How Is a Living Trust Different from a Will?

A living trust and a will are both estate planning tools used to manage the distribution of a person’s assets after their death, but there are some key differences between the two: Probate: A will must go through the probate process, which is a legal proceeding...
CAN I ADD CHILDREN’S NAMES TO MY HOUSE DEED?

CAN I ADD CHILDREN’S NAMES TO MY HOUSE DEED?

It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with...

Can Loved One’s Funeral Expenses Be Deducted?

Many people ask if funeral expenses are tax-deductible. The answer depends on who is paying and what kind of estate is left behind, says MSN’s recent article entitled “10 Tax-Deductible Funeral Service Costs.” Unfortunately, funeral expenses are not tax-deductible for...

Is Spouse Automatically Your Beneficiary?

People make a grave error when they don’t have a will because they think their surviving spouse will automatically inherit all of their worldly goods. The laws of intestacy work differently, as explained in a recent article “Estate Planning: The spouse doesn’t always...

Keeping Beneficiary Designations Up to Date

If you don’t know who your beneficiaries are, then it’s time for a beneficiary designation check. Even if you think you remember, every now and then, they should be checked, according to an article “Are your beneficiary designations up to date?” from Community Voice....

Unequal Inheritances

In this case, one brother left New York and had nothing to do with his brother for the rest of their lives. Unequal inheritances almost always lead to poor feelings between siblings, says a recent article “Where There’s a Will, There Can Be a War” from Next Avenue....

The Benefits of a Good Estate Plan

If you don’t have a comprehensive estate plan, state law will control. That’s unlikely to coincide with what you would choose to do. MSN’s recent article entitled “What is estate planning?” discusses the benefits of good estate planning. Minimizes taxes. Clever...

What Do I Need to Do After Someone Dies?

The death of a loved one is hard to endure. It can become all-consuming. But after someone dies, there are new matters that need to be addressed. Kiplinger’s recent article entitled “A Checklist for What to Do (and NOT Do) After Someone Dies” says that it’s vital to...

What to Know About Advance Healthcare Directives?

Advance healthcare directives address the type of healthcare and medical treatment you’d want if you become incapacitated. MarketWatch’s recent article entitled “What happens if you’re incapacitated? How to get your advance directives in order” says if you don’t make...

Estate Planning for Different Ages and Stages of Life

Estate planning is a critical means of protecting your financial legacy, providing for loved ones, reducing taxes and preventing unnecessary expenses, says a recent article from The Seattle Times, “Estate planning needs vary at every stage of your life.” The reasons...