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Estate planning can seem a daunting prospect. As with any complex thing, breaking it down will help it seem less so. There are three essential areas to consider: What happens when I die? This is what most people think of when talking about estate planning. You need to...
Your estate plan is an important way to provide for your loved ones and give yourself peace of mind. When your child is under the age of 18, however, you may need to take additional care during the estate planning process to provide the support they need if you pass...
It can take a lot of motivation to make your first estate plan. Yet, once you have managed that, it is far from over. An estate plan is only effective if it is up to date. Mark a day in your calendar once a year to give your plan a quick read-through. The end of the...
Residents of community property states have tax benefits that we, residents of Tennessee, lack. One of these benefits is that when one spouse dies, the other receives their assets with a new basis (new value or cost). In Tennessee, the spouse would get the assets with...
Planning what happens to your estate in the event of your death can be a daunting prospect. Often, individuals choose to delay the matter and put it off until it becomes too late. It may be in your best interest to have a solid estate plan sooner rather than later. ...
When creating an estate plan, you may have a variety of concerns to address. You may want to provide for your family, protect your underage children, support loved ones with special needs or achieve a variety of other goals. However, if you do not consider the impact...
Your estate plan is there to protect you and your beneficiaries. An advance directive is a document that gives your loved ones and health care professionals information on what you want to happen if you cannot make your own medical decisions. Your advance directive...
Talking about what will occur in the event of your death is often perceived as a morbid subject. For this reason, many people opt to put off any form of estate planning. However, not having an estate plan means that it will likely fall on the courts to decide how...
You take on several important responsibilities when you agreed to be someone's personal representative or the executor of their estate. You must locate and secure their assets. You must coordinate estate administration with the probate courts. You will also need to...
You may have seen headlines over the past few months about the new administration’s plans to shake up taxes and redistribute wealth. You might wonder how this will affect your estate plan. It depends on how much wealth you have. The more you own, the greater the...