So, you just had a talk with an elderly relative and discovered that he wants you to act as the executor of his will. Of course, your natural first reaction is probably some combination of surprise and self-satisfaction – surprise that you were selected, and self-satisfaction derived from knowing that you have an opportunity to help him with this important task. Still, there is much to consider before you jump headlong into the great unknown and agree to take on the role. First, you need to ask … [Read more...]

For years, the primary focus of most individuals who utilized estate planning was on ways to reduce estate taxes and ensure that more of their estate went to their heirs rather than the government. As the estate tax threshold increased from 2004’s $1.5 million to its current $5.45 million level, fewer Americans have had to worry about being subject to that federal estate tax requirement – or so it would seem. For Americans with business interests, high-value life insurance policies, and similar … [Read more...]

When most average Americans hear words like “family trusts” they often find their minds wandering to images of wealthy families flying around the world and entertaining celebrities on yachts in the Mediterranean. They seldom think of themselves. That’s a mistake, though, since trusts have come a long way in the last several decades. While they were once the prerogative of only the truly rich, today those estate planning tools are a valuable resource for anyone who wants a better way to manage … [Read more...]

Many seniors and their families have been repeatedly reminded about the important role that legal directives like the power of attorney and living will play when it comes to ensuring that their interests are protected when they can no longer make decisions for themselves. Most people have assumed that once they have those documents in place, then their wishes have to be respected when incapacity strikes. If you’ve been relying on your advance directives to safeguard your interests, you might … [Read more...]

We’ve all seen them at one time or another: those do-it-yourself wills that are available for download on the internet and sold in many stationary stores. They’re all the rage these days, as people look for the easiest way possible to get some sort of estate planning done. For many who choose these tools, it’s simply a matter of convenience. With no need for a visit to an attorney’s office – and no lawyers’ fees to speak of, nothing could be simpler. And, of course, there are all those online … [Read more...]