Category: Estate Planning

Should you plan for a time when your spouse predeceases you?You love your spouse so much that it causes you great pain to think about his or her death. But, this pain is nothing compared to the agony you will face should your spouse predecease you without an estate plan in place. Estate...

What happens to my social media accounts after I die?Technological innovation is shaping many aspects of our lives as more of our affairs are conducted digitally. Through the widespread use of email and social media accounts, computer storage of digital pictures, online bank and investment accounts, many...

When should I update my beneficiary designations?A well-designed estate plan is one that considers the changes that occur during an individual's lifetime, such as getting married, having children, or getting divorced. In addition to keeping your estate planning documents, such as a trust, a will, and powers of attorney, up-to-date, it is...

How should you protect the division of your assets after a second marriage?In this era of second (or even multiple) marriages, stepchildren, and blended families, QTIP (qualified terminable interest property trusts) are extremely helpful in estate planning. When you have married for the second time and have children from your first...

In this computer age, when so many tasks are accomplished via the internet -- including banking, shopping, and important business communications -- it may seem logical to turn to the internet when creating a legal document such as a will . Certainly, there...

The conversation about a person’s last wishes can be an awkward one for both the individual who is the topic of conversation and his or her loved ones. The end of someone’s life is not a topic anyone looks forward to discussing....

The law allows a person preparing a will to have almost complete control over his or her assets after the testator passes on, but there are limits to such power. A person can restrict a property from being sold, or make sure that...

When a loved one dies, an already difficult experience can be made much more stressful if that loved one held a significant amount of debt. Fortunately, the law addresses how an individual’s debts can be paid after he or she is deceased. When a...

A tax basis is essentially the purchase price of a piece of property. Whenever that property is sold, the seller must pay taxes on the difference between the sale price and the original purchase price. This concept applies to all property, including...

The role of an executor is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets according to the will, the maintenance of assets until...