People who leave a large sum of money to a loved one with a disability are always doing so with the best intention at heart. On its face, a lump sum in the tens or hundreds of thousands of dollars seems like a gift that will help care for your loved one for a long time. However, this is not always the case.

Although it may seem difficult, estate planning is most important during a recession. Sticking to an estate plan will help you maximize the benefits of your assets and property in both the short and long term, and will allow you to minimize any damage that may be done to your long term plans.

One of the first steps in the process of creating a comprehensive estate plan is to outline your plans for yourself and the transfer of your assets as well as your plans for the future care of your loved ones. In this regard, your estate plan should be developed in accordance with wishes and goals…

Setting up a trust to handle your assets during your lifetime is one element of a good estate plan. A living trust gives instructions as to how your assets should be managed during your life and provides instructions on how they are to be distributed after your death. While the establishment of a trust is…

Probate is the court-supervised process through which your assets are distributed to your beneficiaries and loved ones. The probate process applies to estates both with and without wills, and it can be smooth and orderly or contentious depending on whether or not family members are fighting over assets you have not specified beneficiaries for. There…

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…