered as an extraordinarily talented musician, she made some significant estate planning mistakes from which we can all learn. When Franklin died in August of 2018, she did not leave a will or any type of estate plan despite having four children, including one with special needs. If you fail to leave an estate plan, it means that your inheritance will not be distributed in the way that you intended. If you need any type of estate planning assistance, you should not hesitate to speak with an experienced estate planning attorney. A Large Number of Americans Die Without Estate Plans Caring.com released a study in 2017 that found a large number of Americans die without a living trust or will. The most common reason why individuals claim they do not create these estate planning documents is that they simply have not gotten around to it yet. There are many reasons why people delay creating estate plans including the emotional unpleasantness of having to make end-of-life decisions. Other individuals think that because they do not have a large inheritance, creating an estate plan is not important. In reality, everyone should be concerned about proper estate planning because     Read More

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