Common law marriage, a marriage in which a couple lives together for a period of time before declaring themselves to be married, has existed in some form or another in the United States since the late 1800s. A common law marriage does not require taking part in a judicial or religious ceremony. As society evolves, […]
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Family limited partnerships (FLPs) are an estate planning tool that reduces estate, gift, and income tax liabilities by allowing families to transfer a significant amount of their wealth to the next generation. Unfortunately, this popular and effective estate planning tool is being challenged by the current administration in Washington, D.C. Understanding Family Limited Partnerships An […]
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Do you need life insurance? A valid question that not too many of us thoughtfully consider. Many employers offer the option to enroll in group life insurance when starting a new job. The process seems pretty straightforward—visit human resources, complete the forms and name a beneficiary. Unfortunately, most people don’t think about life insurance again […]
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Marco and Lisa Smith are consulting with their attorney to draft their Last Will and Testament and discuss the possibility of establishing a trust. They have two adult children, both in their late thirties. Their son is married with two children, and their daughter lives at home and works at a childcare center. She was […]
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You might think that only the wealthy need comprehensive estate and financial plans, but that is not true. Anyone who has a person or cause that they care about and want to provide for upon their death can benefit from estate planning. Your financial and estate planning team can help you not only develop your […]
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Estate planning can be confusing. There are very specific terms that sound alike but have different meanings. The concept of trusts is one of the more perplexing aspects of estate planning. Each type of trust is a tool that has a specific function. Learn more to determine which ones are best suited to your situation. […]
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A new job is an exciting step in anyone’s life, whether it’s a first after school and summer job at the local water park or a move to become the CEO of a Fortune 500 company. Proper financial and estate planning are important in any stage of life and can help protect the future you’re […]
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A revocable living trust is an estate planning tool that allows individuals to transfer their accounts or property ownership to a trustee. The trustee has a legal obligation to use the property for the benefit of the beneficiaries. The person who creates and funds the revocable living trust may also be called a grantor, settlor, […]
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Wills and trusts are estate planning tools that allow individuals to transfer their money and property to others when they die. It is possible to have both a will and a trust, especially if you have a larger estate. Carrying out your loved one’s final wishes should be a priority for everyone involved. However, in […]
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No one goes into a marriage planning for a divorce. You and your former spouse may have already created an estate plan. If so, it is important to understand how divorce and remarriage affect your plan. Your Current Estate Plan It is critical to understand how your current estate plan will function if you divorce. […]
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