Types of Life Insurance and How They Can Be Used in Estate Planning
Many of us do not start thinking about life insurance until we get our first full-time job and the company’s human resources representative asks us if we want to enroll in the employer’s group life insurance policy. Most people think “Why not?” and sign up, naming a...
To Have, but Not to Hold? Common Law Marriage and Estate Planning
Marriage as a legal institution has taken a variety of forms throughout history. As society evolves, how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies....
What Are the Rights of a Child Born Outside of Marriage?
Despite the prevailing view, children born to unmarried parents are commonplace. Historically, children in this category were treated poorly by both society and the law. In many cases, they had no right to inherit from either parent. This legal scheme eventually...
Planning Considerations for Unmarried Partners
When it comes to protecting your unmarried partner, there are several options to consider. Depending on the value of your money and property, your desired level of protection from your partner’s creditors, and other factors unique to your situation, one or more of...
President Biden’s First One Hundred Days: Looking Back and Planning Ahead
This year has been unprecedented from a political perspective in many ways. President Joe Biden stepped into office facing huge obstacles related to the COVID-19 pandemic, an economy battered by the pandemic, a crumbling national infrastructure in dire need of repair,...
Options for Establishing and Transferring Your IRA to a Loved One
Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many...
Do I Have to Leave Anything to My Children?
One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child’s attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually...
It’s All in the Family: Understanding Common Legal Terms That Describe Loved Ones in Estate Planning
While watching a movie or reading a book about wealthy individuals and their families, you may have come across terms such as “heir,” “descendant,” and “next of kin.” Though made-for-Hollywood storylines use these terms interchangeably, words describing familial...
Warning: Don’t Let Creditors Inherit from You or Your Spouse
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your...
How to Talk to Mom and Dad about Creating an Estate Plan
Conversations about death and dying are rarely fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the...