The power of attorney (POA) is a very useful legal device, and understanding when it goes into effect is crucial from an incapacity planning perspective. Let’s explore the details. General Structure A POA is a legal document that grants one person (the agent) the authority to act on behalf of another (the principal). Its activation depends on the type of POA and the specific provisions within it. The Basics of a Power of Attorney At its core, a POA is about delegating decision-making … [Read more...]
5 Under the Radar Living Trust Benefits
The revocable living trust is a very popular estate planning device, and there are two benefits that are most frequently highlighted. One of them is the fact that a living trust will provide asset protection for the beneficiaries after you pass away. Another one is the streamlined estate administration. When you use a will, it would be admitted to probate, and a time-consuming process would ensue. Asset transfers that are facilitated through the terms of a living trust are not subject to … [Read more...]
Key Estate Planning Elements You Should Not Miss
Estate planning often involves more than just drafting a will. Many crucial aspects, frequently overlooked, can significantly impact how your estate gets managed and distributed. Addressing these estate planning elements can ensure a comprehensive and effective estate plan. Incorporating a Living Will and Durable Power of Attorney A living will and durable power of attorney for health care are essential. These documents dictate your preferences for medical treatment and appoint someone to make … [Read more...]
Exploring Probate and Probate Avoidance
When it comes to asset transfers after receiving an inheritance, you may have heard about the probate process, a formal legal procedure supervised by a court. While probate is necessary in some cases, there are certain types of transfers that are not subject to probate. In this post, we will delve into the different scenarios and provide an explanation to help you understand the process and the probate avoidance options that exist. AZ Probate Shortcuts In Arizona, there is a simplified … [Read more...]
Jim Morrison Legacy Provides an Estate Planning Lesson
The Jim Morrison legacy has endured because of the quality of The Doors' music and the mystique surrounding his persona. He enjoyed meteoric success, but he could not overcome his personal demons, and he passed away at the age of 27 in Paris, France on July 3, 1971. Jim Morrison’s Will A lot of people assume that someone with a freewheeling lifestyle like Morrison would not have a will in place when he was in his 20s, but this is not the case. He despised his parents, and he left everything to … [Read more...]
Estate Planning Tips for Solo Seniors
If you are a senior who is childless and single, divorced, or widowed, the landscape of estate planning presents unique challenges and opportunities for you. Traditional estate planning advice often assumes a spouse or immediate family will be around to step in as caregivers or executors. But what if you're navigating this journey solo? Let's delve into the specific aspects of estate planning you should consider as a single senior. Why Standard Estate Planning May Not Fit Your Needs Typical … [Read more...]
Inheritance Planning: Have You Considered Digital Assets?
Inheritance planning often focuses on homes, bank accounts, and family heirlooms. However, in today’s digital age, it's vital to include digital assets in your estate plan. As we live more of our lives online, these assets can be of significant emotional and monetary value to our loved ones. What Are Digital Assets? Digital assets include any online accounts or files you own. Think emails, social media profiles, digital photos, and cloud storage. They also cover domain names, cryptocurrency, … [Read more...]
Estate Administration: Executor vs. Trustee Roles and Considerations
When it comes to planning your estate, much emphasis is placed on deciding who gets what. But equally important is considering how your estate will be managed after you pass away, which is the process of estate administration. Estate administration is a critical aspect of estate planning that ensures your wishes are honored and your beneficiaries are taken care of appropriately. This process varies depending on whether you have a will or a trust. Let's delve into the roles of the executor … [Read more...]
Resolve to Plan Your Estate in 2024
Many people put off estate planning until it is too late. This can be a huge mistake, as it can lead to a number of problems, including: Your assets may not be distributed according to your wishes. If you die without a will, your assets will be distributed according to state law. This may not be what you want, and it can also lead to a lengthy and expensive legal process. Your loved ones may not know what to do. If you don't leave instructions, your family may be at a loss with regard to … [Read more...]
How Can You Limit Estate Tax Exposure?
The federal estate tax can have a heavy impact on your legacy if your estate will be subject to taxation. It carries a whopping 40 percent maximum rate, and it is imposed on the portion of an estate that exceeds the exclusion. We will look at the details here, and we will place an emphasis on the things that can be done to ease the burden. Current 2023 Estate Tax Parameters For the rest of this calendar year, the estate tax exclusion is $12.92 million. Each year, there are adjustments to … [Read more...]
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