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When discussing common estate planning mistakes, the first one you have to deal with is the elephant in the room; the most common mistake people are prone to make with regard to estate planning, and that is the failure to even create one. Create an Estate Plan This is the biggest mistake anyone can make and, unfortunately a majority of people will make this one. Why is this the case, given that the one certainty about our lives is that someday we're going to die? Reasons are varied, of course; as individual as each person. Some people feel intimidated by… Read More

Many people see the term "trust fund," and immediately think of irresponsible rich kids yachting around the Caymans and wasting their parents' money. However, there is a lot more to trust funds than meets the eye. In fact, for a great many people in a wide variety of income brackets, a trust fund can be an excellent tool for their estate plan. That's because a trust isn't a bad thing. It's an efficient way of transferring assets to someone else, and it's often a preferred method for people with children, especially those who are still minors or if they have a… Read More

As you and your estate planning attorney are discussing the wide variety of options available to you, he will most likely discuss a variety of revocable living trusts. If you are married, one he is likely to mention is a structure known as a “Sweetheart Trust.” Here's an explanation of that concept.   First of all, the Sweetheart Trust grants a significant level of control and discretion to the surviving spouse when the other spouse passes away. While both spouses are alive and competent, either one of them is able to revoke their share of the trust. Also, at any time,… Read More

There is little doubt that setting up an estate plan is a potentially arduous process, especially if you are a person of means, and there is a significant amount of money and property in your estate.  You not only have to discuss difficult subjects with your estates and trusts lawyer and let them know who you want to have what, but you'll also have to make sure all bases are covered, so as to avoid complications after you're gone. It's actually quite easy to foul up an estate plan. Even very high profile celebrities with a ton of money have managed… Read More

Quite often, single people are under the impression that they don't need an estate plan, especially if they have no apparent heirs, such as children. However, single people with assets not only should develop an estate plan, but they should keep up with it over the years. A solid plan is the only way you get to decide where your assets go when you pass away. If you don't have a plan, the state gets to decide that. What if you have a favorite charity that you'd like to support; would it be better for the state to send your… Read More

It's really no picnic. No one actually enjoys talking about and planning for the end of their life. It can be a depressing exercise, as well as very tedious. Of course, If you think tedium now is hard to deal with, imagine the chaos that awaits your family should you not plan for the end properly.   No one would argue that creating a proper and effective estate plan, including drafting wills and trusts and other instruments and naming people to administer the estate, including trustees, executors and guardians, is fun. Yet, when everything is said and done, and all… Read More

Due to advances in technology, a concept has emerged that has changed the way everyone should think about their estate plan. Digital assets are intangible, because they can't be held in a person's hand, or hauled off by a moving truck. However, there is no mistaking that such assets can be very valuable to you, and should be considered an essential part of any estate plan.   Even though most people own a lot of digital assets these days, it took many estate planners a while to get on board with this idea, but the idea that protecting digital assets… Read More

One of the most notorious cases of celebrity estate plans gone awry has to be the one that James Brown left behind. Eight years after the famous soul singer's death,  Brown's estate continues to feature constant battles between potential heirs over the wishes of the deceased. Everyone else, including ordinary families, can learn from these problems, and craft an estate plan that doesn't leave you spinning in your grave.   It's not that Brown was cavalier with his estate plan. In fact, it was just the opposite. He sat down with an estate-planning attorney and together they drafted what many… Read More

In this day and age of greater and easier mobility, it has become increasingly common for families to relocate geographically a number of times over their lifetime. Sometimes, the move represents growth and change, but it can also involve a job, marriage, divorce, health issues or even retirement.   It's often puzzling to people why where they live should have an impact on their estate plan, but it quite often does. Mostly, this is because most of the laws regarding estate planning are state-level laws, not federal. That means there are 50 separate approaches to such issues as wills, trusts,… Read More

It is impossible to overstate the importance of estate planning to any person who desires to pass assets and wealth on to loved ones, but it can be especially important for women to do so. For one thing, they tend to live longer than men, which means they are more likely to outlive a spouse, or to remarry. It also means they are more likely to need more money for long-term care in their sunset years.   Because of all of this, women have several unique estate planning issues that need to be addressed. Therefore, let's look at a few… Read More