The TuckerAllen Blog provides useful insights about wills, trusts, estate administration and more. If you have questions, or are ready to talk to one of our attorneys about your wishes for you or your family, please contact us.
Owning assets jointly with one or more children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it can produce unintended—and costly—consequences.
Every year, nearly 8 out of 10 U.S. tax filers receive a federal tax refund. According to a recent survey by TD Ameritrade, most of us plan to use that refund to meet financial goals, including bolstering savings, paying off debt, or contributing to retirement accounts.
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself.
Although probate can be time-consuming and expensive, perhaps its biggest downside is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death. Disgruntled family members who become aware of this might decide to challenge it legally.
Writing a will enables you to put your affairs in order and leave clear instructions for the loved ones that you leave behind. A little bit of planning can go a very long way in providing peace of mind for you and a much less stressful experience for your family once you are gone.
Financial planners are responsible for their clients’ full financial picture, and they frequently advise and remind clients to create an estate plan as the last piece of the puzzle. Naturally, the client often asks, “Can you recommend an estate planning attorney?”