This is the second in a two-part series of articles on updating your plan. This first article examined the importance of updating the Powers of Attorney, both Financial and Medical. This second part of the series looks at the importance of updating your primary estate planning document, such as your trust or will. Together, these documents form the core of even the most basic estate plan and it’s important to keep them up-to-date. Every state has laws controlling what happens to your assets if … [Read more...] about Updating Your Plan: Your Trust or Will
ARTICLES
Updating Your Plan: Beneficiary Designations
This is a bonus part of a series of articles on updating your plan. The first article examined the importance of updating your Powers of Attorney, both Financial and Medical. The second part of the series looked at the importance of updating your primary estate planning document, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. However, it’s also important to make sure beneficiary designations … [Read more...] about Updating Your Plan: Beneficiary Designations
Preparing for the Unexpected…and the Eventual
All of us face difficulties and tragedies in our lives. Some of these difficulties are expected and some are unexpected. 2020 has been a year of many unexpected difficulties. While all of us get sick from time to time, nobody anticipated the COVID-19 pandemic. Over 9 million Americans have caught the disease, resulting in the deaths of over 230,000 Americans. Apart from coronavirus, there are many unexpected tragedies, such as 795,000 Americans suffering a stroke each year, according to … [Read more...] about Preparing for the Unexpected…and the Eventual
What the 2020 Election Could Mean for Your Estate Plan
How did the 2020 elections shape the political landscape and what does that changed landscape mean for your estate plan? First, at the top of the ticket, it appears Joe Biden and Kamala Harris are the new President-Elect and Vice-President Elect, with an apparent 306 electoral votes to Donald Trump and Mike Pence’s apparent 232 electoral votes. Democrats retained control of the House of Representatives, although with a narrower majority. The Senate is a more complicated matter. Republicans … [Read more...] about What the 2020 Election Could Mean for Your Estate Plan
A Time for Thanks and Community
Thanksgiving is a time for giving thanks and for community with family and friends. While 2020 has been a difficult year for many of us, there is still much for which we can be grateful. As we gather around the Thanksgiving table with our loved ones, let’s be grateful for the food on our table and the companionship of our loved ones around us, both those seated at the table and those joining us electronically. While the pandemic has altered this traditional holiday and the way many of us … [Read more...] about A Time for Thanks and Community
What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re planning your estate, among other things, you decide who should inherit your assets. You choose your beneficiaries, typically your children, grandchildren, or other close relatives. But what if all the beneficiaries you’ve chosen and all their descendants have died? Then it would fall to the “contingent remainder” beneficiary. Often the “contingent remainder” beneficiary has a slang nickname, like the “atom bomb” beneficiary or “exploding turkey” beneficiary. The contingent … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Chadwick Boseman Demonstrates the Importance of Planning
The star of multiple films, including the blockbuster superhero film “Black Panther,” died on August 28 of colon cancer. “Black Panther” by Marvel was nominated for 6 Academy Awards, including Best Picture. The film grossed over $1.3 billion worldwide. Chadwick Boseman became a role model for millions by playing Marvel Studio’s first Black superhero. Boseman also starred in films portraying real-life heroes, like Jackie Robinson (“42”), James Brown (“Get On Up”), and Thurgood Marshall … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Fair Isn’t Always Equal and Vice Versa
When deciding how to split your assets among your children at death, there are many different factors to consider. Equality is certainly one of those factors. But it’s not the only factor. Fair doesn’t always mean equal and vice versa. Here are some situations in which some parents might think an equal division isn’t necessarily the fairest result: One of the children has greater need due to no fault of their own. One of the children has won the lottery and has much, much more money … [Read more...] about Fair Isn’t Always Equal and Vice Versa
Staying Current is Especially Important in the Pandemic
In the United States alone, the pandemic has infected nearly 7 million people and has killed nearly 200,000 of them. In today’s pandemic, it’s more important than ever to make sure your estate planning documents are current. It’s especially important to ensure your documents relating to your health are up-to-date. Those documents are the Health Care Power of Attorney, the Advance Directive, and the HIPAA Power. In the Health Care Power of Attorney you appoint an “Agent” to make health … [Read more...] about Staying Current is Especially Important in the Pandemic
