Legally, firearm trusts allow individuals to own firearms in a unique way that allows them to share access to firearms with others. This approach is beneficial for those who own restricted firearms or firearms regulated by the National Firearms Act…
Knowing your family's general inheritance situation and preparing your adult children for their financial future can make a significant difference in their decision-making process, increasing their chances of success. These are practical matters of allocating resources for things like housing,…
An estate tax is imposed in the US on the transfer of assets from a deceased person's estate to heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value…
Almost everyone has heard about the probate process, which is carried out in probate court after someone passes away. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take months, or even years,…
Beneficiaries are common designations in retirement accounts, wills, and trusts, so chances are you have one. A beneficiary is an individual (or legal entity) to receive the proceeds from a financial product or vehicle when the owner passes away. What…
Even in cases of inheritance, American families often treat stepchildren the same as biological children. This is particularly true where stepchildren are part of a blended family from an early age. Biological siblings may have different feelings about a stepchild…
When you lose a spouse or long-time partner, you have a hard time focusing on anything else but the loss you are grieving. However, it is crucial to understand there are important and timely decisions you need to make regarding…
New partnerships are being formed by older Americans experiencing widowhood or divorce at record rates. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating…
Estate planning typically involves wills, trusts, and passing assets on from generation to generation. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you thought about what type…
The process of distributing the decedent's property will be handled by a probate court if he or she died intestate. Also known as intestate succession, it has similarities to the probate process when a will is present. Still, the terms…