An estate is administered via probate by naming a personal representative (executor) and distributing assets to beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws determining if probate is necessary…
Planning for succession and estate planning for farms and ranches and their livestock, equipment, and other property presents unique challenges. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
When a loved one passes away, dealing with the death and receiving an inheritance is an emotional time. The loss of a loved one is sad, but the influx of funds can bring joy or relief. It can be hard…
Many US seniors are struggling with financial insecurity due to the current inflationary pressures. Aside from cutting back on unnecessary expenses, many retirees or near-retirement individuals should look to existing government programs to possibly qualify to receive assistance and reduce…
Making sound financial and healthcare decisions as you age can become challenging due to diminished mental capacity or declining health. Everyone should develop an estate plan to protect themselves and their families. Putting these five must-have legal documents in place…
The ability to make informed and meaningful decisions regarding a parent’s life often declines as they age. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or…
Most estate planning attorneys can help you avoid probate altogether or minimize its impact. Probate proceedings are part of the public record and can be very time-consuming and expensive. However, in nearly every case, some probate is necessary, so it…
Divorce is an emotional and financial rollercoaster (particularly if children are involved). Rarely is the division of assets an amicable process. While your estate plan may be the furthest thing from your mind during a divorce, without updating your documents, your…
As part of your estate planning process, you should implement Power of Attorney documents. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal authority to…
You may be wondering who should be responsible for dispersing your assets as you begin your estate planning process or are just starting to consider how to proceed. A trust can be a great tool in your estate planning tool kit.…