If you’re making an estate plan and you have a life insurance policy, you do not necessarily need to include it in the plan. Understandably, this is a major asset. Many people think that they need to mention it in their will or discuss how they want the money to be...
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Month: March 2023
Who pays outstanding taxes for an estate?
When someone passes away, it is likely that they are still going to owe taxes. For instance, maybe they own their own home and so they have to pay property taxes once or twice every year. The taxes for the year that they pass away may still be due at that time....
Addressing your final send-off in your estate plan
Just one of the many advantages of having an estate plan is that you can detail what kind of send-off you’d like after you’re gone. Whether it’s a simple family gathering with your remains sprinkled at a favorite spot or a traditional funeral with family, friends and...
Specific times that you need to update your estate plan
It’s wise to update your estate plan. It’s not the type of thing that you can just do and forget. This is especially true because it’s usually a good idea to make an estate plan early. Your family may not actually have to use the plan for decades, but you want to make...
Why set up an age-based trust?
There are many ways to use a trust. One example is to use a discretionary trust, where the trustee gets to work with the beneficiary to make decisions on how the money is spent. Another option is to choose a specific focus. Maybe you want the trust to help your heir...
What’s in an estate plan?
At first glance, you may be under the impression that all an estate plan is for is to designate heirs who will benefit from the distribution of your assets. Additionally, you may have funeral arrangements made and cost accommodations in your estate plans. However,...