succession plan

Do It Now: Name a Guardian for Your Minor Child(ren)

We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you - your child’s guardian could be a relative you despise or even

Are Payable-On-Death Accounts Right For You?

A payable-on-death account, also called a POD account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost. Is a

What do successor trustees and executors do?

Executor’s Duties An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or may use so-called “independent” administration for an unsupervised probate. Typically, a petition

Who should I pick to be successor trustee?

When you create a living trust, you usually need to choose who to name as your successor trustee. It is crucial that this decision is not taken lightly and that the right person is selected for the job. Role of Successor Trustee If you become incapacitated, your successor trustee will step into your shoes and take

4 Things to Consider If You Want to Give Your Kids an Early Inheritance

If you’re thinking about giving your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read. It can be especially satisfying to fund our children’s dreams while

Does a Dynasty Trust Make Sense for Your Family?

In 2017, NBA team owner Gail Miller made headlines when she announced that she was effectively no longer the owner of the Utah Jazz or the Vivint Smart Home Arena. These assets, she said, were being placed into a family trust, therefore raising interest in an estate planning tool previously known only to the very wealthy­–the

A Nonfinancial Estate Planning Checklist

Amidst the end of year rush to make the most of the gift tax exemption before it expires, a recent Wall Street Journal article reminds us that the focus should not be on wealth alone. The article lists 10 nonfinancial areas to address.  Here are six of my favorites: 1. What, if any, concerns do the

Create a Plan to Pass On the Family Cottage

This below article titled "Create a Plan to Pass On the Family Cottage" was in the  September 6, 2011 edition of the Wall Street Journal.  It describes a number of approaches that families and estate planners can use to keep homes in the family.  Some highlights are below... Helen Tanner's lakeside cottage in Beulah, Mich., was built

2017-02-23T01:53:10-07:00February 6th, 2011|Tags: , , , , , , |