When reviewing assets with clients, we often find that they have jointly titled accounts. This is very typical for spouses. But sometimes, clients will have a joint account with someone other than their spouse, such as an adult child. What should you be thinking about when you open a joint account with someone, or add someone’s name to your existing account? There are some benefits … [Read more...] about The Titling of Joint Accounts with Non-Spouses
A Message from Jon Gasior
Why my law firm’s partnership with the Alzheimer’s association is so important. When I started doing estate planning I quickly realized the devastating impact Alzheimer's and other dementias can have on families. I often talk to families about their planning in the event they become incapacitated as well as talk to the family members of those clients that do become incapacitated. In these … [Read more...] about A Message from Jon Gasior
Stretching Your IRA with a Charitable Trust: A Strategy to be Used Post-SECURE Act
You have spent decades working and building up your retirement account. You are trying to delay the time in which you are required to start taking distributions from that account. You are then trying to take the smallest amount of money out of that retirement account based on your life expectancy. You do this to try and pay less in income tax. You view your retirement account as a long-term safety … [Read more...] about Stretching Your IRA with a Charitable Trust: A Strategy to be Used Post-SECURE Act
Important Topics to Discuss with Your Decision Makers
After creating their estate plan, some clients are eager to discuss it with their decision makers, while others are reluctant to start the conversation. Both responses are understandable, but there are some discussions that you should make an effort to have with your decision makers. So how do you facilitate that? First, understand who your decision makers are. These are the people who … [Read more...] about Important Topics to Discuss with Your Decision Makers
How to Leave Your Indivisible Wealth to Your Heirs
Most of us own a beautiful heirloom or precious pieces of our family’s history, but what should we do with it? Some of the greatest treasures passed down through generations are pieces of vintage family jewelry. It may be an antique engagement ring or the family pearls. There may be furniture used to start the family business. Your family history imbues these items with immense sentimental … [Read more...] about How to Leave Your Indivisible Wealth to Your Heirs
Don’t Take Advice From The Internet (Especially Reddit)
We’ve all turned to the internet for answers at some point. Whether you’re googling a random trivia fact or trying to figure out if you can legally adopt a pet squirrel (RIP Peanut), the internet feels like the ultimate resource for all kinds of knowledge. But when it comes to something as important and legally complex as estate administration, the internet is not the place to look for advice. … [Read more...] about Don’t Take Advice From The Internet (Especially Reddit)
Pet Trusts – How to Ensure Your Pet is Protected After You’re Gone
When planning for your estate, one member of your family may need a little extra attention—your pet. Although this lovable animal is a staple member of your family, the law sees your pet as a part of your estate, a piece of property for the lack of a better term. To plan for them, there are a few main factors . First, who would you want to care for them. Usually, one may pass their pet to a … [Read more...] about Pet Trusts – How to Ensure Your Pet is Protected After You’re Gone
How Does Divorce or Separation Impact My Estate Plan?
A divorce or separation can significantly impact the estate plan you put in place with your spouse. A divorce can impact beneficiary designations, asset distribution, and roles of individuals named in your documents like executors or trustees. It is critical that you update your estate plan as soon as the divorce is finalized and perhaps update a few of your documents prior to the final divorce … [Read more...] about How Does Divorce or Separation Impact My Estate Plan?
Common Pot Trusts and their Use for Young Families
Most people are familiar with how a Will or Trust usually provides for children’s inheritance. After parents pass, things are typically divided up equally between children into separate shares. But this may end up not being “fair” or not being exactly what you intended. Instead, another way to pass on children’s inheritance is to use something called a Common Pot Trust. Basically, instead … [Read more...] about Common Pot Trusts and their Use for Young Families
Title – How Do You Own Your Property?
In short, title is the legal ownership of property. Someone who holds title to a piece of property, whether that is real property like land or intangible property such as a bank account, holding proper title designates that person as the legal owner of said property. How someone holds title is very important and signifies how they are able to then pass that property down through proper estate … [Read more...] about Title – How Do You Own Your Property?
