Many people own property in more than one state—perhaps a vacation home in Oregon, a rental property in a former home state, or even a car titled in another state. It is important to think about how that property will be handled as you create an estate plan. It may be necessary for there to be an additional probate proceeding called ancillary probate. Through proper estate planning, however, this result can be made less burdensome or even avoided.
Your money, home, and vehicles are not the only things you should include in your estate plan. Your intellectual property and any income it generates should also be addressed. You do not have to be a famous author, painter, or inventor to have valuable intellectual property that could provide a stream of income for your family members or loved ones after you pass away.
You and your spouse live together, you work together, and chances are you spend a lot of your free time together. Having a successful marriage and business takes a lot of hard work and dedication but can also be among the most rewarding things in life. To help keep you on the right track, here are a few tips.
You have recently divorced your spouse and the judge has signed the divorce decree. Now what? Although you may feel as though you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. If you and your former spouse had estate planning done together previously, it is necessary for you to come in and make changes to avoid having your hard earned money and property be distributed in a way you did not intend when you pass away. If you have not done any planning, now is the perfect time to get your affairs in order.
Everyone needs estate planning. Regardless of your age, race, gender, or sexual orientation, properly protecting your future and your loved ones requires a plan. For LGBTQ couples, there are a few things you should consider when thinking about crafting an estate plan. Each couple is unique, and it is our goal to ensure that your personal wishes are carried out and that no one else is dictating what should happen with your money, property, or children.
Real estate is more than just your primary residence. It can include other real estate such as a vacation home or a rental property. Depending upon the type of real estate you own, the ideal form of ownership can vary. Below, we take a look at the different types of real estate and make suggestions about the best form of ownership for each.
According to U.S. News and World Report, for the 2019-2020 school year, the average cost of tuition and fees is $10,116 at an in-state public university and $36,801 at a private university. This does not even include housing, books, and meal plans, which typically add thousands of dollars to the cost. There are many ways that you can begin saving for your children or grandchildren’s college expenses: 529 plans are among the most popular types of accounts used to set aside these funds. There are a variety of factors you should consider in determining whether a 529 plan is the best option for your family, including some that may impact your estate planning.
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective on January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. It will have a positive impact for many older Americans but could have negative tax consequences for many beneficiaries of their retirement accounts.
