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Avoiding probate is a common goal for individuals who are going through the estate planning process. However, probate is not an inherently bad process and does not always need to be avoided. This blog will provide a better understanding of the circumstances when probate may be the best option.

During our initial meeting with clients, we frequently hear that they have named their spouse and/or children as the beneficiary of their life insurance policy so that the death benefits are available to the beneficiary when they die. Life insurance is an important financial and estate planning tool, but without certain protections in place, there is no guarantee that your beneficiary will receive, or keep, the benefit from your insurance. To learn more, read our blog to ensure that you adequately protect your beneficiaries.

Financing is the lifeblood of a business and owners seek business funding for many reasons. But without access to the money they need when they need it, even the best business plan can fail. With myriad funding options available, businesses have their work cut out for them when deciding which option is the best for their needs. This blog contains some basic information about business financing for owners.

Congress has designated the third week of October as National Estate Planning Awareness Week. However, according to a Caring.com survey, more than 50% of people do not have an estate plan! Many people have the mistaken belief that estate planning is not necessary because they do not have many assets but an estate plan deals with much more than your assets after death. This blog contains a detailed list of essential estate planning documents, why you should have them and how to talk with your loved ones about the need for an estate plan.

Asking someone to serve as your trustee or executor is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. You need to consider the fiduciary's compensation for the services they provide to the trust beneficiaries or heirs of the estate. But what is the customary amount of compensation for these types of services? Read this article to understand the issues surrounding fiduciary compensation so that you know how to handle this important element of your estate planning.

Is flexibility less important in estate planning than in other areas of life? If your planning could be changed on a whim, there is a risk that your intent can be defeated by someone who does not understand or respect it. But what happens when, after a trust has become irrevocable, a situation arises that appears to undermine or conflict with your intent as the trustmaker? Are you stuck? Thankfully, no. This article discusses how and when a trust can be decanted to adapt the trust rules to circumstances that occur after death.

Life insurance has helped many people provide for their loved ones in the way they had envisioned. This blog will help you learn more about who can benefit from life insurance, as well as who should be named as the beneficiary.

As a single individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. You may consider your parents or siblings, but depending on whether they are living and the nature of your relationship, they may not be an option. Having an estate plan is important to ensure that your wishes are carried out during your life and after your death. Read this blog to develop an understanding of the decision makers you need to select.

Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected issues can knock you for a loop. You have survived plenty of bumps in the road and emerged stronger than ever. But are you prepared for the financial hit—not to mention the stress and emotional impact—of a lawsuit? Read this blog for a better understanding of the legal challenges facing small business and the steps the owners need to take to address and reduce those risks.

For some people, choosing trusted decision makers is easy; for others, it may be more difficult due to tense family circumstances, geography, or the lack of living family members. While most advisors and attorneys counsel clients to choose family members or close friends, this may not always be an option. This blog contains a listing of some of the important decision makers you may need to select, options for whom to consider if you do not have a family member or friend who can fill the role, and questions to ask the prospective decision maker.

Estate planning is not as scary as so many people think it is. For most people, their fear is the result of the unknown. Not knowing what you are going to encounter at an attorney’s office frequently leads people to imagine all kinds of horrible scenarios and ultimately refuse to pull the trigger and set up an appointment. This blog has some of the common questions you might encounter when you meet with an estate planning attorney; which will help you prepare for your first estate planning meeting and may alleviate some of the fear and anxiety that accompanies it.

Conflicts are inevitable within businesses and families. Resolving conflicts in both settings is a delicate matter that requires balancing what is best for one person with what is best for the group. When family members are in business together, the balancing act can be harder and missteps can have a significant impact.

A conservatorship or legal guardianship is a legal means of stripping someone of their right to make certain decisions for themselves and is generally granted by the courts with the best of intentions. Many people who suffer mental health challenges or disabilities, dementia, or extreme physical disabilities require the help of someone who can make informed decisions that are in their best interests. However, a conservatorship is an extreme step and should be approached with great caution—an individual’s liberties are at stake! To avoid such a messy court battle for yourself, read this blog to develop a better understanding of the alternatives available to you now.

State laws differ on how to handle a missing will. Generally, if a document is lost or has been inadvertently destroyed (such as in a house fire), there are legal avenues for allowing a copy to be used in place of the original. Read this blog if you are unable to locate a loved one's original estate planning documents.

Family-owned businesses are capable of the same success as any other business. Read this blog to learn about creating tools and strategies to keep family problems from derailing the business.

Money and property acquired during a marriage are classified as either community property or separate property. This classification is based on two factors: (1) where you live and (2) where the money and property are located. These property classifications and their implications can result in tense situations between not only couples, but other family members as well.  But, a carefully drafted estate plan can help you express your wishes regarding how you want your property treated. Read this blog for a better understanding of community vs. separate property.

HAPPY GRANDPARENTS' DAY! As an estate planner, I am very aware of the importance of the bond between grandparents and grandchildren. Celebrate both the young and the old in your family today.

Most of us have a library of digital assets that may include books, music, and movies. One of the benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. But what happens to these assets when you dies? Read this article to learn more.

Giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications! Read this blog to ensure that you are in compliance with the IRS rules.

The largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs. Generally, a matriarch's or patriarch's fears are the underlying reasons for not talking openly and honestly about money. Read this article to overcome those fears.

A loved one’s passing is felt by their entire surviving family. But when it comes to carrying out the decedent’s final wishes, not everyone has an equal say. If you are the executor of your loved one’s estate or the trustee of their trust, there are some things you need to know. However, the attorney–client relationship extends solely to you. If you are currently serving as an executor or trustee and need assistance navigating the administration, this blog will provide more information about your rights, duties and obligations of an executor or trustee.

Annual exclusion gifts are transfers of money or property in an amount or value that does not exceed the annual gift tax exclusion which in 2021 is $15,000 per recipient. The Internal Revenue Service does not consider gifts that are equal to or less than the annual exclusion amount to be taxable gifts at all. Therefore, do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical payment, and educational gifts to or for the benefit of your loved ones. Read this blog for more ideas on tax-free gifts.

Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We are here to help you! This blog provides information on some critical estate planning documents that you should consider as a senior citizen.

Comprehensive estate and financial plans are not just for the wealthy. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those plans. This team includes your estate planning attorney, financial advisor, certified public accountant, insurance agent, and even your spiritual advisor, who all work together to ensure that you are protected during your lifetime and that your loved ones and the causes you support are taken care of after your passing. Read more about how your estate and financial teams can support you during your life, as well as after your death.

You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built may fall apart if you have not taken the time to create a business succession plan. Without such a plan in place, your business’s fate may be decided by a court instead of according to your wishes. Take actions now to position your business for continued success.