Preparing Your Estate Plan | Estate Plan Pros
Don’t Let Your Kids Blow Your Estate Fighting Each Other

Don’t Let Your Kids Blow Your Estate Fighting Each Other

Kids fight.  And when emotions and money fuel the fight, it can get ugly real fast, and stay that way for a long time.  Oddly enough, there is a bit of old speech making wisdom that can make a big difference in reducing or eliminating future conflict between your children. Tell Them What You’re Going to Tell ThemLetting children know ahead of time what the plan is can do wonders for...

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Three Ways to Pass Your Real Property to Your Children

Three Ways to Pass Your Real Property to Your Children

Besides retirement accounts, real property typically accounts for the largest portion of most estates.  The question is what is the best way to transfer your home and other real estate assets to your children.  There are three primary ways you can transfer real estate: by deed, by a will, or by a trust.  Transfer by a DeedWhen you put your children’s name on title to your assets...

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4 Do’s and 4 Don’ts of Talking to Your Parents About Estate Planning

Estate planning is all about facing your own or in some cases, a loved one’s mortality.  In some cultures, that conversation can be taboo or just plain uncomfortable.  Having the courage to raise the topic can help prepare you and your parents for the future, avoid unpleasant surprises.  A well-implemented plan can help promote long-term family harmony, something most parents would...

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Avoid Personal Probate

How to Avoid Personal Probate

Ask yourself, if you can’t make your own medical or financial decisions, who can? Statistically, most of us will experience some period of incapacity.  With the right legal documents, you can choose the person you trust the most the help you when you need it most.You know you shouldn’t leave home without your wallet.  You also shouldn’t leave home without two key legal...

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Remarriage: A Challenge for Estate Planning Infographic

Remarriage: A Challenge for Estate Planning

More families have spouses who were married before, and may have children from previous relationships.  These families face additional challenges in preparing their estate plans.  Learn how to prepare your family for the future with Living Trust Strategies for Blended Families after checking out our infographic below.

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How to Choose A Trustee

Selecting the right trustee of your revocable living trust is perhaps as important as completing your estate plan itself. For some families the choice seems obvious, but for others the choice can be difficult. Here are five key skills to look for in making this vital decision. Financial Skills The trustee needs to be able to handle money and understand simple accounting principles...

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Seven Devastating Mistakes To Avoid With Your IRA Beneficiary Form

Your retirement account can pass on tremendous value to your beneficiaries – if you plan carefully and avoid these seven mistakes. 1. Outdated Choices A very common mistake to make – your life has changed, but those changes aren’t reflected in critical financial decisions you made back when you set up your retirement account.  If you’ve remarried, your ex spouse is probably listed as the...

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Estate Planning Parts - Will, Trust, Durable Power of Attorney, Advance Health Care Directive, Trust Transfer Deed

The 5 Key Elements of an Estate Plan

I’m frequently asked, “What is an Estate Plan?”  A trust is a piece of an estate plan, but by itself is not the total estate plan.  To answer that question, here are the five elements that make up an estate plan.  Durable Power of AttorneyYour Power of Attorney is designed to keep you out of conservatorship court.  By naming the person you choose to make important financial...

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Soaring medical costs

The $300,000 Question

There are three expensive ways to die, and one of the three is almost twice the cost of the other two.  A new study published on Monday in the Annals of Internal Medicine looked at the total cost of care for patients on Medicare.  The question they wanted to know was which diseases had the greatest cost in the last 5 year of life.  The answer may surprise you.A cancer patient...

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Making the Most of Your IRA

Making the Most of Your IRA

When a U.S. Tax Court judge rules that a tax lawyer can’t rely on an IRS publication in his defense you know the rest of us are in deep trouble.  The trouble is that Congress has created more than a dozen different types of retirement plans, each with their own nuances. Janet Novack at Forbes recently posted 25 Retirement Account Mistakes Smart People Make.  In her introduction she...

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