Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If so, no reason to read on. If not, why not? Failure to create an estate plan risks causing discord in your family for generations to…
What Happens to Your Online Content When You Die?
More and more of the music, movies, and books we own exist only online, in digital form. What happens to these collections after the owner dies? Surprisingly, while you may want your heirs to have access to the books, music…
Court Case Illustrates the Danger of Using an Online Power of Attorney Form
A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs. Mercedes Goosley owned a home in…
How to Make Changes to Your Will
As life circumstances change (births, marriages, divorces, and deaths), it may become necessary to make changes to your will. If an estate plan is not kept up-to-date, it can become useless. The best way to make changes is either through…
Why an Irrevocable Trust May Be Superior to Gifting
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way…
Using a No-Contest Clause to Prevent Heirs from Challenging a Will or Trust
If you are worried that disappointed heirs could contest your will or trust after you die, one option is to include a “no-contest clause” in your estate planning documents. A no-contest clause provides that if an heir challenges the will…
Using Life Insurance as Part of Your Estate Plan
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. There are two main types of life insurance: term and permanent. Term life insurance is the simplest: You buy a policy…
Five Reasons to Have a Will
Your will is a legally-binding statement directing who will receive your property at your death. It also appoints a legal representative to carry out your wishes. However, the will covers only probate property. (Probate is the court process by which…
Paying Taxes When Selling an Inherited Vacation House
While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, any mortgage, and other…
Do You Pay Capital Gains Taxes on Property You Inherit?
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately,…