Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys “There is a magic in that little world, home; it is a mystic circle that surrounds comforts and virtues never known beyond its hallowed limits.” - Robert Southey If you are like many Americans, your home is not only an emotionally valuable asset for your family, it is also among your most valuable financial assets. Did you know that, in addition to increasing your net worth, your home can provide a … [Read more...] about Home: Your Most Valuable Investment

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys As the world gets smaller, it is increasingly common for people to own assets in a variety of places, both within the United States and internationally. Whether your property is a generations-old family tract in an ancestral homeland, or a new vacation home in a tropical setting, owning assets outside the United States raises a number of estate planning questions. Who gets your property when you pass away? … [Read more...] about Estate Planning Across Borders

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Joint tenancy is a popular way for two or more individuals to hold title to real estate or other property. When one joint tenant dies, that person’s interest in the property automatically re-vests in the surviving owners. People often use joint tenancy as a shortcut for avoiding probate, without realizing that this method of property ownership can create more problems than it solves. Lack of … [Read more...] about The Problem With Joint Tenancy

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach. In truth, regardless of your age, your … [Read more...] about Why Everyone Needs an Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys We all know that low interest rates can create excellent opportunities to buy or refinance real estate. But did you know that a low interest rate environment can have an impact on your estate planning options as well? The four corners of a solid, basic estate plan remain the same no matter the economic climate. Interest rates do not determine the effectiveness of a Living Trust, Pourover Will, General … [Read more...] about How Low Interest Rates Can Influence Your Estate Plan

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Estate planning is one of those things that’s easy to put off. We don’t like to think about death – particularly our own – so we put it out of our minds. “What’s the worst that can happen?” we ask ourselves. We’d like to think that the answer to that question is that, even if we didn’t create an estate plan, we’d be off the hook. We’d be gone, so we wouldn’t have to deal with the consequences. This … [Read more...] about Planning for the Worst-Case Scenario

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys We all want to make sure our children are financially secure after we’re gone. But accomplishing this means more than just deciding what portion of your estate each child will inherit. It also means determining how and when each child will receive their inheritance. When you have a child with special needs – particularly when that child depends on government benefits like Medicaid or Supplemental Security … [Read more...] about How to Leave an Inheritance for Your Special Needs Child

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys Insurance might not be the first thing that springs to mind when someone mentions estate planning. We tend to associate estate planning with Wills, Trusts, and taxes more than with declaration pages and policy terms. However, insurance serves two important estate planning functions, and without it, your plan might not be performing to its potential. The core purpose of insurance is to reduce risk, … [Read more...] about Insurance: The Missing Link in Your Estate Plan?

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys You've just returned from your estate planning attorney's office with a draft of your new Trust. As you read through the document, the first thing you notice is how long it is. You're not rich or famous. Does it really take pages and pages of legal jargon to accomplish your intentions for your estate? You've seen do-it-yourself Trust kits online, and they look like they're only a few pages long. A short … [Read more...] about Why Your Trust Shouldn’t be Short and Sweet

Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys As our population ages, many of us find ourselves in a role we never quite anticipated: we’re serving as caregivers for our elderly parents while still raising children of our own. The emotional burden is one that most of us accept with grace and love. The financial challenges, on the other hand, can be a little harder to overcome. That’s why it’s important to know when you can claim your aging or ill … [Read more...] about Tax Breaks for the Sandwich Generation