If you own a business, whether you are a sole proprietor or own jointly with partners, it is important that you take into consideration how you want your business and its assets to be handled when you are no longer able to contribute to its maintenance and growth. You may want your business to be…

When thinking about estate planning it can be easy to assume that the transfer of your assets and property will proceed exactly the way you imagine without any contention or unexpected issues. Perhaps you think you know how your children, spouse or business partner will behave when you are no longer with them. Or, maybe…

While a Will is an essential part of any estate plan, there are some additional ways in which you may supplement your will by transferring assets directly to your beneficiaries. Assets that are eligible to be transferred directly include: • Life insurance proceeds. • Retirement plans, including 401(k) plans and IRAs. • Trustee accounts such…

Estate planning should take into account all possible scenarios; one of which is the unlikely and unfortunate event that you should leave behind children under the age of 18. If this were to happen, you would want to make sure that the property they inherit is protected. An adult should be named to manage any…

Currently, the estate tax exemption is set at $2 million. This means that you may leave up to $2 million in assets to your heirs after your death tax free. In 2009, that amount will increase to $3.5 million, and in 2010 the tax is scheduled to be repealed completely. Then, the exemption will revert…

A good estate plan contains many different elements, and as a result it is important to take an organized approach to starting the process. Answering some basic questions can help get your estate planning moving smoothly: • Who is going to take care of your loved ones and minor children? • Will your loved ones…

We all have certain things, like banking records, that we hide away to protect them from predators who might wish to access them and cause us harm. Chances are that you have a variety of confidential records hidden away in safes or safety deposit boxes or filed electronically and password protected. While you may have all this information carefully stored away in the confines of your memory banks, it is important to remember that there will come a time when someone else, like the executor of your estate, will need access to that information.

If you have already done the necessary work of drafting a Will, it is important to remember to review it regularly. Most people seldom bother to review their Wills, causing them to pass up the chance to make any changes and ensure that the document is still an accurate reflection of their wishes. While it may seem easier to tuck your will away and forget about it once it is written, this strategy ignores the fact that circumstances change.

Many people sincerely intend to create a Will, but most do not actually follow through with their intentions. This is unfortunate since a well-written Will addresses many concerns that you and your family members have about your wishes and your estate. There will never be a “perfect time” to draft a will, which is why…

Many people are adding a living will to their estate planning to ensure that correct choices will be made in the event they are incapacitated. This is a difficult situation to consider, but it is necessary since a living will is the only way that you can let your loved ones know what you want in certain medical and health situations.