How Debt is Settled after Death

While you are still grieving your loss, you may be inundated with letters and phone calls from debt collectors. Even if your loved one was current on all of his or her debt obligations, creditors want to get to his or her estate and family members as soon as possible.

Considering Leaving Property to a Charity? Here’s What You Need to Know

Leaving property to charity builds a lasting legacy. You may also receive tax benefits for your gift. However, you should take steps to ensure your kind act is accomplished as you intended. Here is what you need to know. Do you have the right to direct what happens to your gift in the future? You have a special right as a donor. You not only can dictate what happens to your assets immediately after your death, but also far into the future. Do you want to be sure the Edward Hopper painting is enjoyed by future generations at your town’s small art museum? You can put restrictions on the sale of the piece. Do you want your land enjoyed as a public park? You can forbid development of the property in perpetuity. In order to preserve your intentions, you should include clear language that specifically directs its use.

The Top 5 Estate Planning Mistakes (and How to Avoid Them)

A comprehensive estate plan can help your loved ones to avoid a litany of stresses and court procedures after your death. Therefore, it is important to prioritize detailed, high-quality estate planning, regardless of the stage of life you’re in. Unfortunately, many people are unfamiliar with the various tasks and strategies associated with estate planning—and this […]

Key Considerations When Disinheriting Someone in Your Estate Plan

You have the right to disinherit anyone but your spouse or minor children from your last will and testament. Most commonly an issue when parents wish to disinherit adult children, it’s a decision you should never make lightly. After all, it could cause enormous rifts among your family members and beneficiaries, and potentially lead to […]

How Should You Handle Retirement Accounts in Your Estate Plan?

Retirement accounts tend to make up a significant portion of people’s wealth. As you plan your estate, you must consider the impact your tax-deferred retirement accounts will have on your estate overall. These plans could include IRAs, 401(k)s and 403(b)s, among others. You should always take all the necessary steps to minimize the potential tax […]