Posted by Jason Johnson | Mar 11, 2024 |
Revocable trusts, also known as living trusts, are a cornerstone of modern estate planning. Unlike wills, which become effective upon death, revocable trusts offer flexibility and control over assets during one's lifetime.
Understanding why you might choose a revocable trust over other estate planning tools can help you make informed decisions about managing your assets and ensuring your wishes are fulfilled.
Posted by Jason Johnson | Feb 28, 2024 |
Let's look at the steps should you take to make your aging spouse or parent staying at home a viable option.
Posted by Jason Johnson | Feb 13, 2024 |
Single parents have a double duty: they must act as both the emotional and financial anchors for their children. This makes estate planning a critical yet often overlooked responsibility.
Posted by Jason Johnson | Jan 11, 2024 |
Estate planning is an essential part of financial planning, but it can be a complex process. Unfortunately, many people make common estate planning mistakes that can have serious consequences.
Let's take a look at five of the most common estate planning mistakes and how to avoid them.
Posted by Jason Johnson | Dec 13, 2023 |
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. In this blog, we'll talk about the advantages and disadvantages of sharing your estate plan details with loved ones.
Posted by Jason Johnson | Nov 08, 2023 |
When we lose a loved one, we often have memories of special events and occasions, the support they provided us, or specific qualities of that person we will never forget. An epitaph, by definition, is a brief phrase or sentence expressing a sentiment, often inscribed on a tombstone. Epitaph Day is a symbolic event dedicated to the contemplation and creation of our desired epitaphs. It is a gentle and meaningful reminder of the impermanent nature of life and the importance of having a plan for the future.
Posted by Jason Johnson | Oct 11, 2023 |
You have likely heard the term estate planning, but you may not be familiar with which legal tools typically comprise a complete estate plan. We want to teach you about the legal tools that should be included in your plan and what benefits and protections each legal tool can provide.
Posted by Jason Johnson | Sep 13, 2023 |
It is normal for married couples to share almost every aspect of their lives with each other. But when it comes to death, even the closest couples might become tight-lipped about certain topics. According to one study, half of all couples fail to discuss their dying wishes. Here are four things you and your spouse should discuss before death.
Posted by Jason Johnson | Aug 09, 2023 |
9 of the potential conflicts you or your family may face if you don't have an estate plan or your estate plan is flawed.
Posted by Jason Johnson | Jul 19, 2023 |
When creating a trust, it is common to name yourself as the initial trustee who is responsible for all aspects of administering the trust. However, when considering who will take over when you can no longer act (either because of illness or death), it is sometimes helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee who manages the accounts and property held by the trust and another trustee who makes decisions about distributions to the trust’s beneficiaries. There are some important reasons why you may want your trust document to bifurcate the trustees’ duties in this way.
Posted by Jason Johnson | Jul 19, 2023 |
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property.
Posted by Jason Johnson | Jul 12, 2023 |
Being self-employed is no easy task. You are the owner, and in some cases, the only employee. While you may have more freedom than the average worker, a lot of responsibilities lie on your shoulders. Working together, we can craft a comprehensive estate plan that will help you address three important concerns you may have.
Posted by Jason Johnson | Jul 05, 2023 |
When a person dies, what happens next depends on whether the deceased person had any foundational estate planning documents such as a last will and testament (otherwise known as a will) or trust, who the living relatives are, and their relationship to the person who died. If the deceased person d...
Posted by Jason Johnson | Jun 28, 2023 |
Vacations are a time to relax, unwind, and create beautiful memories with your loved ones. But before you set off on your adventure, it's essential to ensure that your legal affairs are in order so you can fully relax during your travels.
Can’t imagine doing one more thing before you take some much-needed time away?
Don’t worry, I'm here to guide you through these important tasks, so you can enjoy your vacation worry-free. Plus, these steps only take a little time to complete and can provide you with peace of mind knowing that you have made proper arrangements if the unexpected happens to you or your family while you’re away.
Posted by Jason Johnson | Jun 22, 2023 |
People often come to us curious — or confused — about the role trusts play in saving on taxes. Given how frequently this issue comes up, here we’re going to explain the tax implications associated with different types of trusts in order to clarify this issue.
Posted by Jason Johnson | Jun 15, 2023 |
America is a nation of do-it-yourselfers, but building a deck and creating a legally valid estate plan are two entirely different things — and a less-than-perfect deck won’t devastate your family’s financial future or the relationships among the people you care about most.
The prevalence of online legal services has led many people to believe that they can create legal documents cheaply and those documents will be just as effective as if they had visited an estate planning attorney. Let's look at why that is wrong.
Posted by Jason Johnson | Jun 08, 2023 |
A qualified estate planning attorney or Personal Family Lawyer® can help you avoid these 10 common estate planning mistakes.
Posted by Jason Johnson | Jun 01, 2023 |
You could be unintentionally reducing your family's wealth potential if you do not properly designate the beneficiaries of your IRAs. Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you execute your beneficiary designations is critically...
Posted by Jason Johnson | May 25, 2023 |
If you are going to take investment and estate planning advice from anyone, Warren Buffett is likely one you want to consider. At this year’s Berkshire Hathaway annual shareholder meeting, Buffett shared several pieces of financial advice but also provided insights on the importance of personal growth and estate planning when seeking to grow wealth. While many of us may feel overwhelmed by the thought of estate planning or building our wealth, Buffett's advice reminds us of two key but simple steps we can take to create financial and generational wealth.
Posted by Jason Johnson | May 18, 2023 |
If you have a blended family, estate planning is critical if you want your loved ones to avoid court and conflict in the event you die or become incapacitated. But planning for your blended family is also a great opportunity to strengthen your family bond through open conversations about your wishes and goals for your family and the love you have for them. Read more here.
Posted by Jason Johnson | May 10, 2023 |
When you think of estate planning, a Will is usually the first thing that comes to mind. In fact, most people who contact me tell me they don’t need anything complicated for their estate- just a Will. But although they are a key part of your estate plan, relying on only a Will leaves huge gaps in your estate and actually guarantees that your family will need to go to court when you die.
Posted by Jason Johnson | May 02, 2023 |
Stephen Laurel Boss, also known as “tWitch,” was an American DJ, hip-hop dancer, choreographer, television producer, and actor whose personality lit up the stage on So You Think You Can Dance and as a producer and frequent guest host on The Ellen Degeneres Show. Boss also co-hosted the TV show Disney’s Fairy Tale Weddings alongside his wife and fellow dancer, Allison Holkers. Boss died without a Will or Trust in place, meaning his wife, Allison Holker, has the task of petitioning the California court system to release Boss’ share of their assets to her.
Posted by Jason Johnson | Apr 25, 2023 |
Q: Can you explain how the administration of a will works?
A: Dear Taking Care:
In order for assets in a will to be transferred to a beneficiary, the will must first pass through the court process known as probate.
Posted by Jason Johnson | Apr 18, 2023 |
Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’, or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most thrilling way to spend a day, here are some reasons why you need to think about your estate plans before you travel.
Posted by Jason Johnson | Apr 14, 2023 |
If you’re tempted to use a DIY estate planning service or have already created a plan you aren’t 100% confident in, be sure to read how these three simple mistakes can derail your estate plan and leave your family with an expensive mess.