Estate Planning Checklist to Facilitate Multigenerational Wealth Transfers

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Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place …

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Estate Planning: Answering Common Questions of Senior Citizens

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According to a study conducted by Caring.com, the percentage of people aged fifty-five and older who have created a will has fallen from 60 percent to 44 percent since 2019.[1] Although creating or updating your estate planning may seem like a daunting task, a proper estate plan can help address the concerns you may face as a senior citizen. We …

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Preserving Your Money and Property Beyond the Third Generation

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Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. The quotation “shirtsleeves to shirtsleeves in three generations” has often been attributed to Andrew Carnegie. The same concept has been echoed by other people and various cultures, with the underlying notion being that the first generation …

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Fears When Talking about Money

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Studies[1] have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs.[2] Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved …

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The Lesson Plan for Your Estate

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Below are some basic questions and answers about estate planning and how estate planning, or the absence of an estate plan, may impact your life. What is an estate? Although you may not be a billionaire, you have an estate that needs a proper legal plan. Estate is a general term used to describe everything you own. This includes things …

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Living, Testamentary, and Constructive Trusts: Are They All the Same?

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In the world of estate planning, terms that refer to legal documents such as wills, trusts, powers of attorney, and healthcare directives can be confusing and even overwhelming at times. What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney from an immediate power of attorney? Or are they the same …

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Can a Disabled Individual Be an Executor or a Trustee?

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An important element of creating an estate plan is choosing a responsible party to handle your legal, medical, and financial affairs if you become unable to manage them yourself (i.e., become incapacitated) or die. The individual or entity you choose must be someone whom you can trust to make crucial and often time-sensitive decisions, who is willing to be detail-oriented …

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Can I Remodel My Own Estate Planning Documents?

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Estate planning is one area that often goes unexamined and neglected. Is it time to remodel your estate plan? If so, is that something that you can (or should) do on your own? Small Estate Planning Updates Upon reviewing your estate planning documents, you may notice a number of seemingly small issues that need to be addressed, but you may …

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Selling a Deceased Loved One’s Real Estate: Things You Need to Know

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After the death of a loved one, such as a parent, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling your deceased loved one’s real estate is one of the more daunting ones. But before you call a real estate agent, you should take some time to get familiar with …

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What Are the Estate Rights of a Child Born Outside of Marriage?

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Despite the prevailing view, children born to unmarried parents are commonplace. Historically, children in this category were treated poorly by both society and the law. In many cases, they had no right to inherit from either parent. This legal scheme eventually changed and provided means for these children to inherit from their mothers, but rarely their fathers, until the late …

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Why Is My Trust So Long?

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When you met with an attorney a few weeks ago, perhaps all you expected was a simple will. Maybe you thought that, with your situation, the work should be easy and the documents should be few. But now that you have finished working with the attorney, your parting gift is a large binder filled with hundreds of pages. You may …

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Benefits of Having Your Business Donate to Charity

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Giving money to charity might seem counterintuitive to those running a for-profit company. However, it is important to keep in mind that charitable giving can not only make a big difference to the recipients of your generosity, but it can also provide a net gain to your business. In addition to the potential tax advantages of charitable giving, donations have …

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