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Monthly Archives: August 2021

How to Tackle Estate Planning as a Married Person

Getting married is an exciting and memorable time in the lives of most people. As you prepare to get married or if you already have, there are likely some issues that you have only just begun to consider. There are some key details about estate planning that you should remember whether you recently got married or have been in a marriage for several decades. Be Open With Your Spouse One of the best places to begin when estate planning with your spouse is to be honest about your future and one another’s expectations. Not only does this include adequately planning for the future, but you should also make sure to address how you would like the situation handled if either one of you passed away.  Do Your Best to Equalize Estates People commonly overuse the marital deduction, which only ends up delaying the taxes that a person ends up facing. The spouse who is left with the couple’s estate should instead engage in some creative estate planning to reduce the amount of taxes that they will owe. Remember, a person can utilize the lifetime estate and gift tax exemption to pass some assets to a loved one without this amount [...]

2021-08-23T17:34:35+00:00Tags: , , , |

Helpful Estate Planning Tips for Clients with High-Net-Worth Estates

Regardless of the number of assets you own or your life situation, estate planning can be difficult. For high-net-worth individuals, however, estate planning can present some unique obstacles. Additionally, estate planning laws and taxes are constantly evolving, and it can be hard to keep up to date with these various changes. Here are some important estate planning tips to remember if you are an individual with a high-net-worth estate.  Recognize the Obstacles High-Net-Worth Individuals Commonly Face High-net-worth estates commonly encounter one of several estate planning obstacles. By understanding these challenges and planning for them in advance, it is often possible to avoid these hardships. Some of the obstacles you should consider include: Many high-net-worth individuals fail to revise the terms of their estate plans after major life events like births, marriages, and divorce. As a result, it is common for these individuals to end up with outdated estate plans.  If you own a business, create a detailed succession plan. While this might involve passing your business down to children, it could also involve a much more nuanced succession. Despite the value of adequate succession planning, not everyone takes these steps.  Because high-net-worth individuals often have a diverse set of income [...]

2021-08-16T20:04:06+00:00Tags: , |

Estate Planning Mistakes to Avoid if You are in a Second Marriage With Children

Second marriages are often rife with challenges. Whether it is coping with the end of a marriage, rebuilding a career that was put on pause, or blending families, you will likely feel overwhelmed for a time, but it is still important to consider what will happen to your assets when you pass on. It is rarely possible to create an estate plan with which everyone in your family agrees, though. Regardless, you should still do your best to avoid some of the most common estate planning errors committed by people who enter into second marriages and who have children. Here are  some critical estate planning errors that you should avoid if you are in such a situation.  NOT Routinely Reviewing (and Revising) Your Estate Plan Unfortunately, some people never change their estate planning documents, even after major events like births, marriage, or divorces. In second marriages, this might mean that your first spouse is still named in your estate planning documents. By changing your beneficiary designations, you can make sure that your assets pass on in the intended manner. While you are reviewing estate planning documents and beneficiary designations, it is just as important to make sure that your medical [...]

2021-08-16T19:59:25+00:00Tags: |

Estate Planning Steps You Must Take After Your Spouse Passes Away

One of the most challenging moments in the lives of many people are the days and weeks following the loss of a loved one. If you find yourself in such a situation, it helps to understand what tasks you must achieve. This article reviews some of the most important things that a person must remember to do after their spouse passes away. Before taking any of these steps, however, you should make sure to collect financial records, bank accounts, tax returns, insurance policies, mortgages, debts, and other statements.  Close Bank Accounts When the Time is Right Some people postpone closing a bank account that is only titled in a deceased individual’s name. If you close a bank account that is receiving Social Security too soon, payments for the month of death might be reversed and lead to a negative balance.  Contact Your Spouse’s Life Insurance Carrier Before making a call to the company that holds your spouse’s life insurance, you should make sure that you have all of the necessary documents in order. You should also understand what benefit options are available because there is frequently more than one way that a surviving spouse can claim a life insurance benefit.  [...]

2021-08-16T20:04:31+00:00Tags: |