You have to be very careful about buying into homespun notions that people who are in-the-know would never even remotely consider. With this in mind let's take a look at the unintended consequences that can come about if you decide to add someone to your bank account or accounts thinking that this is a way to transfer assets. First of all, the minute that you add someone to a joint account this person has just as much access and ownership as you do. So you better be extremely certain that this … [Read more...] about Joint Accounts Can Bring Unintended Consequences
Consumer Reports Magazine Examines DIY Wills
When you are looking for good solid information about products and services one of the tried-and-true resources that you probably tap into is Consumer Reports magazine. This publication has always been a great tool to utilize before making purchases or engaging service providers. Now that we live in the digital age you can of course visit their website for information as well. If you have ever looked into the subject previously you undoubtedly have come across estate planning attorneys who … [Read more...] about Consumer Reports Magazine Examines DIY Wills
Keeping That Safety Net in Place
Inheritance planning attorneys generally find that people can come to terms with their own mortality, but as parents and grandparents we develop a firmly embedded sense of responsibility to our families. The thought of no longer being around to provide help in whatever way it may be needed can be the most difficult thing to get past when you are contemplating the inevitable. This can be especially troubling if you have someone that you love that would seem to be capable of burning through his … [Read more...] about Keeping That Safety Net in Place
Do Living Trusts Protect Assets?
People sometimes make broad assumptions based on misconceptions, and this can enter into the realm of estate planning. The above is one of the reasons why it is not a good idea to buy into do-it-yourself estate planning notions. There are websites that offer downloads and worksheets with which you can create legal documents such as last wills and revocable living trusts. As the highly respected magazine Consumer Reports has stated recently documents created using these tools are flawed, and … [Read more...] about Do Living Trusts Protect Assets?
Ongoing Adjustments Essential for High Net Worth Families
Individuals who reside here in the Low Country who are in a position to leave a lasting legacy must develop a solid working relationship with a seasoned and savvy South Carolina estate planning attorney. The fact of the matter is that things are always changing, and when you are in possession of significant financial resources you can be exposed to considerable damages if you go any length of time without making the appropriate adjustments. What types of changes are we referring to here? For … [Read more...] about Ongoing Adjustments Essential for High Net Worth Families
Do You Want to Allow Public Access to Your Final Affairs?
Would you want the general public to have access to information regarding everything that took place while your estate was being administered? A whole lot of people would say no for a number of different reasons. First there is just the general idea of privacy. Why should anyone and everyone be able to pry into your final affairs, even people that you do not know? In addition to this some people have very specific personal reasons why they would not want anyone to be able to access this … [Read more...] about Do You Want to Allow Public Access to Your Final Affairs?
Remember Home Value When Evaluating Estate Tax Exposure
There are those who go forward unconcerned about the estate tax because they have heard that it is something that only applies to the very wealthy. Just how true this is will depend on your definition of "very wealthy." In fact, when 2013 arrives you really don't have to be a powerful tycoon to find yourself in possession of resources that exceed the estate tax exclusion amount, especially if you include the value of your home. Next year the estate tax exclusion is going down to just $1 … [Read more...] about Remember Home Value When Evaluating Estate Tax Exposure
Intestacy Can Spell Disaster for Live-In Partners
Couples sometimes live together in long-term committed relationships without getting legally married. One very common reason for doing this would be to retain eligibility for a Social Security benefit or a pension. Estate planning is very important for live-in partners, and if you fail to act negative consequences could come about as a result. The author of the book The Girl With the Dragon Tattoo Stieg Larsson never married his longtime live-in girlfriend for a rather unusual reason. He was a … [Read more...] about Intestacy Can Spell Disaster for Live-In Partners
Link Executor to Probate Lawyer
The process of estate planning can seem to be conceptual as you settle on your intentions and go about having the appropriate documents executed to state your wishes in a legally binding manner. However, when you die, having someone take action will be necessary to make your wishes become a reality. Depending on the complexity of your estate and the nature of your assets there could be a great deal of business that must be conducted before your heirs actually receive their inheritances. When … [Read more...] about Link Executor to Probate Lawyer
Tell Your Attorney the Entire Story
One of the objectives at the core of proper estate planning is to prevent successful challenges to the wishes of the deceased individual in question. Your attorney can take the appropriate steps to provide you with an ironclad estate plan, but you do have to be willing to tell the entirety of your story. When people fail to share relevant details difficult situations can present themselves later on. For example, gifts that you give throughout your life are taxable. So if you were to have given … [Read more...] about Tell Your Attorney the Entire Story
