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Was Your Loved One a Book Lover? Think Twice Before You Throw Them Out

Posted by Mona O'Connor | Apr 23, 2024 | 0 Comments

When a loved one passes away, their book collection may not be mentioned in their estate plan, leaving family members to decide what to do with them. While many books may have little monetary value, they may hold sentimental value or even contain hidden treasures. Assessing a book's value based on rarity, scarcity, and condition can help determine if it should be kept, sold, or donated. Personal items with personal significance should be included in an estate plan to avoid family conflicts. Ultimately, the decision of what to do with a loved one's book collection should consider both monetary and emotional value.

5 Essential Legal Documents You Need for Incapacity Planning

Posted by Mona O'Connor | Apr 19, 2024 | 0 Comments

This blog emphasizes the importance of incapacity planning and outlines the five essential legal documents needed for it: financial power of attorney, revocable living trust, medical power of attorney, advanced directive or living will, and HIPAA authorization. It also stresses the need to keep these documents up to date and accessible to loved ones and trusted helpers.

The Power of Purpose: Unveiling the Impact of Charitable Giving

Posted by Mona O'Connor | Apr 17, 2024 | 0 Comments

This blog explores the impact of charitable giving in the United States, discussing statistics on donations, the types of charities Americans donate to, and the tax benefits of giving. It also provides advice on how to choose reputable charities, ensure tax deductions, and budget your donations responsibly. It emphasizes the importance of estate planning and seeking professional advice before making significant charitable gifts.

Intrafamily Loans and How They Work

Posted by Mona O'Connor | Apr 12, 2024 | 0 Comments

Intrafamily loans enable family members to lend money for various purposes like buying a home or funding a business. This blog highlights their benefits for estate planning, flexible interest rates, and the importance of proper documentation and tax considerations when deciding between gifting and lending.

Demystifying Probate and the Executor’s Role

Posted by Mona O'Connor | Apr 03, 2024 | 0 Comments

The article explains the importance of selecting the right executor for a last will and testament to navigate the probate process effectively. It outlines the responsibilities of the executor, situations where discretion may be needed, and how beneficiaries can adjust asset distribution through nonjudicial settlement agreements. Legal guidance is recommended to minimize conflict and ensure the testator's wishes are carried out smoothly.

Who Should Be the Trustee of a Third-Party Special Needs Trust?

Posted by Mona O'Connor | Apr 01, 2024 | 0 Comments

This article emphasizes the importance of choosing the right trustee for a third-party special needs trust to ensure a loved one with a disability is cared for after the trustmaker's passing. It is crucial to select a trustee with experience in special needs trusts to avoid mistakes that could jeopardize benefits. Hiring a professional trustee or seeking assistance from a special needs attorney can help fulfill the trustee's duties and maximize the trust's benefits.

Myths & FAQs - Helping Clients Give Away Their Money and Property

Posted by Mona O'Connor | Mar 28, 2024 | 0 Comments

This document debunks the myths that one does not have enough assets for an estate plan and that estate planning is unaffordable. It highlights the importance of having a will to determine the distribution of assets and guardianship of minor children, as well as the potential consequences of dying without a will. Additionally, it explains the differences between wills and trusts, emphasizing the flexibility and control trusts offer in managing inheritances. The document concludes by stressing the necessity of estate planning for all adults, regardless of income level, and the value of investing in a comprehensive estate plan to secure one's legacy and provide guidance for loved ones.

Estate Administration Details that TV and Movies Get Wrong

Posted by Mona O'Connor | Mar 20, 2024 | 0 Comments

While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries and professions, including attorneys and estate planning.

Beware of Nonlawyers Acting Like Lawyers

Posted by Mona O'Connor | Mar 15, 2024 | 0 Comments

Estate planning involves more than just filling out forms; it is a legally binding way for individuals to manage their affairs in case of incapacity or death. It is important to seek legal advice from qualified professionals, as relying on non-lawyers can pose risks.

Inspiring Action: The Guide to Creating or Updating Your Estate Plan

Posted by Mona O'Connor | Mar 08, 2024 | 0 Comments

Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome some of the negative feelings associated with this process and meet the challenge head on.

What Is the Difference Between a Probate and Trust Administration Attorney and an Estate Planning Attorney?

Posted by Mona O'Connor | Feb 28, 2024 | 0 Comments

Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.

What Happens to Real Estate With a Mortgage When I Die?

Posted by Mona O'Connor | Feb 22, 2024 | 0 Comments

Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. A few different scenarios can unfold, however, depending on the mortgage terms and the estate plan instructions.

What Happens to My Twitch Account When I Die?

Posted by Mona O'Connor | Jan 31, 2024 | 0 Comments

In the digital age, our online presence extends beyond social media. Platforms like Twitch, where users engage with live-streamed content, present unique considerations when it comes to estate planning. Do you know what happens to a Twitch account after an individual passes away? If you die and a loved one needs to take care of your estate, the following information is important for your estate planning attorney, personal representative (executor), trustee, and beneficiaries to know.

The Corporate Transparency Act and What is Required

Posted by Mona O'Connor | Jan 30, 2024 | 0 Comments

Creating a business entity is a common strategy in estate planning. However, because of the enactment of a new law called the Corporate Transparency Act (CTA), you may be required to submit certain information that was not previously required about a business entity and any individuals identified by the law as a beneficial owner to the federal government.

Watch Out for Stolen Items in Your Loved One's Estate

Posted by Mona O'Connor | Jan 25, 2024 | 0 Comments

Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, but it can have legal, financial, and emotional complications. How does it happen?

Could a Testamentary Trust Be What Your Loved Ones Need?

Posted by Mona O'Connor | Jan 17, 2024 | 0 Comments

To Avoid Probate or Not to Avoid Probate: That Is the Question! In deciding whether a testamentary trust is right for your family or loved ones, consider whether avoiding probate is a priority for you and evaluate the pros and cons, which may vary depending on jurisdiction and the size of your estate.

What Is the Last Surviving Spouse Rule?

Posted by Mona O'Connor | Jan 12, 2024 | 0 Comments

Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones.

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