Tag Archives: EstatePlan

Can Creditors Make Claims on Your Estate?

When it comes to leaving behind a legacy for your family and friends, estate planning is often the most powerful way to ensure your wishes are followed. But that plan has to be robust, and it has to account for every part of your financial life. Otherwise, creditors can make claims on your estate, and potentially keep your beneficiaries from receiving what was bequeathed to them. Who Can Make a Creditor’s Claim Against Your Estate? It may surprise some to learn that beneficiaries aren’t first in line when it comes to distributing an estate. Secured creditors, persons with property interests…

Seven Ways to Make a Strong Estate Plan

Did you know that when your estate goes into probate it automatically loses value? Depending on the estate, that loss can be an estimated five percent. Your estate can also wind up tied up probate courts for years depending on your family circumstances and the strength of your planning. So, how do you make a strong estate plan that can keep these events from happening? Seven Steps to a Strong Estate Plan Make a List of Your Assets – When they pass, some people don’t let their families know what accounts and assets they hold. Considering this digital age where…

Can I Include My Pet in My Estate Plans?

They may not be people, but we do consider them family. Dogs, cats, birds and other pets that we feed and nurture can become a big part of our lives. But what happens when these loyal companions outlive us? Is there any way for us to secure care for them in our estate plans? What Happens to Our Pets After We Pass? Have you thought about what will happen to Fido—or your other pets—after you have passed? Many people don’t, and so these cherished family members are often left out of estate planning. When this happens, and a pet owner…

Should I Include End-of-Life Care in My Estate Plan?

End-of-life care is a much bigger deal than many of us realize, and should always be included in your estate plan. The recent passing of music legend Tom Petty serves as an example of how important it is to include end-of-life care in your estate plan. Why You Should Include End-of-Life Care in Your Estate Plan Per CNBC, after Tom Petty was found in cardiac arrest, he was rushed to the hospital for treatment. Eventually, his family had to decide whether to keep him on life support or not. They had him taken off life support, because Petty had included…

How Can I Create an Estate Plan That Protects My Assets From Creditors?

When you are crafting your estate plan, you are making a decision about what you want to leave behind for those you hold most dear. However, if your creditors have anything to say about it, your loved ones may never receive the assets you leave for them. Fortunately, there are steps you can take now to ensure that your estate plan is creditor-proof. Tips for Making a Creditor-Proof Estate Plan The American Association of Retired Persons (AARP) published an article on their website explaining what steps people can take to make their estate plan creditor-proof. Per the AARP report, here…

Why Do I Need an Estate Planning Attorney For An Estate Plan?

Many online businesses offer wills and trusts through an automated process. The online process generally consists of a fillable questionnaire that, once answered generates an estate plan without the assistance of an estate planning attorney. A good estate plan consists of more than just a will or a trust. Further, if you do not know what the questionnaire is truly asking you, it is difficult to generate an estate plan that accurately reflects your intentions. In order to provide the maximum benefit to your loved ones and to achieve favorable tax consequences, an estate planning attorney will construct an estate…