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Estate Planning Advice on Disinheriting a Child

When considering your estate plan, one of the things you will have to think about is who your beneficiaries will be. If you have a significant estate, this decision is made even more complex.  How will you divvy up your assets, who will receive an inheritance and are there those who you will deliberately exclude?

The decision to leave close family members out of your estate plan is one wrought with difficulty, and it is without doubt an emotional experience. It is surely not a decision made lightly, and it brings with it a lot to think about from a personal and legal standpoint. For the sake of this discussion, we will refer to disinheriting a child, but the advice is also applicable to other close family members. Read more.

3 Easily Avoidable Estate Planning Mistakes

Estate planning is not a topic that many like to think about. After all, planning for our death can be a morbid way to pass the time. But, instead of thinking about the negative, it is important to remember the positive attributes of estate planning – namely, the security and future well-being of your family and loved ones.

Many are intimidated by estate planning, assuming that it is a complicated task and one they needn’t worry about if they do not have a high-net worth estate. Yet, that is untrue, and one of the primary estate planning mistakes people make.

Everyone should have an estate plan, regardless of tax bracket. And, if you have engaged in some form of estate planning, you have already managed to avoid this mistake.

Here are 3 other estate planning mistakes that you can easily avoid. Read more.

Estate Planning is for Everyone

A common planning misconception is that only those with vast assets need an estate plan. But, it is important to emphasize that estate planning is not just for the wealthy. For many, the word “estate” conjures up a Downton Abbey-like property and an overwhelming amount of zeros on your bank account balance, but estate planning is a must, regardless of your tax bracket. Read more.

Fireside Reading with a Side of Estate Planning

After creating a will, circumstances may emerge that prompt a desire to change various aspects of the document. Divorces, new marriages, additional children, familial disagreements and shifting allegiances to charities can each impact a will. Adding a codicil is a way to amend the document without creating an entirely new document.  A codicil is a supplement to your will which changes, revokes or adds a new provision.  Yet, it is not necessarily easier to make a codicil than it would be to create a new will.  The same formalities are required for both, including the presence of witnesses.  The codicil becomes a part of the original will, and the codicils along with the will make up one complete document. Read more.

Estate Planning Lessons from Tony Soprano

The tragic and untimely death of James Gandolfini shocked and saddened fans of the talented actor. And, since his will became public last month, there has been much commentary on the state of his affairs prior to his passing.

The actor’s will exposes common estate planning problems that can easily occur with blended families. Gandolfini had a 14-year-old son from a previous marriage and a one-year-old daughter with his second wife, who he was married to at the time of his death. Read more.

"We are Family": Estate Planning for Adult Children Living at Home

With the state of the economy, the low unemployment rate for graduates, and the general cost of living, many children are continuing to live with their parents long after they turn eighteen.  Having an adult child live with you can simultaneously be a benefit and a burden.  Children at home can assist with the tasks that it gets harder to complete as one gets older.  They can care for a house and its maintenance; they can care for you during times of sickness and in old age. Read more.

Estate Planning for Young Adults

Turning eighteen is a milestone for many reasons.  You are legally an adult, with the ability to vote, and you may be heading off to college or starting a career.  The future is upon you, the world is your oyster, and any other number of clichés.  Regardless of where you are headed, it is most likely not to draw up an estate plan – but maybe it should be.

Especially for those high school graduates heading off to college, an estate plan could be just as important to bring along as a mini fridge and shower shoes.  A recent article by Sheyna Steiner on NBC News delves in to the importance of estate planning for the college-bound or recently graduated.  Read more.

Celebrity Estate Planning Mistakes to Avoid

In an interesting article, Fox Business delved into the “Monumental Estate Planning Blunders of 5 Celebrities.”  The piece looks at estate planning mistakes made from some well-known, now-deceased stars who’s estate ended up out of their hands.

Leona Helmsley, widow of real estate tycoon Harry Helmsely, famously left a $12 million dollar trust to her dog, Trouble.  Ultimately, this only served to cause trouble for her estate, since she simultaneously added the pup to her estate plan while nixing two of her own grandchildren.  Because of the oddity of these actions, a judge awarded $6 million to each of the disinherited relatives and reduced Trouble’s trust to a measly $2 million. Read more.

Estate Planning Faux Pas

Estate planning is important. If you haven’t already considered an estate plan, there is no time like the present.  When considering how to start this process, you should consider professional advice.  Fields and Dennis has years of experience under its belt and can help you produce an estate plan that is secure, cares for all your loved ones and leaves few uncertainties for family members.  After all, it’s your legacy and it should be carried out as you intended.  Estate planning can be complex, but with the right professional assistance, it doesn’t have to be.

People often make a variety of mistakes when planning their estate.  One of the biggest mistakes is failing to get professional advice.  While the cost of hiring an estate planner can seem unnecessary, it will often save much trouble later.  While you may not be around to deal with the repercussions, a faulty estate plan will cause your loved ones quite the headache.  There can be a lot involved in the estate planning process.  From your basic will, to trusts, life insurance, setting up a health-care proxy, gifts and tax exclusions.  Attorneys can provide much needed guidance when it comes to legal documents and making sure that you have properly covered all of your bases.  Read more.

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