What Is the Elective Share?
Have you ever heard of the elective share? While many have not, it can have significant impact on a person’s estate plan. Established in state legislatures across the U.S., elective share laws work to protect the right of a surviving spouse to inherit. Here, we will discuss the elective share in more detail.
What...
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The Pitfalls of DIY Estate Planning
The Do It Yourself, DIY, craze persists in the U.S. People are engaging in DIY home renovations, DIY life hacks, DIY arts and crafts, and so much more. What about DIY estate planning? You may have seen ads for services that will provide you with estate planning forms where all you need to...
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Estate Plan in Place? Where You Should Consider Storing Your Original Documents
Congratulations on checking off a vital task on your to-do list! Estate planning puts legal tools in place that will protect both you and your family. The sense of relief and peace of mind that can come with putting a strong estate plan in place can be great. You may have designed a...
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The Benefits of Charitable Giving in Your Estate Plan
Giving back to causes that are important to you may be a priority. If there are charities whose mission you support, providing them with financial resources to continue pursuing their goals can be fulfilling in so many ways. In addition to bringing you joy and a feeling that you are contributing something bigger than...
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The Relevance of “Domicile” in Estate Planning
Where do you live? It sounds like a simple enough question, but the more you really dive into it with some people, it can get more complicated than anticipated. With many people owning multiple properties in different states, and sometimes even splitting time evenly between them, what is considered to be the permanent residence...
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A Prenuptial Agreement as an Estate Planning Document
Prenuptial agreements, or “prenups,” seem to have developed a bad reputation over the years. Allegations of dooming a marriage or preparing for a divorce before the marriage has even begun have become intertwined with the concept of a prenup. A prenuptial agreement, however, can be an extremely valuable legal tool. While there may be...
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What Is the Portability of the Estate Tax Exemption?
If you have a rather sizeable estate, it can be incredibly important to consider all of your estate planning options as the federal estate tax can take a large chunk of your estate’s value away from your heirs. The federal estate tax exemption will allow you to avoid some taxation as the exemption...
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How Testamentary Capacity Is Determined
Testamentary capacity is essential to making a valid will. In fact, testamentary capacity refers to the mental capability of a person to establish a formal will. For a person drafting a will, referred to as the “testator,” having testamentary capacity is a requirement for the will to be recognized as valid. Without testamentary...
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When Should You Revisit Your Estate Plan?
Having an estate plan in place means that you have taken a valuable step towards protecting a future you want for you and your family. In order for an estate plan to be most effective, however, it needs to remain updated so that it always falls in line with your most current wishes....
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Health Care Documents You Should Have in Place for Your College-Age Kid
Life in the times of the COVID-19 pandemic sometimes seems dominated by fear and anxiety. The potential of life-threatening illness looms in the air and many people feel lost as to what they can do to regain some sort of control over this new life. This can be especially true for parents that are...
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