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If you decide to use a trust for your assets, it can prevent the children from using those assets in the way that they want. For instance, a trust could stipulate that the child does not get any money until age 30 or that the money has to be used to pay for college...
Parents typically love all their children equally, but this doesn't blind them to their weaknesses. When it's time to sit down with your estate planning attorney and devise your estate plan, you need to be fully transparent about your proposed heirs' abilities to...
Funeral planning is a simple necessity, but it can be hard to bring up. It feels a bit awkward to talk about something that many of us spend so much time trying not to think about.However, this is a very critical part of the estate planning process. It's important for...
If you think that your estate plan just needs to address your assets, it's time to dig a bit deeper. To create an effective plan, you not only need to pass your assets on to your heirs, but you need to do it in a way that minimizes conflict. You want them to have...
People make a lot of mistakes when creating wills and estate plans. Some don't make a will at all. Others forget about tax implications. Still others don't think about the sentimental value of certain items and create conflict between siblings.One of the biggest...
You're thinking of setting up an educational trust for your grandchildren. You know that you can put age limits on it, preventing the children from using it until they turn 18. You also know that you can limit it so that the money can only go toward their...
When your estate goes through probate, it gets divided among your heirs and other beneficiaries. This process is long and complicated for some people, while it is relatively easy and straightforward for others.What about a life insurance policy? It pays out when you...
There are many positive reasons to use an incentive trust. You can encourage your heirs to be successful, for instance, and you can ensure that they only get the money when they are mature and responsible enough to handle it.However, before deciding to use this kind...
If your mother passed away and your father got married again, some studies suggest that your family could be more likely to get into a heated estate dispute in the future. After all, stepmothers are frequently at the heart of these disagreements.Why does this happen?...
If you are thinking of picking a guardian for your children as part of your estate planning process, you need to be aware that there are two different types. It is important to specify exactly what the guardian's role is intended to be and what powers he or she...