A Certificate of Independent Review can be a critical component of your estate plan to ensure your wishes are honored. Read on to learn why.
Who is a prudent person? What is a prudent person? Are you prudent? It’s not the most commonly-used word, but if you’re ever appointed as a trustee or executor, you’re going to learn the definition pretty quickly. Your goal will be to become prudent personified. In fact, “the prudent person” is the standard against which […]
There are several fact-specific reasons I don’t often counsel my clients to put their vehicles in their revocable trusts: You will go through several more vehicles during your life so it’s not worth the trouble. Your vehicle has no equity. Your insurer does not like to see a trust on registration. Nevada has a mechanism […]
One of the most common techniques in “poor man’s estate planning” is a parent adding kids as co-owners on title to the home. On its face it makes sense: you want your kids to receive the property when you die, so adding them to the deed guarantees that will happen. Unfortunately, a lot could go […]
The attached image was prepared for financial advisors and provides a sharp and simplified overview of progressing life stages and their respective planning issues. Granted it’s generalized, but it offers a good template for the average person. It doesn’t mention focusing on estate planning until the Empty Nester stage, but I would argue estate planning […]
My wife and I have two boys, one is five and the other is two. They both love Legos, but one plays a little more neatly with them than the other. After helping my five-year-old build several cars and other sets, I told him he needed to put them up on his shelf before his […]
I’ve heard many reasons why people delay estate planning. Perhaps one of the most common is the feeling that planning one’s estate is so overwhelming a task that they don’t know where to begin. Between determining heirs at death, deciding distribution timing and amounts, and ensuring the prevention of estate tax liability, among other issues, […]