4 Tips for Avoiding a Will or Trust Contest

Wed 8 May, by on Estate Planning

4 Tips for Avoiding a Will or Trust Contest

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.  If you are concerned about challenges to your estate plan, consider the following: Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do …

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When is Probate Necessary?

Wed 8 May, by on Estate Planning, Probate

When is Probate Necessary?

Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person. Probate is governed by state law. Avoiding Probate One of the appealing aspects of putting together an estate plan is to avoid probate. One way …

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What is a Discretionary Trust?

Wed 8 May, by on Estate Planning

What is a Discretionary Trust?

Sometimes giving assets outright to a beneficiary – such a child, a grandchild or a special needs loved one – is not the ideal method of distributing assets in an estate plan. In such a scenario, a discretionary trust can be a good estate planning tool. Below is some basic information on discretionary trusts and how they may be beneficial to your particular family’s needs. Discretionary Trusts Explained A discretionary trust is a type of …

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Estate Planning for Rental Property Owners

Wed 8 May, by on Estate Planning

Estate Planning for Rental Property Owners

In all parts of the country, services such as Airbnb have grown in popularity over the past few years. Indeed, these alternatives to hotel stays are popular among homeowners and vacationers alike. If you have a home or other rental property that is generating income, you should understand the following asset protection and estate planning considerations. Protecting Owners from Liability Just like any rental relationship, there is risk for the property owner. If anyone is …

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How to Make Your Inheritance Last

Mon 22 Apr, by on Estate Planning

How to Make Your Inheritance Last

A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate or simply lose it all.  If you are about to receive an inheritance, there are several steps you can take to insure your funds will last longer than a few years. Don’t …

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