Generated by All in One SEO v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # MEREDITH | PC Estate Planning ✯ Asset Protection ## Sitemaps - [XML Sitemap](https://meredithpc.com/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [Meredith PC Blog Post](https://meredithpc.com/blog/) - [Estate Planning After Remarriage](https://meredithpc.com/20260701-2/) - You may not be able to choose the family you are born into, but you can choose the family you build through marriage, partnership, and the life you create on your own terms. The traditional nuclear family is no longer the default, and biological family ties are no longer always assumed. Marriage remains its own - [What Happens When You Put a Mortgaged Home into a Land Trust](https://meredithpc.com/20260702-2/) - Land trusts are often associated with conservation projects and nonprofits that preserve land for community use or affordable housing. But in estate planning, a land trust serves a different purpose: It is a private title management structure that allows you to maintain full control of the property, keep your name out of public records, - [Estate Planning When Your Children Live in Different States](https://meredithpc.com/20260703-2/) - Today, many families are scattered across the country, with parents living in one state and children in another. Physical distance can introduce logistical hurdles that estate plans are not always built to handle. Even in a geographically clustered family, having a child living across state lines can create significant headaches if that child is - [Marital Agreements Versus Wills and Trusts: Which Do You Need?](https://meredithpc.com/20260704-2/) - If you are entering a marriage or remarriage with significant assets, children from a prior relationship, business interests, inherited property, or a clear vision for your legacy, you may have been told that you need a will, a trust, or a marital agreement. These documents are often discussed together, but they serve different purposes. Treating - [What You Should Know about Life Insurance in Estate Planning](https://meredithpc.com/20260705-2/) - An estate plan may look perfect on paper-until your heirs need cash quickly. Life insurance can be a powerful tool for addressing that gap, providing funds precisely when they are needed most. When coordinated with the rest of your estate plan, it can also help ensure that your wishes are carried out as intended. Why - [Types of Life Insurance and How They Can Be Used in Estate Planning](https://meredithpc.com/20260706-2/) - Many people first encounter life insurance when they start a full-time job and are offered coverage through their employer's group plan. It is an easy decision to make-and one that often receives little attention afterward. But as your financial and family circumstances evolve, your coverage is worth revisiting. What Is Life Insurance? In general terms, - [Estate Planning for Schoolteachers: How Your Benefits Come into Play](https://meredithpc.com/20260601-2/) - As a schoolteacher, you do far more than teach lessons. You manage a classroom, mentor students, and juggle a busy schedule-often while balancing other responsibilities at home. But one important task is often too easy to postpone: estate planning. Estate planning is not just for the wealthy. It is a practical way to protect your - [Seven Estate Planning Traps Most People Miss—and Seven Questions to Audit Your Family’s Future](https://meredithpc.com/20260602-2/) - Think back to how your life was seven years ago. Your family, your finances, your relationships, and even the accounts you use have probably changed in ways both obvious and subtle. Seven years does not feel like a long time until you start making the list. Your estate plan needs to keep up with you. - [When Helping Out Puts the Roof Over Your Head at Risk: Should You Ever Use Your Home as Collateral for Your Child’s Debt?](https://meredithpc.com/20260603-2/) - It is the kind of phone call that keeps parents awake at night. Your daughter is on the line saying, "I need some help." She is not hurt. It is not a brush with the law. She is in financial trouble and needs backup. The business she poured herself into is not working out, and - [The Call That Sounded Like a Scam—But Turned Out to Be an Inheritance](https://meredithpc.com/20260604-2/) - You've got to hand it to them: You nearly believed them when they said you were a partial owner of land that you inherited but never knew existed. They had names, dates, even a specific plot, supposedly with mineral rights, that you would never have been able to locate on your own. Good scam. - [Estate Planning Scams: What Seniors Need to Know](https://meredithpc.com/20260605-2/) - Creating an estate plan is an important step in protecting your loved ones and ensuring that your assets are distributed according to your wishes. Unfortunately, scammers know that people who want to safeguard their estates are often willing to act quickly. Even a carefully drafted estate plan can be undermined if you fall prey - [The Risks of an Unfinished Estate Plan—and Why You Should Complete Yours](https://meredithpc.com/20260606-2/) - Planning for the future, especially your own mortality, is never easy. Even when you understand the importance of creating a will or trust to protect your loved ones, finding the motivation to complete an estate plan can be difficult. Yet an unfinished estate plan is almost as risky as having no plan at all. - [3 Estate Planning Steps Every New Homeowner Should Take](https://meredithpc.com/20260501-2/) - Congratulations on your new home. Whether you are officially a first-time homeowner or are leveling up (or scaling back) to a space that better fits your life, buying property is a massive milestone. While you are busy picking paint swatches and unboxing the kitchen, do not forget that a new deed often means a new - [Protect Your New Home and Your Loved Ones: Why an Estate Plan Matters](https://meredithpc.com/20260502-2/) - Buying a home is exciting, whether it is your first time or your latest move. You have most likely worked with a realtor, a lender, a home inspector, and a title company, but there is one more call you should make: your estate planning attorney. Ensuring that your new home is properly integrated into - [Pot Trusts Explained for Families](https://meredithpc.com/20260503-2/) - A pot trust is a way to hold money and property for a group of beneficiaries, usually children or other family members, in one shared trust. Instead of dividing everything into separate shares right away, the assets stay together in a single fund, allowing the trustee (the person in charge of managing the trust) - [Executor Rights: How You Are Protected While Administering an Estate](https://meredithpc.com/20260504-2/) - Being named executor of someone's estate is often viewed as an honor. It means the person who created the will trusted you to handle their affairs and carry out their wishes after death. But once the process begins, many executors discover that the role involves far more than distributing belongings or closing a - [Flying Solo: Why Estate Planning Still Matters and What to Do Next](https://meredithpc.com/20260505-2/) - As a single person, you may find yourself wondering who will step in to make important decisions for you if you become unable to do so or who will receive your money and property after your death. Although parents, siblings, or other loved ones may be the first people who come to mind, they - [Your Family’s Estate Road Map: A Step-by-Step Guide to Managing Assets and Wishes](https://meredithpc.com/20260506-2/) - Maps help us get where we are going. Nowadays, phone apps provide detailed directions, making it nearly impossible to get lost. A physical map may seem outdated, but in an emergency, it can be a lifesaver. An estate plan without a "road map" leaves your loved ones guessing what exists and where important things - [Important Things Your Agent Under a Medical Power of Attorney Needs to Know](https://meredithpc.com/20260402-2/) - Even if you are currently in good health, an unexpected illness or injury could leave you unable to make your own medical decisions. A medical power of attorney is a crucial component of your estate plan that allows you to designate a trusted individual (your agent) to make healthcare choices on your behalf if necessary. - [Saving for School: Planning for Your Family’s Education](https://meredithpc.com/20260401-2/) - Saving for School: Planning for Your Family's Education According to the College Board, the average tuition and fees for the 2025-2026 academic year are $11,950 for a four-year in-state public institution; $31,880 for a four-year out-of-state public institution; $45,000 for a four-year nonprofit private institution; and $4,150 for a two-year public institution.[1] If postsecondary education - [The “Death Box”: One Step That Can Make a Difficult Time Easier for Your Loved Ones](https://meredithpc.com/20260403-2/) - Losing a loved one is challenging enough without added complications. One way you can take some of the pain out of administering your estate is by preparing a death box, also called a death binder, next-of-kin box, or legacy folder. It serves as a centralized place to organize important information and documents in a productive, - [Raising Stewards, Not Mere Beneficiaries: Preparing the Next Generation for Inheritance](https://meredithpc.com/20260404-2/) - Raising Stewards, Not Mere Beneficiaries: Preparing the Next Generation for Inheritance Steward-a term for someone entrusted with the care of something that does not personally belong to them-is commonly used in such realms as business, public service, and environmentalism. Conservationists may be referred to as stewards of the land. Business leaders may describe themselves as - [The Family Meeting: Not Just for Billionaires](https://meredithpc.com/20260405-2/) - For some people, the term family meeting may not bring to mind a pleasant gathering where everyone shares fond memories and warm feelings. When someone says, "We need to talk," it often implies that something is wrong or that tough decisions need to be made or discussed. However, in estate planning, future problems are exactly - [Why Title Matters](https://meredithpc.com/20260301-2/) - Real estate can be owned in several different ways. The form of ownership, or how your property is titled, can determine how much control you have over it, how vulnerable your property is to creditor claims and lawsuits, and what will happen to it at your death. Individual Ownership One of the most - [How to Own Your Real Estate](https://meredithpc.com/20260302-2/) - Your real estate encompasses not only your primary residence but also any vacation homes, rental properties, or even vacant land you may own. The ideal form of ownership varies depending on the type of property and your individual circumstances. Your Primary Residence How you own your primary residence affects your control over it while - [Your Legacy in Living Color](https://meredithpc.com/20260303-2/) - There is a famous scene in The Wizard of Oz where Dorothy steps into the magical Land of Oz and is transported from a black-and-white world to a Technicolor one. The phrase in living color originates from TV and film advertising in the mid-20th century, when black-and-white imagery was standard and color television was - [Celebrate Your Life Your Way: How to Make Funerals and Memorials Meaningful](https://meredithpc.com/20260304-2/) - Many people have a childhood memory of somebody close to them passing away. Whether the deceased was a parent or grandparent, an aunt or uncle, or a family friend, it may have been their first real encounter facing grief or attending a funeral. That experience may have left a lasting impression, influencing what you want-or - [The Hidden Gender Gap in Estate Planning—and How to Close It](https://meredithpc.com/20260305-2/) - You have probably heard of the gender pay gap. But there is also another common disparity: the estate planning gender gap. Although the two are interrelated to some extent-earning less than men puts women on an unequal path to investment and retirement savings, and women generally spend more than men on healthcare in retirement-the - [Ancillary Probate: When It Is Used, Where It Occurs, and How to Avoid It](https://meredithpc.com/20260306-2/) - Many people own property in more than one state, such as an ocean-side vacation home or a rental property in a former home state. It is important to think about how that property will be handled after you pass away. Through proper estate planning, you can help minimize the burdensome court proceedings your loved ones - [Does my Spouse’s Citizenship Affect my Estate?](https://meredithpc.com/20260307-2/) - Noncitizen spouses are treated differently than US citizen spouses for estate and gift tax purposes.[1] They do not get the unlimited marital deduction. Married US citizen spouses can generally transfer unlimited amounts of money between each other during life or upon death in various qualifying ways without any gift or estate tax concerns. This unlimited - [Estate Planning Tips for Someone Facing Major Surgery](https://meredithpc.com/20260202-2/) - Receiving news that you need major surgery is never easy. Preparing for work absences, planning for childcare and household responsibilities, and understanding the procedure itself and your recovery timeline may be among the things you are worried about. If you have only a short time (weeks or days) to react, focusing on the essentials is - [What to Do When Your Doctor Tells You to Get Your Affairs in Order](https://meredithpc.com/20260201-2/) - Five words no one ever wants to hear from their doctor are "Get your affairs in order." Unfortunately, 76 percent of Americans do not have a will, and it often requires a chronic disease, terminal illness diagnosis, or other life-changing event to prompt people to start the estate planning process.[1] If you are facing - [Estate Planning as a Love Language: Protecting Those Who Depend on You](https://meredithpc.com/20260203-2/) - We all have different ways of giving and receiving love, and those preferences can reveal a great deal about us. You may be the type who expresses love with words, telling people you care about them or crafting carefully worded messages for someone when they need encouragement. Or maybe you prefer physical affection such - [Love, Loss, and Legacy:Handling Sentimental Belongings After the Death of a Loved One](https://meredithpc.com/20260204-2/) - Personal items accumulated over our lifetimes may be left in estate planning limbo when we pass away. You may have kept many personal effects and everyday items more for sentimental reasons than for financial value, such as your clothing, jewelry, books, quilts, collectibles, and religious items. Each item we leave behind tells part of the - [Talking to Aging Parents About Estate Planning](https://meredithpc.com/20260205-2/) - Beyond the practical purpose of transferring assets and reducing taxes, an estate plan reflects love, responsibility, and values. That emotional heaviness may be part of why many families avoid the subject. Pew Research reports that only about 3 in 10 US adults have created a basic estate plan (a will and a living will - [Caution: Writing Your Own Deed to Avoid Probate Can Lead to Costly Unintended Consequences](https://meredithpc.com/20260206-2/) - One goal of estate planning is to ensure that your assets, including your home, pass to your chosen beneficiaries quickly and with minimal expense. In real estate, a common strategy to avoid probate (the court process of validating a will and distributing assets) is to add others to the title. This strategy involves adding the - [Why Retirement Is the Right Time to Revisit Your Estate Plan](https://meredithpc.com/20260101-2/) - Retirement can mean many different things to different people. For some, it opens up a new world of travel, experiences, and creative pursuits. For others, it may herald quiet days at home with a good book, a steaming mug of tea or coffee, and no other plans for weeks. Between those extremes are countless - [When Your Parent Plans to Disinherit Your Sibling](https://meredithpc.com/20260102-2/) - Your parent has made the difficult decision to omit your brother or sister from their estate plan. While this decision will undoubtedly land heavily on your sibling, the decision also places you in a complicated position. As the child who was not cut out of the estate plan, you may find yourself in an - [How to Get Organized to Meet with Your Estate Planning Attorney](https://meredithpc.com/20260103-2/) - You have decided to meet with an estate planning attorney to get your affairs in order and ensure that your loved ones are protected. Now that you have scheduled the appointment, it is time to get yourself organized and prepare for the first meeting. Before You Meet with Your Attorney Taking the time to sort - [What Is an Inheritor’s Trust?](https://meredithpc.com/20260104-2/) - If you are expecting an inheritance, an estate planning tool known as a trust may prove useful, depending on your circumstances. Among the numerous types of trusts aimed at fulfilling different estate planning purposes, an inheritor's trust is specially designed to help protect an inheritance. Purpose of an Inheritor's Trust A future beneficiary establishes - [Why Receiving an Inheritance Changes Your Estate Plan](https://meredithpc.com/20260105-2/) - Receiving an inheritance can be a meaningful and transformative experience, but it can also create challenges if not handled thoughtfully. Without a clear plan, an inheritor may struggle to manage newly acquired assets, face creditor or tax issues, or lack the financial experience needed to preserve and grow what was left to them. A well-designed - [Rewarding Employees: Selling Your Business Through an MBO or ESOP](https://meredithpc.com/20251201-2/) - After the experience of starting a business, the prospect of retirement can be as exciting as it is overwhelming. To ensure that the company you have built lasts, you need to have a business succession plan. Some business owners have spent years preparing their child or another relative to take over control, ensuring the - [Passing Along a Benefit, Not a Burden: Why Planning for Absence and Incapacity Is Indispensable for Business Owners](https://meredithpc.com/20251202-2/) - As a business owner, you have likely considered establishing an estate plan to ensure your company's continued success after your passing. However, comprehensive estate planning also addresses what will happen if you become mentally incapacitated (unable to manage your affairs) due to illness, injury, or cognitive decline, or if you need to be away - [Retirement Planning for Business Owners](https://meredithpc.com/20251203-2/) - Many employees save for retirement by participating in their employer's 401(k) plan and maybe even opening an individual retirement account (IRA) or Roth IRA for additional savings. As a business owner, planning for retirement requires more effort, foresight, and strategy. In addition to navigating the wide range of retirement account options available to business - [Avoid Living Probate: How to Keep Guardians and Conservators Out of Your Estate](https://meredithpc.com/20251204-2/) - While many proactive individuals understand the importance of having a comprehensive estate plan, they often assume that their plan addresses only what happens after they pass away. However, a comprehensive estate plan is also meant to positively impact your life by planning for and providing necessary protections while you are still around to reap - [Committed, Protected, Prepared: Estate Planning Tips for Unmarried Partners](https://meredithpc.com/20251205-2/) - More couples than ever are building deep, lasting relationships without ever walking down the aisle. Whether by choice, circumstance, or principle, many Americans are opting out of marriage-but not out of commitment. Data indicate that cultural norms regarding marriage in the United States have undergone significant shifts over the past several decades. Consider the following: - [Stress Test Your Estate Plan](https://meredithpc.com/20251101-2/) - Creating an estate plan is a huge accomplishment. However, your work is not done when the documents have been signed. You must still ensure that the chosen strategy gives you peace of mind and protects the legacy you have worked so hard to build. An estate plan is not static; it is a living tool - [Estate Plans Age Too: How to Keep Yours Fresh and Effective](https://meredithpc.com/20251102-2/) - Your estate plan is one of the most important sets of legal tools you will ever create. An estate plan is designed to protect you, your loved ones, and your money and property. It can minimize taxes and fees and ensure that your loved ones are taken care of. Depending on the estate planning tools - [Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup](https://meredithpc.com/20251103-2/) - Creating an estate plan is a crucial task for any adult, but it is not a one-and-done task. Think of it as an annual physical exam or a periodic review of your investments with your financial advisor; regular checkups of your estate plan are essential to ensuring that it still fits your life and evolving - [Wondering Whether You Need to Update Your Estate Plan?](https://meredithpc.com/20251104-2/) - Since creating your estate plan, have you thought about updating it? If you are like most people, probably not. However, the carefully thought-out plan you created years ago may not meet your current goals or family circumstances. To put things in perspective, consider a family that may sound similar to yours. Meet the Kendricks Bill - [When Is an Estate Subject to State Death Taxes?](https://meredithpc.com/20251105-2/) - The United States imposes a federal estate tax at death, which is based on the total value of the deceased person's estate (everything a person owns at the time of their death) and is paid from the estate itself. In addition to the federal estate tax, some states assess their own taxes at death. One - [Homestead Exemptions and Estate Planning](https://meredithpc.com/20251108-2/) - The term homestead may seem like a throwback to pioneer days, but homestead exemption laws are directly relevant to today's estate planning and can play a valuable role in a modern plan. Almost every state has some form of homestead exemption law primarily focused on reducing property taxes and protecting home equity from creditors. While - [Mission Accomplished: Your Guide to Veterans’ Planning Essentials](https://meredithpc.com/20251106-2/) - Joining the military often sets individuals on a path that is distinctly different from pursuing higher education or entering the civilian workforce. Every year around Veterans Day, we honor the sacrifices of those who have served our country. However, we do not always pause to consider the unique experiences and challenges Veterans face when their - [International Inheritance Laws: What US Residents Need to Know](https://meredithpc.com/20251107-2/) - Estate planning can be complicated enough when all your assets (accounts and property) and loved ones are located within one country. But for US residents with international connections, whether through property, citizenship, residency, business interests, or loved ones living abroad, it can become significantly more complex. Different countries have different rules about who inherits, - [Foster Children in an Estate Plan](https://meredithpc.com/20251009-2/) - A foster child may come into your life through the court system, an agency, or your own extended family. However it begins, the relationship can grow into something deeply personal, with the unshakable feeling that this child is yours. However, the law does not always see the relationship that way with regard to inheritance. - [If I Leave Someone My Home, What Do They Really Get?](https://meredithpc.com/20251008-2/) - Your home is likely one of the most valuable assets you own, if not the most valuable. Calling it an asset can sound cold. A home is far more than an assortment of materials and possessions. It is also a place to live, gather, create life stories, and share memories. However, in the eyes of - [Parental Warning: If You Own Your Property This Way, You May Accidentally Disinherit Your Own Children](https://meredithpc.com/20251007-2/) - Do you own your home, other property, or a financial account with someone else, such as a spouse or an adult child? If so, you might be surprised to learn that a common way of owning property could cause problems for your loved ones in the future. While there are several forms of joint ownership, - [Whom Should I Tell About My Estate Plan?](https://meredithpc.com/20251006-2/) - Creating an estate plan is typically a private matter, not something you share in detail with everyone in your life. After all, what you choose to do with your money and property is your business. Your partner might know what is in your plan, especially if you created it together. But beyond that, does - [5 Things Every New Parent Needs to Know About Wills](https://meredithpc.com/20251005-2/) - Congratulations on your new baby! Becoming a parent is an incredible journey filled with joy, love, and a whole lot of sleepless nights. It is also a time when you start thinking about the future in an entirely new way. You want to ensure that your child is always protected, no matter what. While - [Do It Now: Name a Guardian for Your Minor Children](https://meredithpc.com/20251004-2/) - It is a topic no parent wants to think about: What would happen to your children if you were gone? However, facing this question is one of the most loving and powerful things you can do for your kids. If you take no steps to legally nominate a guardian for your minor children, a judge - [Avoid These Common and Expensive Mistakes:](https://meredithpc.com/20251003-2/) - How to Leave Assets to Minor Children You love your children and want to ensure that they are always taken care of. The desire to provide for them may also be shared by their grandparents, aunts, and uncles. However, when leaving money and property to minor children, even the best intentions can lead to big - [New Baby? Time to Create Your Estate Plan](https://meredithpc.com/20251002-2/) - Have you just welcomed a baby to the family? Protecting your newborn goes beyond car seats and babyproofing. Ensure that your child is protected no matter what life brings by creating an estate plan. Establishing an estate plan is one to-do task that many people put off. They may delay this very important task due - [Treating Children Fairly Does Not Necessarily Mean Equally](https://meredithpc.com/20251001-2/) - Parents generally try to treat all their children fairly. We often assume that fairness means leaving an equal inheritance to each child. However, "fair" does not always mean "equal." A thoughtful estate plan considers each child's unique circumstances to create distributions that truly support their needs. Here are some situations where unequal but fair - [How to Make Your Inheritance Last](https://meredithpc.com/20250908-2/) - Receiving an inheritance, whether large or small, often comes with a wide range of emotions, from the grief of losing a loved one to the hope and excitement about the possibilities the inheritance may create. According to Northwestern Mutual's 2025 Planning & Progress study, over half (57 percent) of Americans who expect to receive an - [What to Do After a Loved One Dies](https://meredithpc.com/20250907-2/) - If you have been named the person responsible for settling a deceased loved one's affairs, commonly called an executor or personal representative (if your loved one had no estate plan or had a will) or a successor trustee (if they had a trust), you may find yourself overwhelmed by grief and a growing list - [How a Directed Trust Can Change Everything](https://meredithpc.com/20250906-2/) - The idea of one-size-fits-all no longer fits a world where people expect products and services to be tailored to their individual preferences. The estate planning world, long rooted in tradition, has relied on time-tested tools such as trusts to plan for what happens to a person's money and property. However, a nontraditional variation known as - [The True Cost of Inheriting a Home](https://meredithpc.com/20250905-2/) - The United States is in the midst of the largest generational wealth transfer in history. Over the next few decades, baby boomers are expected to pass down an estimated $84 trillion in money and property,[1] around $18-19 trillion of it related to residential real estate.[2] For millions of younger Americans, this means inheriting a parent's - [When a Trustee Becomes a Burden: Knowing When to Fire Them](https://meredithpc.com/20250904-2/) - The title of trustee implies that this position should be held by someone you find trustworthy, and for good reason. Serving as a trustee of a trust carries significant responsibility and duty not just to you as the trust's creator but also to the beneficiaries who depend on accurate, faithful administration. While being named a - [Estate Planning Truths: Debunking Common Misconceptions](https://meredithpc.com/20250903-2/) - Estate planning often feels complex, leading many people to rely on assumptions that can have devastating consequences for their loved ones and their legacy. From who can make decisions for you to whether you need an estate plan, common myths can stand between you and a secure future. Let's debunk these widespread misconceptions and - [12 Estate Planning Blunders You Cannot Afford to Make](https://meredithpc.com/20250902-2/) - Many people believe that a simple will is all they need to accomplish their goals for the future. However, a flawed estate plan can create just as many headaches, heartaches, and expenses for your loved ones as having no plan. Life changes, laws evolve, and even the best intentions can fall short, leaving family - [Do I Need a Will or a Trust?](https://meredithpc.com/20250901-2/) - Yes, everyone needs a will, a trust, or both. These important tools ensure that your legacy will be carried out according to your wishes and allow you to provide for loved ones after your passing. A properly prepared trust can also help avoid probate, which is a lengthy, public, and often expensive court process - [Nosy Neighbor Nellie Can Find Out About Your Probate](https://meredithpc.com/20250809-2/) - Most people think of probate (the process of collecting, managing, and distributing a deceased person's money and property) as a private process. However, because probate involves the court system, most filings become a matter of public record. That means your nosy neighbor Nellie can simply go to the courthouse or hop online to learn - [While You Are Working on Your Golf Game, Don’t Forget to Work on Your Estate Plan](https://meredithpc.com/20250802-2/) - The course stretches out around you, lush and perfectly manicured. You step up to the ball, take a few practice swings, and inhale the morning air. It is a shot you have made hundreds of times. But years of playing golf have taught you that there is no guarantee you will hit it right - [Help! This Probate Is Taking Forever!](https://meredithpc.com/20250808-2/) - After a loved one dies, their money and property that goes through probate must be distributed to the people legally entitled to it, either according to a last will and testament (also called a will) or the state's default distribution scheme (found in its intestacy statute). While most people want the settlement process done - [Trust Funding: Setting Your Trustee Up for Success](https://meredithpc.com/20250807-2/) - A revocable living trust can serve as a valuable estate planning tool to help ensure that your finances remain well managed if you become incapacitated (unable to manage your affairs while you are alive) and to provide future financial security for your loved ones upon your passing. However, merely signing the trust agreement does - [How to Help Your Loved Ones Avoid Probate](https://meredithpc.com/20250806-2/) - Today, many people use a revocable living trust instead of a will, joint ownership, or beneficiary designation as the foundation of their estate plan. When properly prepared, a trust avoids the costly public, and often time-consuming, court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make one - [3 Simple Ways to Avoid Probate Costs](https://meredithpc.com/20250805-2/) - The bad news: When a person dies owning property in their sole name without a beneficiary, their loved ones will have to go through a court-supervised process called probate to transfer the property out of the deceased person's name and into the name of intended beneficiaries or heirs at law. Going through probate court - [3 Powers to Consider Giving to a Trust Protector](https://meredithpc.com/20250804-2/) - Many estate plans today include trusts that become irrevocable upon the trustmaker's death and continue for the benefit of a surviving spouse, children, or other loved ones. Some trusts are designed to span multiple generations. For example, a trust may leave an inheritance to a surviving spouse, then upon the surviving spouse's death to - [What to Do When You Do Not Own What You Think You Own](https://meredithpc.com/20250803-2/) - Imagine the following scenario: You have been living in a house for years. As your mother's sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it "yours." However, - [Why a Trust for Your Child Should Mature with Your Child](https://meredithpc.com/20250801-2/) - From the moment a child is born, a parent feels an instinctive drive to protect and nurture. We childproof our homes, carefully choose schools, offer guidance through adolescence, support their careers, and watch with pride as they start their own lives. The desire to be there for them extends beyond emotional and physical care. Finances - [Is an Income-Tax Time Bomb Lurking in Your Estate Plan?](https://meredithpc.com/20250704-2-2/) - As the federal estate tax exemption has ballooned from $5 million in 2011 to $13.99 million today, the need for estate tax planning has drastically decreased. However, with a top marginal income tax rate of 37 percent, the focus of estate planning has shifted to a new frontier: income tax basis planning. The Basics - [Does Treating Your Children Fairly Mean Unequal Inheritances?](https://meredithpc.com/20250703-2/) - When thinking through their estate plan and how they want their assets (money and property) managed after they pass away, most parents wish to treat their children equally, often out of a sense of fairness. However, sometimes being fair or doing what is right by your children may mean giving unequal inheritances. The Key - [Being Deployed? Here Is What You Need to Do](https://meredithpc.com/20250702-2/) - You have just received your orders, and you will be deployed shortly. No matter how soon you are leaving, there is still time to ensure that your affairs are in order. Review or prepare a Family Care Plan. Regardless of the branch of the military in which you are serving, you may be required - [Undoing an Irrevocable Life Insurance Trust](https://meredithpc.com/20250701-2/) - The irrevocable life insurance trust (ILIT) has long been a staple of estate planning. This tool is designed to hold life insurance policies and remove the death benefit proceeds from an individual's taxable estate (meaning that the value is not subject to estate tax) while also providing liquidity to cover estate taxes, the deceased - [Minimalism May Be Great for Your Stuff and Finances but Not for Your Estate Plan](https://meredithpc.com/20250705-2/) - In a modern world marked by information overload, overflowing inboxes, nonstop notifications, and the constant pressure to accumulate more stuff, minimalism offers a compelling counternarrative. Born from the mid-twentieth century artistic rebellion and revived in the 2010s on the back of increased digital clutter, climate anxiety, and economic strain, minimalism promises clarity and order - [Estate Planning for Military Families](https://meredithpc.com/20250706-2/) - Whatever the time of year, it is always good for members of the military and their loved ones to create or revisit their estate plan. Military families face unique estate planning considerations that others do not, especially when a family member is deployed overseas or receives a temporary duty assignment. In addition, service members - [Planning for Real Estate in a Foreign Country](https://meredithpc.com/20250707-2/) - The allure of a foreign land-perhaps where the weather is milder, the pace of life slower, and the cost of living lower-is a dream for many Americans who want to escape our country's fast-paced, high-cost living. That dream can become a reality, and a tangible investment, for Americans who purchase a home overseas. Wealthy individuals - [Your Divorce Decree: The First Step in Estate Planning](https://meredithpc.com/20250602-2/) - You and your spouse have recently divorced, and the judge has signed the divorce decree. Now what? Although you may feel that you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. If you and your former spouse created an estate plan - [Surprise! You Cannot Easily Disinherit Your Spouse](https://meredithpc.com/20250601-2/) - Believe it or not, it is not easy to disinherit your spouse in the United States. In many states and the District of Columbia, you cannot intentionally disinherit your spouse unless your spouse agrees to receive nothing from your estate in a prenuptial, postnuptial, or other marital agreement. However, the same is not true for other family - [Estate Planning Strategies to Protect Your Spouse](https://meredithpc.com/20250603-2/) - You found the love of your life, and as you have built your life together, you have likely weathered your fair share of storms and grown stronger because of them. Now that you are married, you are uniquely situated to provide meaningful support for your spouse after your passing through special estate planning tools available - [The Lifetime QTIP Trust](https://meredithpc.com/20250604-2/) - Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution that allows the more affluent spouse to maintain control of their property and wealth and minimize potential estate taxes-while keeping their spouse happy-is the lifetime qualified terminable interest property (QTIP) trust. The Basics - [How to Protect Your Family When You and Your Spouse Work in the Same Business](https://meredithpc.com/20250605-2/) - You and your spouse live together, work together, and likely spend a great deal of your free time together. Having a successful marriage and business takes hard work and dedication, but it can also be among the most rewarding things in life. To help keep you on the right track, here are a few - [How to Minimize the (Voluntary) Federal Estate Tax with Portability](https://meredithpc.com/20250606-2/) - Most people may be surprised to learn that the federal estate tax is considered by some to be voluntary. Estate planning attorneys used to say, "You only pay if you do not plan." The relatively recent introduction of portability provides yet another planning tool available to married couples to minimize or eliminate estate taxation. - [Want to Disinherit Someone? This Is What You Need to Know](https://meredithpc.com/20250607-2/) - Disinheritance-the intentional exclusion of a family member, usually a child or spouse, from receiving part of your estate after your death-is more common than you might think. It is also easier than you might think to disinherit a loved one, with a couple of notable exceptions. However, it is not as simple as omitting someone's - [The Deaths of Gene Hackman and His Wife](https://meredithpc.com/20250608-2/) - When investigators entered the home of legendary actor Gene Hackman and his wife, Betsy Machiko Arakawa, in a gated community outside Santa Fe, New Mexico, on February 26, 2025, they found the couple dead under mysterious circumstances. Following their investigation, authorities pieced together a timeline of the couple's last days, indicating that a period of - [Do You Go By Different Names?  Ensure That Your Estate Planning Attorney Knows](https://meredithpc.com/20250609-2/) - What is in a name? If you are a beneficiary or a creditor of an estate, or if you are setting up an estate plan, your name means a great deal. It is not unusual for a person to go by different names, such as the name we are given at birth and the names - [5 Easy Tips to Simplify Your Charitable Giving](https://meredithpc.com/20250610-2/) - Will you be donating to charities this year? The Internal Revenue Service (IRS) reminds us that you must itemize deductions on Schedule A of your tax return to claim a deduction for charitable gifts. The following five tips can also help ensure that your charitable gifts count. Tip #1: Give to a qualified charity. Only - [Do Not Let Your Money and Property Go to the State: Why You Need an Estate Plan](https://meredithpc.com/20250503-2/) - Americans tend to bristle when any level of the government meddles in their private lives, especially with their money. Look no further than the famous "death and taxes" quote for a sense of how Americans feel about bureaucratic creep and government's sticky fingers. You may take pains to minimize government meddling in your personal affairs - [How an Inheritance Can Enhance Your Loved One’s Educational Experience](https://meredithpc.com/20250502-2/) - A primary goal of estate planning is to financially provide for your loved ones. One way to ensure that they are set up for lifelong success is with an inheritance that pays for their education. Higher levels of education are positively correlated with better life outcomes, including improved health, longer lifespans, and higher incomes.[1] However, - [Ways to Keep a Loved One’s Memory Alive After They Pass](https://meredithpc.com/20250501-2/) - When somebody close to us passes away, we are left with constant reminders of them. Maybe it is a jacket hanging in the closet that still bears the scent of their cologne, a dog-eared book on their nightstand, their handwriting on a scrap of paper, a bench where they sat and fed the ducks, or - [5 Reasons Uncle Bill May Not Make a Good Trustee](https://meredithpc.com/20250504-2/) - If you have created a trust that you intend to last for decades, choosing the right trustee is critical to ensuring the trust's longevity and ultimate success. Initially, you may think that a family member (for example, Uncle Bill to your children, who are the initial beneficiaries of your trust) will be the best choice - [Three Estate Planning Mistakes Farmers and Ranchers Make—and How to Avoid Them](https://meredithpc.com/20250505-2/) - Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan-or any estate plan at all. Without a proper estate plan, the family farm or ranch, passed down for generations, can end up - [It’s Planning Season](https://meredithpc.com/20250506-2/) - To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life and the lives of your loved ones, you need a well-executed estate plan. When crafting a foundational plan to protect yourself, your loved ones, your business, and - [4 Tips to Avoid a Will or Trust Contest](https://meredithpc.com/20250401-2/) - Fighting over provisions in your will or trust can derail your final wishes, rapidly deplete your financial legacy, and tear your loved ones apart. However, with proper planning, you can help your family avoid a potentially disastrous fight. If you are concerned about challenges to your estate plan, consider the following: Do not - [Should I Include My Unborn Child in My Estate Plan?](https://meredithpc.com/20250403-2/) - Estate planning is an exercise in anticipating potential future events that could affect your plans for what happens if you become incapacitated (unable to manage your own affairs during your lifetime) and how your assets (property and accounts) will be handled after your death. The more you plan for what life might throw at you, - [Is It Time for an Annual Planning Retreat?](https://meredithpc.com/20250404-2/) - Do you ever feel like you never have a moment for yourself? Or that even if you manage to carve out some personal time, you are not spending it as effectively as you could be? Our always-on culture may counterproductively (and counterintuitively) be holding us back from achievement. We can work hard and stay busy - [Have a Harmonious Family that Does Not Fight?  You Still Need an Estate Plan](https://meredithpc.com/20250402-2/) - In many families, everyone gets along, happily gathering for the holidays, sharing laughs, telling stories, and enjoying each other's company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings surface, and the once-happy family is now embroiled in litigation over the head of the family's money and property. Having - [Dower Rights: A Relic of the Past Still Affecting Estate Plans](https://meredithpc.com/20250405-2/) - From laws against selling doughnuts on Sundays to ordinances that prohibit tying a giraffe to a telephone pole, the annals of American jurisprudence are filled with archaic laws that, while still technically on the books, are rarely, if ever, enforced. In Alabama, it is illegal to wear a fake mustache in church if it causes - [The Wrong Successor Trustee Can Derail Your Final Wishes](https://meredithpc.com/20250406-2/) - Many estate plans contain revocable living trusts that will become irrevocable (cannot be easily changed or terminated) when the trustmaker dies. Such trusts may benefit the surviving spouse during their lifetime and may continue for the benefit of several additional generations. Because these trusts can be designed to span multiple decades, it is crucial - [Where Is the Best Place to Store Your Original Estate Planning Documents?](https://meredithpc.com/20250407-2/) - Estate planning attorneys are often asked where original estate planning documents-wills, trusts, powers of attorney, and healthcare directives-should be stored for safekeeping. While there is no right or wrong answer to this question, consider the following: Should you store your original estate planning documents in your safe deposit box? Some people believe that the - [Caution: Your Traditional Asset Protection Plan Is Set Up to Fail](https://meredithpc.com/20250301-2/) - You may be surprised to learn that, not only has asset protection planning been around for a long time, but you likely have already engaged in it at some point. In fact, you probably have one or more types of traditional asset protection planning currently in place. The problem is, in many cases, the - [3 Asset Protection Tips You Can Use Now](https://meredithpc.com/20250302-2/) - A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could crush your finances. What Is Asset - [The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits](https://meredithpc.com/20250303-2/) - Many people believe that once they set up a revocable living trust and change the ownership of their accounts and property from themselves as individuals to their trust, those accounts and property are protected from lawsuits. This is not true. While trusts commonly protect a beneficiary's inheritance, few trusts protect assets (accounts and - [AB Trusts—Do You Need to Get Rid of Yours?](https://meredithpc.com/20250304-2/) - If the last time you and your spouse updated your estate plan was more than a decade ago, your estate plan may contain what is sometimes referred to as AB trust planning, which, until 2011, was the only way married couples could take advantage of both spouses' federal estate tax exemptions. An AB - [Life Estate versus Right of Occupancy Trust: Which Is Right for You?](https://meredithpc.com/20250305-2/) - Planning for the future of your home can be complicated, especially when you want to ensure that a loved one can continue living there after you are gone. Two common tools for accomplishing this are life estates and right of occupancy trusts. A life estate grants someone the legal right to live in a home - [Planning for the Unthinkable: Essential Tools for Parents of Minor Children](https://meredithpc.com/20250306-2/) - Approximately three-fourths of Americans do not have a basic will.[1] Many of the same people also have children under the age of 18, which underscores a major misunderstanding about estate plans: They can accomplish much more than just handling financial assets (money, accounts, and property). One of the most important estate plan functions for parents - [Should I Buy a Home with Someone Other than a Spouse?](https://meredithpc.com/20250307-2/) - Rising housing costs, the desire for companionship, and the need to share resources are increasingly leading buyers to consider co-owning a home with someone other than a spouse, such as a friend, relative, or significant other. Although this arrangement can be beneficial on several levels, it should be approached with open communication, careful planning, and - [Money Isn’t Everything in Estate Planning](https://meredithpc.com/20250201-2/) - How to Pass Your Stories and Values to Future Generations Money and property may be the most discussed types of wealth that a person owns, but the riches of their experience and wisdom can mean even more to loved ones down the line. Reinforcement of family traditions can be built into your estate plan alongside - [Estate Planning That Expresses Who You Are](https://meredithpc.com/20250202-2/) - 5 Things to Talk About with Your Family You intend to pass along your hard-earned money and property through your estate plan, but what about your wisdom? Ensuring that you successfully pass all of this along may call for a family meeting to discuss your finances, your legacy, and your core principles. Most families lead - [Important Legacy Questions You Should Answer in Your Estate Plan](https://meredithpc.com/20250203-2/) - When beginning any type of planning, you usually start with some preliminary questions. Estate planning is no different. When you begin the process, your estate planning attorney will likely ask about your family members, the accounts and property you own, and whom you want to include in your estate plan. As you dive deeper into - [Who Needs an Estate Plan?](https://meredithpc.com/20250204-2/) - If you are reading this, you need an estate plan. Why? The short answer is that everyone age 18 and older needs an estate plan. It does not matter whether you are old or young, have built up considerable wealth or are just entering adulthood-you need a written plan to control what happens to - [Beware of Trust Scams—and How to Spot Them](https://meredithpc.com/20250205-2/) - Trusts are widely used in estate planning to protect and transfer a person's assets (money, accounts, property, etc.), sometimes in a tax-advantaged manner. Some trusts are highly complex, with multiple parties, intricate structures, specialized legal terms, and references to arcane tax law that can be difficult for the average person to understand. Scammers have long - [Lessons from Warren Buffett’s Estate Plan: Generosity, Adaptability, and Transparency](https://meredithpc.com/20250206-2/) - Warren Buffett, known as the Oracle of Omaha, is one of the most successful investors of all time. His disciplined approach to investing, combined with his understanding of markets and financial foresight, has made him a global icon and model of success in the often-turbulent business world. Buffett's investing can move markets and influence corporate - [How to Give Real Property to a Loved One at Your Death Without Probate Court Involvement](https://meredithpc.com/20250207-2/) - A home is often one of the most important assets that people own. Therefore, most people want to stay in their home until they die and then have a loved one receive it. One common way to pass a home to loved ones is through a will. However, transferring property with a will requires probate, - [The Estate of Richard Simmons: Sweatin’ the Small Stuff](https://meredithpc.com/20250101-2/) - Fitness icon Richard Simmons, known for his flamboyant personality, high energy, and trademark attire, passed away in July 2024 following a fall at his Los Angeles home. Because of a legal dispute between his longtime housekeeper, Teresa Reveles Muro, and his brother, Leonard (Lenny) Simmons, the estate of the Sweatin' to the Oldies star is - [Handling a Loved One’s Debts After They Die](https://meredithpc.com/20250102-2/) - Americans are, quite literally, getting buried in debt, with nearly half expecting to pass away with outstanding debts.[1] As a general rule, a person's debts do not go away when they die. Some types of debt, such as federal student loans, are typically forgiven upon the debtor's death, but private loans and cosigned accounts may - [Estate Planning for Collectors and Hobbyists](https://meredithpc.com/20250103-2/) - Americans often prefer to stay busy. When we are not working, many of us turn to hobbies to keep us engaged and productive. We spend hours each day on our hobbies and leisure activities. Over the course of a lifetime, this time adds up to a significant investment. Our hobbies, passion projects, and pursuits may - [Does Your Revocable Living Trust Reduce Your Federal Estate Tax Bill?](https://meredithpc.com/does-20250104-2/) - Many believe that once they set up and fund a revocable living trust, property held in the trust will completely avoid federal estate taxes after they die. In reality, a living trust does not provide any unique estate tax avoidance strategies. The primary mechanisms for reducing estate taxes-the unlimited marital deduction and the charitable - [Your Post-Honeymoon Legal Checklist](https://meredithpc.com/20250105-2/) - Your wedding day was absolutely perfect. You and your spouse went on your honeymoon and had the time of your lives. Now you are back and can breathe a sigh of relief as the years ahead unfold before your eyes. Well, not so fast. With your honeymoon over, there are several things you should - [Why Joint Ownership Should Not Be the Go-To Plan for Newlyweds](https://meredithpc.com/20250106-2/) - If you recently married or have been married for a while and have acquired additional money or property (or plan to), you have options regarding how your assets can be owned. Although joint ownership seems easy and convenient, it may not always work as well as you think it should, depending on the circumstances. What - [Estate Planning Basics for Newlyweds: How to Prepare for the Unexpected](https://meredithpc.com/20250108-2/) - Getting married is a special time in your life; you may have a beautiful wedding, a fun reception (with a delicious cake and special gifts), and a romantic honeymoon. It is also the right time for you and your new spouse to plan for your future-for richer or for poorer, in sickness and in health. - [Estate Planning for the Newly Married](https://meredithpc.com/20250107-2/) - Now is the perfect time to start working on an estate plan. As newlyweds, you are likely in the process of deciding which of your accounts and property (your assets) to combine and how to turn two households into one. You may also be setting up new bank accounts and creating a plan for - [First Step in Adulthood: Choosing the Right Decision-Makers](https://meredithpc.com/20241204-2/) - Being an adult comes with freedom and responsibility. You can now make important decisions on your own without consulting your parents or guardians. While this may feel incredibly liberating, it is not without some scary moments. As an adult, you are in charge of yourself. If you cannot act on your own behalf, there is - [Kids Going Away to College? Why You Should Include Estate Planning in the Preparation](https://meredithpc.com/20241202-2/) - You have likely been preparing for weeks to get your new college student off to school. It is exhilarating, and your heart may be bursting at the seams. You are probably prouder than words can express but also afraid. How can you ensure your child is safe at their new home away from home? A - [Happy 18th Birthday! Now What?](https://meredithpc.com/20241201-2/) - Congratulations! You are now legally an adult. Although you may not feel any different, from a legal standpoint, a great deal has changed. When you were a minor (under age 18), your parents were your legal guardians responsible for making all your decisions. Now that you are an adult, their legal authority over you is - [HIPAA: An Overview for Young Adults](https://meredithpc.com/20241203-2/) - The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and preserving privacy. This is usually a nonissue for minors because parents, as legal guardians, generally have access to their children's medical information, make most of their medical decisions, and pay - [The Passing of James Earl Jones](https://meredithpc.com/20241206-2/) - "No, I am your father." These words, uttered by James Earl Jones in his voice-over role as Darth Vader, are indelible in the minds of Star Wars fans. Jones is also well known for voicing Mufasa in The Lion King and a series of cable news promotions in which he declared, "This is CNN." But - [Michael Jackson’s Estate Sells Music to Sony for $600M](https://meredithpc.com/20241207-2/) - Michael Jackson passed away in 2009, but the settling of his estate continues more than 15 years after his death due to a lingering tax dispute with the Internal Revenue Service (IRS) and other legal challenges, including a lawsuit brought by his mother over a deal to sell part of his music rights to Sony - [Be Careful Relying on Life Insurance to Provide for Loved Ones](https://meredithpc.com/20241209-2/) - In an estate plan, life insurance can be used as a source of immediate liquidity for beneficiaries by offering a tax-free, lump-sum payment upon the insured's death. About half of Americans have a life insurance policy. The primary reason people purchase life insurance is to fund burial and other final expenses. However, a policy can - [Wills, Trusts, and Dying Intestate: How They Differ](https://meredithpc.com/20241205-2/) - Most people understand that having an estate plan benefits them and their loved ones. However, many individuals do not initiate the estate planning process because they do not fully understand the nuances of foundational estate planning tools such as a will and a trust and the full implications of dying without either in place. Here - [Four Steps to Stop Mail Addressed to a Deceased Person](https://meredithpc.com/20241208-2/) - Once you have been appointed the executor or personal representative of a deceased loved one's probate estate, or when you step in as the successor trustee of the loved one's trust, one of the first things you should do is to notify the post office of the death and ask them to forward the deceased - [Enriching Life with a Third-Party Special Needs Trust](https://meredithpc.com/20241102-2/) - A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary's eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, - [Shannen Doherty Understood That With Divorce, Timing Is Everything](https://meredithpc.com/20241101-2/) - According to a Centers for Disease Control and Prevention survey, there were more than 670,000 divorces[1] and more than 2 million marriages in 2022. Divorce is a common life event that many Americans face during their lifetime. Some states have laws that automatically end an ex-spouse's appointment as decision-maker in their spouse's estate plan - [Have You Checked Your Beneficiary Designations Lately?](https://meredithpc.com/20241103-2/) - You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life - [How Do I Create an Estate Plan with an Only Child?](https://meredithpc.com/20241104-2/) - Stereotypes surrounding "only child syndrome" have largely been debunked, as recent studies show that only children, on average, develop social skills similar to those of children with siblings.[1] Further, outdated perceptions surrounding only children have shifted as the average size of the American family has shrunk, and one-child families have become far more common. Raising - [Caution: Using a DIY Deed to Avoid Probate Can Lead to Unintended Consequences](https://meredithpc.com/20241105-2/) - One common way to avoid the probate requirement for real estate after the owner dies is to add children or other individuals to the property title as joint owners with rights of survivorship. When joint owners have survivorship rights and one joint owner passes away, the remaining owners automatically receive the entire interest of - [Testamentary Trusts: The Best of Both Worlds](https://meredithpc.com/20240101-2/) - You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of - [What Is the Difference Between a Probate and Trust Administration Attorney and an Estate Planning Attorney?](https://meredithpc.com/20240201-2/) - Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. Estate planning attorneys focus on creating a plan to manage a person's money, property, and affairs upon their death or if they are unable to manage it themselves. Probate - [Who Should Be the Trustee of a Third-Party Special Needs Trust?](https://meredithpc.com/20240303-2/) - Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a third-party - [Demystifying Probate and the Executor’s Role](https://meredithpc.com/20240301-2/) - When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. As the name implies, the role of the executor is to execute the instructions that you provide in your will. - [If My Will Is Filed with the Court, Will It Go through Probate?](https://meredithpc.com/20240404-2/) - Death is a personal and private affair that affects the deceased's close family and friends. However, there is at least one aspect of death that may require state oversight: probate. Probate is the court-supervised process of either (a) carrying out the instructions laid out in the deceased's will or (b) applying state law to distribute - [Qualified Domestic Trusts: Your Jumpstart to Protecting Your Noncitizen Spouse](https://meredithpc.com/20240505-2/) - Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your hard-earned money and property - [What Can I Not Do as Trustmaker and Trustee of a Revocable Living Trust?](https://meredithpc.com/20240503-2/) - Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust or an - [Navigating the Fiscal Year 2025 Greenbook: Key Trust and Estate Tax Proposals](https://meredithpc.com/20240604-2/) - The U.S. Department of the Treasury has released its General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden's policy priorities if he is reelected to a second term. A major focus of this year's Greenbook is increasing - [Wrongful Death and Probate](https://meredithpc.com/20240603-2/) - Wrongful death lawsuits and probate proceedings are both civil legal matters that occur after somebody has died. When the death of a loved one is caused by another individual or entity, it can lead to the filing of a wrongful death lawsuit and, ultimately, the awarding of compensation to surviving family members. Probate is a - [Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust](https://meredithpc.com/20240807-2/) - You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? Americans own a lot of stuff. Taking stock of your tangible - [3 More Famous Pet Trust Cases and the Lessons We Can Learn from Them](https://meredithpc.com/20240804-2/) - Sometimes, pet owners can get a bit creative when providing for their pets' future care. The following three famous cases involving pet trusts offer some important lessons. David Harper and Red David Harper, a wealthy, reclusive bachelor in Ottawa, Canada, was not exactly famous during his life. In his death, however, he made headlines by - [A Trust for Fluffy or Fido?](https://meredithpc.com/20240802-2/) - Why Every Pet Parent Needs to Consider a Pet Trust Today Estate planning is about protecting what is important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, and charities, many pet parents wonder what could happen to their "furry children" after their death. Enter the pet trust. - [3 Famous Pet Trust Cases and the Lessons We Can Learn from Them](https://meredithpc.com/20240801-2/) - Not long ago, pet trusts were thought of as little more than eccentric things that famous people did for their pets when they had too much money. These days, pet trusts are considered much more mainstream. For example, in 2016, Minnesota became the fiftieth state to legally recognize pet trusts. But, unbeknownst to many - [Incapacity Planning and Pets](https://meredithpc.com/20240903-2/) - Few US adults have an estate plan. Even fewer have included a pet in their plan. Perhaps you have an estate plan that addresses who will take your pet when you die. But does it address the possibility of your incapacity and the need for a temporary pet caretaker? Formally incorporating your pet into - [Will My Revocable Living Trust Avoid Probate? It Depends.](https://meredithpc.com/20241011-2/) - If you have established a revocable living trust (which we will refer to simply as a trust), congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, - [How Do You Define the Beneficiaries of Your Dynasty Trust?](https://meredithpc.com/20241010-2/) - Many estate plans incorporate irrevocable dynasty trusts, which can offer benefits such as tax minimization and asset protection. The benefits of these types of trusts continue for a surviving spouse's lifetime and several future generations. 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However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs) - [How to Choose the Initial Trustee of Your Trust](https://meredithpc.com/20241003-2/) - When you establish a trust, you nominate someone to be the trustee. If you are creating a revocable living trust, you will likely be the initial trustee. You will also want to name successors or backup trustees to step in and manage the trust's affairs if you can no longer manage the trust yourself. The - [Should Your Child’s Guardian and Trustee Be the Same Person?](https://meredithpc.com/20241002-2/) - If you have overheard any estate planning discussions, you have likely heard the words "guardian" or "trustee." In estate planning, deciding who will ultimately be tasked with caring for your minor child or managing funds for their benefit is an important decision that requires consideration of many factors. 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What You Need to Consider](https://meredithpc.com/20241007-2/) - Many members of the next generation are banking on a sizable inheritance as part of an unprecedented intergenerational wealth transfer occurring in the United States right now. However, research shows a growing disconnect between how much children expect to receive and how much their parents plan on leaving them. You generally have no right to - [How Are My Business Documents Relevant to My Estate Plan?](https://meredithpc.com/20241009-2/) - Studies consistently find that only about 25-35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state-not you or your family-decides what happens to your assets, including your business interests. The overall business succession planning rate is higher, with about two-thirds of - [What to Do with Grandma’s Ring: Dividing Personal Property in an Estate](https://meredithpc.com/20241008-2/) - If you have a beloved late grandmother, many images and memories may come to mind when you reminisce about her. You might picture her at her home or at the family vacation house during the holidays. Your memory could be a special meal that only she prepared for you or a place she took you - [5 Tragic Mistakes People Make When Leaving an Inheritance to Their Pets](https://meredithpc.com/20240803-2/) - Planning for your pets in your estate plan is an excellent way to ensure that your beloved pet will receive proper care and attention after you pass on. The problem, of course, is that you will not be there to ensure that your wishes are carried out. That is why it is critical to - [Things to Consider When a Parent Is Out of Town](https://meredithpc.com/20240904-2/) - Your estate plan may include powers of attorney that allow a trusted person to act on your behalf and advocate for you with regard to medical and financial matters when you cannot do so yourself. But do you have a similar document in place that gives someone the authority to care for your minor - [Can Someone Else Pay for My Estate Plan?](https://meredithpc.com/20240902-2/) - Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning. The consequences of not having an estate plan can become more costly in the event - [3 Ways to Manage the Cost of Your Estate Plan](https://meredithpc.com/20240901-2/) - You may think creating a simple estate plan should be easy and something you can do independently. Unfortunately, this is not the case. Estate planning laws vary greatly from state to state, can sometimes be complicated, and constantly change. An experienced estate planning attorney stays informed about these nuances and changes, so you do - [Can I Leave My Spouse Out of My Estate Plan?](https://meredithpc.com/20240808-2/) - The relationship between spouses is special in all contexts, not the least of which is the estate planning context. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. But there are special protections built into the law that may help protect a spouse from being disinherited. - [What Conditions Can I Put on My Child’s Inheritance?](https://meredithpc.com/20240806-2/) - You have two primary options for leaving an inheritance to a child. The most straightforward is to give it to them in a single lump sum, with no strings attached. But this might not be the best option for some children. You may be concerned about the child's ability to handle the money responsibly, fear - [What Is a General Power of Appointment?](https://meredithpc.com/20240805-2/) - Your family, the economy, the law, and society can change rapidly and unexpectedly, affecting your best-laid estate plans in unpredictable ways. To achieve your estate planning goals, you need a plan that can keep up with the changes. And few estate planning tools provide more flexibility than a general power of appointment. You cannot see - [Why Snow White’s Father Should Have Had an Estate Plan](https://meredithpc.com/20240701-2/) - Many of us are familiar with the story of Snow White and the seven dwarfs. Central to the story is the relationship between Snow White and her stepmother. After losing his wife, the king decided to marry again to provide a motherly influence for his daughter, Snow White. While things were peaceful for a - [Things to Know When Planning for an Addicted Loved One](https://meredithpc.com/20240702-2/) - It has been said that the only thing harder than being an addict is loving one. It can be particularly difficult for a parent to bring a child into the world, full of hopes and dreams about their future, and then watch them spiral down into addiction. Having someone in your life who struggles with - [Estate Planning Is About Knowing Your Priorities](https://meredithpc.com/20240703-2/) - Thinking about the world and how our loved ones will fare after we pass away can be very difficult. Although we all know that we will pass away at some point, this is not something most people like to dwell on. However, by proactively planning and prioritizing your goals, you can craft an estate - [Don't Let Your Estate Plan Go Up in Smoke](https://meredithpc.com/20240704-2/) - Fewer people are creating estate plans today than in years past. Research shows that, in 2024, less than one-third of Americans report having a will.[1] Every adult-whether they are 19 or 99-should have a will at a minimum. Many people can also benefit from estate planning documents such as trusts, powers of attorney, and advance - [Are You Ready to Move Away from Home?](https://meredithpc.com/20240705-2/) - Moving away from home is a major milestone in adulthood. For the first time, you might have to secure housing, buy insurance, sign up for utilities, and manage your finances. All of this can feel overwhelming as you simultaneously adapt to a new living environment and possibly a new career. With greater independence comes more - [To the Millennials: The Time to Plan Is Now](https://meredithpc.com/20240706-2/) - As a millennial, you are contributing to the workforce in a major way and are making positive changes in the world around you. 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In these filings, applicable businesses must disclose important information about their entity. However, recent developments have called - [What Does SECURE 2.0 Have to Do with 529 Plans](https://meredithpc.com/20240501-2/) - By now, you have likely heard about the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the SECURE 2.0 Act of 2022 (part of the Consolidated Appropriations Act, 2023). These pieces of legislation were created to encourage Americans to save for retirement and provide additional rules about how retirement accounts - [What You Need to Know About Self-Canceling Installment Notes](https://meredithpc.com/20240502-2/) - The Internal Revenue Code assesses a tax (gift or estate) on the transfer of money or property from one person to another during life or at death, with some exceptions. If you own accounts or property that are worth a lot of money and you expect them to continue to increase in value, you may - [What Happens to An Adult Child Living at Home When Their Parents Pass Away?](https://meredithpc.com/20240504-2/) - Today more young adults are living at home with their parents than at any time since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children who - [Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts?](https://meredithpc.com/20240401-2/) - The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most of the savings - [Intrafamily Loans and How They Work](https://meredithpc.com/20240402-2/) - An intrafamily loan is a financial arrangement between family members-one who is lending and another who is borrowing. An intrafamily loan may be used to help a family member who needs money for a number of reasons: buying a home funding or purchasing shares in a business adding accounts or property to investment portfolios paying - [Passing the Torch: Smart Business Succession Strategies](https://meredithpc.com/20240403-2/) - For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning ensures a - [The Power of Purpose: Unveiling the Impact of Charitable Giving](https://meredithpc.com/20240405-2/) - Compared to residents of other wealthy nations, Americans are more likely to give their time and money to help others. In 2023, the United States ranked ninth in per capita gross domestic product (GDP) but fifth on the World Giving Index rankings.[1] Polling shows that Americans trust nonprofits more than government or business, but they - [What to Do When a Disability Throws Your Estate Plan into Chaos](https://meredithpc.com/20240406-2/) - As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can force you to reevaluate the core assumptions you used to plan - [How to Choose the Right Agents for Your Incapacity Plan](https://meredithpc.com/20240407-2/) - Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are - [5 Essential Legal Documents You Need for Incapacity Planning](https://meredithpc.com/20240408-2/) - Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also appoints people to make legal, financial, and medical decisions for you if you are alive but unable to make those decisions for yourself (in other words, if you are incapacitated). What happens - [Who Will Care for Your Child When You Cannot?](https://meredithpc.com/20240409-2/) - As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child's other parent were unable to care for them? It is important to - [Estate Administration Details that TV and Movies Get Wrong](https://meredithpc.com/20240302-2/) - While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespread embellishments, people often develop misconceptions about many industries and - [Beware of Nonlawyers Acting Like Lawyers](https://meredithpc.com/20240304-2/) - When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan may seem like simple forms, these important estate planning tools - [Don’t Let This Crucial Question Derail Your Estate Plan](https://meredithpc.com/20240305-2/) - Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff? Ways to Give Away Your Money and Property Outright - [What Happens to Real Estate With a Mortgage When I Die?](https://meredithpc.com/20240202-2/) - Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the - [Inspiring Action: The Guide to Creating or Updating Your Estate Plan](https://meredithpc.com/20240203-2/) - Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome - [Saying Goodbye Is Hard](https://meredithpc.com/20240205-2/) - When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes-the considerations and expenses involved when it is time to say goodbye to your loved ones. The following are important - [What Is a Residuary Clause and Why Is It Important?](https://meredithpc.com/20240204-2/) - When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or - [What Is the Last Surviving Spouse Rule?](https://meredithpc.com/20240106-2/) - Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple's loved ones. What Are Gift and Estate Taxes? In 2024, a $13.61 million federal exemption per person for gifts - [What Happens to My Twitch Account When I Die?](https://meredithpc.com/20240102-2/) - In the digital age, our online presence extends beyond social media. Platforms like Twitch, where users engage with live-streamed content, present unique considerations when it comes to estate planning. Do you know what happens to a Twitch account after an individual passes away? If you die and a loved one needs to take care - [Celebrating International LEGO Day](https://meredithpc.com/20240103-2/) - Mark your calendars: January 28 is International LEGO day, which celebrates the date when the patent for the globally famous plastic brick system was filed. Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make - [I'm a Survivor . . . and Now I Have My Own Trust?](https://meredithpc.com/20240104-2/) - Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a - [Watch Out for Stolen Items in Your Loved One's Estate](https://meredithpc.com/20240105-2/) - Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, - [Do Not Leave Your Trust Unprotected: 6 Ways a Trust Protector Can Help You](https://meredithpc.com/20231201-2/) - Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt - [5 Good Reasons to Decant a Trust](https://meredithpc.com/20231202-2/) - Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse's lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries, and governing - [Decanting: How to Fix a Trust That Is Not Getting Better with Age](https://meredithpc.com/20231204-2/) - While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you are the beneficiary of a trust created by your great-grandfather over 70 years ago, and that trust no longer makes sense. Or maybe you created an irrevocable trust over 20 years ago, and it no longer - [3 Examples of When an Irrevocable Trust Can—and Should—Be Modified](https://meredithpc.com/20231203-2/) - Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees, and finances can frustrate the trustmaker's original intent when the trust was created. Or, sometimes, an error in the - [Should You Share Your Estate Planning Details With Loved Ones?](https://meredithpc.com/20231205-2/) - 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. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationships with loved ones - [How Much Authority Does a Trustee Have Over the Stuff in My Trust?](https://meredithpc.com/20231206-2/) - A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the - [The Passing of Senator Dianne Feinstein: Estate Plan Lessons for Blended Families](https://meredithpc.com/20231207-2/) - Dianne Feinstein, the longest-serving female United States senator in history, passed away in September at the age of 90. First elected to the Senate in 1992, Feinstein leaves behind a political legacy that spanned nearly 31 years. She also leaves behind an estate that is thought to be worth tens of millions of dollars. Although - [Sorry, California: INGs Are No Longer an Option](https://meredithpc.com/20231208-2/) - California Governor Gavin Newson recently signed legislation that treats incomplete gift nongrantor trusts (INGs) as grantor trusts for state income tax purposes. Retroactive to January 1, 2023, Californians who created and funded an ING will owe state income taxes on any taxable income earned by the ING. While closing the ING loophole marks the end - [Estate Plan Lessons from DeMuth v. Commissioner](https://meredithpc.com/20231103-2/) - Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to - [Can Artificial Intelligence Programs Write Basic Estate Planning Documents?](https://meredithpc.com/20231101-2/) - With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee - [The Life and Legacy of Jimmy Buffett](https://meredithpc.com/20231102-2/) - Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970. By 2023, his net worth was officially $1 billion,[1] including a $180 million stake - [Blindsided: The Michael Oher Conservatorship Controversy Explained](https://meredithpc.com/20231104-2/) - Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He played eight seasons in - [How the Corporate Transparency Act May Impact Your Estate Plan](https://meredithpc.com/20231105-2/) - Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If - [Sometimes Stuff Is the Most Important Part of Your Estate Plan](https://meredithpc.com/20231001-2/) - Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person's personal property (their stuff) can also be a source of value that needs to be addressed. When looking to start or continue your estate planning journey, ask - [What Do I Do If I Want to Undo My Revoked Will?](https://meredithpc.com/20231006-2/) - When life circumstances change, you may alter the decisions you have made in your estate planning documents. You might choose to revoke your will at some point. But what if you have a change of heart and want to reinstate it? There are different ways to revive a revoked will. Reviving Your Old Will Depending - [What Happens to My Leased Car If I Die Before the Lease Term Ends?](https://meredithpc.com/20231005-2/) - After a house, a car is often the second-most valuable piece of property a person owns. About 15-20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the person who leases a vehicle) to drive a more expensive car - [Swedish Death Cleaning](https://meredithpc.com/20231004-2/) - How much stuff is too much? Most Americans would probably admit that they own too many things. From clothes to electronics to sports equipment to collectibles, the typical US house is stuffed to the brim with items of questionable utility. On occasion, we may commit to decluttering, only to get overwhelmed or distracted. Meanwhile, the - [How Far in Advance Can I Begin My Estate Planning?](https://meredithpc.com/20231003-2/) - You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during your lifetime. When Should You Start? When to start planning for - [Estate Planning for Expatriates](https://meredithpc.com/20231002-2/) - The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least part-time. While moving overseas is often a lifestyle decision, the practical - [Four Things Your Spouse Should Know Before You Die](https://meredithpc.com/20230901-2/) - 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.[1] Death is final for the departed. For the - [Limited Impact of Estrangement on Estate Planning](https://meredithpc.com/20230902-2/) - Unfortunately, rifts sometimes arise between family members that are much more serious than just temporary squabbles. The result may be estrangement, defined as "the state of being alienated or separated in feeling or affection; a state of hostility or unfriendliness" or "the state of being separated or removed."[1] Estrangement does not mean that the - [Collecting Debts on Behalf of Your Deceased Loved One](https://meredithpc.com/20230903-2/) - People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your loved - [How Business Executives Can Set and Meet Their Estate Planning Goals](https://meredithpc.com/20230905-2/) - As a business executive, you are used to strategizing and creating goals as part of your job. But have you devoted time to strategizing and creating goals to protect yourself and your loved ones? If not, we are here to help you address some of the goals business executives often have when looking to their - [Beware of Unequal Contributions When Purchasing a House](https://meredithpc.com/20230904-2/) - At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for middle-income buyers. Just five years ago, this same income group could - [A Tale of Two Celebrities: Chadwick Boseman and Eddie Van Halen](https://meredithpc.com/a-tale-of-two-celebrities-chadwick-boseman-and-eddie-van-halen/) - The death of an iconic figure can sometimes impact us deeply because it reminds us of our shared humanity. With a celebrity’s passing, we realize that death is an equalizer. It also reminds us of the importance of estate planning to protect a person's money and property. Estate planning is not reserved for those with - [Britney Spears: A Cautionary Tale about Conservatorships](https://meredithpc.com/20210904-2/) - Even if you do not listen to pop music, it has been hard to ignore the recent news about Britney Spears and the #FreeBritney movement trending on social media. What is this movement all about? And why should average Americans care? In 2008, pop singer and superstar performer Britney Spears had a widely publicized emotional - [When Rock Legends Pass Away: The Possible Fates of Meat Loaf’s $40 Million Estate](https://meredithpc.com/20220504-2/) - Meat Loaf, whose real name was Michael Lee Aday, passed away earlier this year at the age of seventy-four. The singer behind 1977's Bat Out of Hell-one of the best-selling albums of all time-experienced ups and downs befitting his larger-than-life persona. He hit bottom with his 1983 bankruptcy but rode a 1990s career rebirth to - [Three Celebrity Probate Disasters and Tragic Lessons](https://meredithpc.com/20221008-2/) - One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world's richest and most famous people enter the pearly gates with no estate plan, while others have made estate planning mistakes that tied up their fortunes and heirs in court for years. Let us - [The Death of Anne Heche: Lessons for Estate Planning](https://meredithpc.com/20221107-2/) - Anne Heche's recent accidental death was a shocking reminder of how the everyday can quickly turn into the tragic. While driving through the Mar Vista neighborhood of Los Angeles on August 5, 2022, Heche was involved in a car crash and succumbed to her injuries a week later. 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Whatever the form, in our always-on-the-go society, getting the whole family together is a rare - [Three Things You Need to Know about Cryptocurrency and Your Estate Plan](https://meredithpc.com/20220706-2/) - Cryptocurrency's popularity has rapidly increased in recent years, with more people buying and selling it. Here are three things you need to know about cryptocurrency in relation to your estate plan. Beware of the Tax Consequences Transferring your cryptocurrency to other people, either during life or at your death, could have income, estate, and gift - [Important Questions to Ask When Investing in a Vacation Property](https://meredithpc.com/20220601-2/) - According to the National Association of Home Builders, in 2018 there were approximately 7.5 million second homes, making up 5.5 percent of the total number of homes.[1] These homes are not only real estate that must be planned for, managed, and maintained, they are also the birthplace of happy memories for you and your loved - [Seven Reasons for Considering a Family Office](https://meredithpc.com/20220602-2/) - A family office provides management services to a family whose businesses and wealth have become too complex and significant to manage by themselves. A family office often combines investment, legal, and tax services along with lifestyle and administrative services, such as making travel arrangements or coordinating the use of the family's private aircraft. In addition - [What Happens to My Spouse's Debts at Their Death?](https://meredithpc.com/20220603-2/) - A spouse's death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse's affairs, including paying off their debt. Most Americans have some type of debt. The obligation to pay - [Can a Trust Own My Business after I Die?](https://meredithpc.com/20220605-2/) - In general, the answer to the title question is yes, your trust can own your business after you die. However, there are a number of considerations that may impact the answer to this and the following questions. One consideration is the type of business interest you own. Is your business a limited liability company (LLC), - [Do You Update Your Estate Plan as Often as Your Resume?](https://meredithpc.com/20220501-2/) - A resume is a snapshot of your experience, skill set, and education that provides prospective employers insight into who you are and how you will perform. Imagine not updating your resume for five, ten, or even fifteen years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Probably - [Updating Your Estate Plan: How Many Tweaks Are Too Many?](https://meredithpc.com/20220502-2/) - If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of - [An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor](https://meredithpc.com/20220503-2/) - As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved - [Don’t Have a Lot of Money? Here Are Seven Ways You Can Still Leave Your Family a Great Legacy](https://meredithpc.com/20220505-2/) - Although the word "inheritance" usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these seven things, whether or not your bank account is overflowing. 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Often, a specific child will take over the bulk of the responsibilities such as taking the parent to doctor's appointments or the attorney's - [Make Sure Your Kids Are Prepared with This Summer Camp Checklist](https://meredithpc.com/20220508-2/) - Summer camps are expected to be back in full swing this year after two pandemic summers forced them to close or operate at limited capacity. Camp is a great opportunity for kids to make new friends, try new activities, and gain self-confidence and resilience. But as parents and counselors know, a lot of preparation goes - [No Contribution Is Too Small](https://meredithpc.com/20220401-2/) - Most American strive to earn a decent-sized paycheck to support themselves and their families when they go to work. Stay-at-home parents, however, work to provide valuable nonfinancial contributions to their families everyday. They make sure that the home runs smoothly and that their family members have what they need to be successful and happy. If - [Three Steps to Take When the Deceased Has Controlled Substances](https://meredithpc.com/20220405-2/) - There are so many things to think about when a loved one passes away. What to do with the prescription drugs (or other controlled substances) that are in your loved one's medicine cabinet is not usually at the top of that list. Yet, to avoid running afoul of laws governing their disposal, it is important - [Does a Domestic Partner Have the Same Rights as a Spouse When It Comes to Estate Planning?](https://meredithpc.com/20220404-2/) - The short answer to whether couples in a domestic partnership have the same rights as married couples when it comes to estate planning is probably not. To a large extent, the state in which you live, and maybe even the city or county, determines domestic partners' rights. What Is a Domestic Partnership? Everyone knows what - [If I Give My Home to My Child in My Will, Can They Take My Home While I Am Still Alive?](https://meredithpc.com/20220403-2/) - The short answer to this question is no. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. However, understanding why that is the correct answer requires a little more explanation. Title Is Key When it comes to real - [Silent Trusts: Could I Be the Beneficiary of a Trust and Not Know It?](https://meredithpc.com/20220402-2/) - People who have accumulated a substantial amount of wealth during their lifetime are often reluctant to disclose the full extent of their wealth to their children. Although there may be a number of good reasons for high-net-worth individuals to create a trust with their children as beneficiaries, the phrase "trust fund baby" immediately brings to - [Using Beneficiary/Transfer-on-Death Deeds](https://meredithpc.com/20220306-2/) - What Is a Transfer-on-Death Deed? If you own real property, such as a home, in your sole name but you have not created a trust and transferred your property's title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. If the time and - [When a Gift May Not Be a Gift](https://meredithpc.com/20220301-2/) - It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). The federal tax code has very specific rules about how much you are allowed to transfer to others each year-and over the course of your - [What to Know about Nonfungible Tokens](https://meredithpc.com/20220302-2/) - A nonfungible token (NFT) is a unique digital code that represents a digital item such as art or music, as well as a growing number of physical items, that runs on the blockchain (a secure, decentralized, and cryptography-backed online ledger) and provides proof of ownership of virtual collectibles. That explanation may cause confusion, and when - [Estate Planning Considerations for Couples with an Age Gap](https://meredithpc.com/20220303-2/) - With couples of similar ages, planning for the future is naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your spouse, and other loved ones, you need to have - [Electronic Wills](https://meredithpc.com/20220304-2/) - What Is an Electronic Will? It was not very long ago that all legal documents were printed on paper and signed with a pen. But in today's world, where we sign commercial contracts, form and run businesses, and buy everything from groceries to cars online, it seems almost prehistoric for state laws to require that - [How to Protect Yourself from Claims of Self-Dealing When Serving as a Trustee](https://meredithpc.com/20220305-2/) - What Is Self-Dealing in Trust Administration? A trustee usually has quite a bit of discretion in their management of a trust's accounts, money, and property (known as assets). At the same time, as a fiduciary, a trustee also owes the trust's beneficiaries a duty of loyalty, which prohibits the trustee from self-dealing. In the simplest - [Common Trusts: Parenting beyond the Grave](https://meredithpc.com/20220103-2/) - Parents strive to make their children feel equally valued as reflected in the fact that, when setting up an estate plan, parents typically divide their accounts and property equally among their children. But while parents strive to treat their children the same, they simultaneously acknowledge that children have different needs at different times. And these - [Bankruptcy’s Effects on Estate Planning](https://meredithpc.com/20220102-2/) - Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings has declined over the past several years, but there were still a whopping 544,463 bankruptcy filings in 2020.[1] What happens to your estate if you file for bankruptcy protection but die - [Your Roadmap to a Protected Future after Bankruptcy](https://meredithpc.com/20220101-2/) - Bankruptcy can be incredibly stressful for anyone to go through. Once your matter has been closed, you may wonder what the next steps are. To ensure that you protect your remaining accounts and property as well as yourself and your loved ones, we encourage you to consider an estate plan as your roadmap into the - [QTIP Trust - Will My Spouse Get What They Need?](https://meredithpc.com/20220104-2/) - A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will remarry, - [Pour-Over Will: Not Your Average Will](https://meredithpc.com/20220105-2/) - Wills and trusts are the two basic legal instruments that people use to pass accounts and property on to their loved ones at death. Although a revocable living trust is often used in place of a will, the two are not mutually exclusive. You can have both a will and a trust, and in fact, - [Yours, Mine, and Ours - How Including a Pour-Over Trust Can Simplify Your Planning](https://meredithpc.com/20220201-2/) - A number of married couples think about their accounts and property as "yours, mine, and ours," especially if either or both spouses have gotten or will be getting remarried, married late in life, or have brought or will be bringing significant amounts of money and property into the marriage. Deciding what should happen to all - [Changes to the FAFSA Form and What It Means for Grandparents](https://meredithpc.com/20220205-2/) - For grandparents who want to leave a legacy to their grandchildren, the gift of a 529 college savings plan is an option. Not only can opening a 529 plan account help a grandchild with educational expenses, it can also help grandparents with their estate planning goals. In the past, grandparent 529 plans had the potential - [Statements of Intent or Purpose in Estate Planning Documents](https://meredithpc.com/20220204-2/) - The reasons you, as a trustmaker, create a trust are certainly special and important to you, but your intent or purpose for creating a trust can also have significant legal ramifications. For this reason, it is often critical that a trustmaker express in writing their purpose for creating the trust. There are essentially two different - [Springing Financial Powers of Attorney](https://meredithpc.com/20220203-2/) - Estate planning is about more than preparing for the inevitable. A good estate plan should also consider the unexpected. Your plan may have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are alive? If you can no longer manage your affairs, you will need - [Marital Disclaimers and the Clayton Election: Last-Minute Estate Tax Planning](https://meredithpc.com/20220202-2/) - Deferring, minimizing, or avoiding estate taxes altogether is often an important estate planning goal for married couples. However, uncertainty surrounding what the estate tax laws and the value of their accounts and property will be at the first spouse's death can leave a couple feeling that they need a crystal ball to make the right - [Using Real Estate Deeds in Estate Planning](https://meredithpc.com/20220106-2/) - When using trusts in estate planning, a key element includes transferring the trustmaker's real estate into the trust by recording a deed with the local recording authority. This step is crucial for ensuring that the trustee has the authority to manage and ultimately sell or transfer the property should the trustmaker become incapacitated or die. - [What Happens to Your Social Media Accounts at Your Death?](https://meredithpc.com/20211205-2/) - According to Statista, more than 295 million people in the United States use social media.[1] If you are an avid social media user, have you considered what will happen to your accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to take a look now at what - [Untangling Tangled Titles: Homeownership, Property Deeds, and Estate Planning](https://meredithpc.com/20211203-2/) - Do you really own the home you live in? If you are currently living in a property that you inherited but the deed has not been transferred into your name, you may be surprised to learn that, under the law, you are technically not the owner. This legal situation is known as "tangled title." A - [Slayer Statutes: Preventing Killers from Profiting from Their Crimes](https://meredithpc.com/20211202-2/) - Most states have laws that prevent someone who has intentionally killed another individual from being able to inherit any property from their victim.[1] In general, these laws are referred to as "slayer statutes" and are designed to prevent the patently unjust outcome of a killer inheriting property as the result of such a heinous crime. - [Five Questions to Ask Yourself about Your Social Media Presence](https://meredithpc.com/20211206-2/) - Social media is about putting yourself out there to connect with people, sometimes all over the world. If you are a social media influencer, not only are you being social, you are also gaining a following that may be bringing in cash. If you are using social media to earn income, here are five questions - [All Good Things Must Come to an End: Reasons a Trust Might Terminate](https://meredithpc.com/20211204-2/) - Nothing lasts forever. While trusts can stretch across generations and keep valuable money and property within a family, no trust has unlimited funds or an interminable time horizon. Every trust, at some point, will end. The reasons why a trust might terminate can vary, but in general, termination occurs because the trust has accomplished its - [Qualified Personal Residence Trust: What Is It and When Should You Consider One?](https://meredithpc.com/20211201-2/) - Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is uncertain - [Why Singles Should Worry about Estate Planning](https://meredithpc.com/20210901-2/) - As a single individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. You may consider your parents or siblings but depending on whether they are living and the - [Important Questions Your Estate Planning Attorney Will Ask You](https://meredithpc.com/20210902-2/) - For many people, the thought of meeting with an estate planning attorney strikes fear into their hearts. It can be uncomfortable to even consider the possibility of no longer being able to manage your own affairs, let alone no longer being alive, with your property and accounts passing to someone else. For far too many - [Questions to Ask When Hiring a Fiduciary](https://meredithpc.com/20210903-2/) - A comprehensive estate plan consists of several documents that accomplish three important things. First, they lay out your wishes for the handling of your money and property during life and at death. Second, they explain your medical wishes if you are no longer able to make them yourself or communicate them to others. Third, they - [What if I Can Find Only Photocopies or Digital Copies of My Estate Planning Documents?](https://meredithpc.com/20210905-2/) - If you were to ask attorneys across the country how often they get phone calls like the following, the answer (“Very frequently”) may surprise you. The phone call might go something like this: “Hi, this is John Jones. My dad, Bill Jones, passed away recently and we have torn the house apart looking for his - [Is Our Home Community Property or Separate Property, and Why Does It Matter?](https://meredithpc.com/20210906-2/) - When two people get married, the property they obtain during their marriage is called marital property. This includes anything from real property like homes and rental properties, to stock options, investment accounts, heirlooms, and employment income. A common assumption is that spouses want to share their property with each other. This assumption is not always - [What You Should Know about Life Insurance](https://meredithpc.com/20211008-2/) - Part of protecting your loved ones when you pass away is making sure that you have a proper estate plan in place. Another aspect is making sure that the right amount of money is available to carry out your goals for their futures. Life insurance has helped many people provide for their loved ones in - [Life Insurance and Estate Planning: Protecting Your Beneficiaries’ Interests](https://meredithpc.com/20211007-2/) - A common misconception people have about life insurance is that they only need to designate their spouse, child, or loved one as the beneficiary of the policy to ensure that the life insurance benefits will be available to the beneficiary when they die. Life insurance is an important financial and estate planning tool, but without - [Decanting: Redoing Your Loved One’s Estate Plan](https://meredithpc.com/20211006-2/) - In a constantly evolving world, having the flexibility to adapt to changing circumstances is a valuable trait. But is flexibility less important in estate planning than in other areas of life? In many situations, you may not want your estate planning documents to be flexible after you have signed them. If your planning could be - [Why Is Joseph P. Kennedy Named in My Trust?](https://meredithpc.com/20211005-2/) - Occasionally, a person who has completed an estate plan with their lawyer may be surprised to discover a reference to Joseph P. Kennedy and his descendants buried deep within their trust document. Discovering in your very personal estate planning documents the name of someone with whom your family has absolutely no connection can be particularly - [Why You Might Want to Go through Probate](https://meredithpc.com/20211004-2/) - Avoiding probate is a common goal for individuals deciding how they want their money and property to be handled when they pass. It is a worthy one and is regularly promoted by estate planning attorneys across the nation. However, probate is not an inherently bad process and does not always need to be avoided. Probate - [Trust Funding: Is Everything Titled Correctly?](https://meredithpc.com/20211003-2/) - Working with an attorney to draft a trust agreement for estate planning purposes is an important step. But just getting the document drafted and signed is not enough. For any trust to be effective, you must complete the process of funding your trust as soon as you can. But what exactly is funding? A common - [Questions First Responders Must Consider to Best Protect Their Loved Ones](https://meredithpc.com/20211101-2/) - Thank you for all that you do for us. We understand that being the first one on the scene can come with many different risks. We are dedicated to protecting you and your loved ones from the different types of emergencies that may pop up during your life. The following are some important questions for - [Are Family Limited Partnerships under Attack?](https://meredithpc.com/20211102-2/) - A popular estate planning tool that has long been used effectively may be facing new challenges under the current administration in Washington, DC. The family limited partnership (FLP) is an estate planning tool that allows families not only to transfer significant amounts of their wealth to succeeding generations while reducing estate, gift, and income tax - [Protecting the New Athletic Superstars](https://meredithpc.com/20211103-2/) - It is a new era for college student athletes, who can now (as of July 1, 2021) profit from their name, image, and likeness (NIL). A change to the long-standing National Collegiate Athletic Association (NCAA) policy that prohibited athletes from making money has abruptly-and dramatically-altered the landscape of NIL in collegiate athletics. The NCAA has - [Should You Consider a Life Estate for Your Home?](https://meredithpc.com/20211105-2/) - A home is often one of the most valuable items of property that someone will ever own. When it comes to ensuring that your home passes to the individual or group that you intend, there are a variety of ways to legally make that happen. The life estate is a less commonly used method. A - [What Is HEMS and Why Is It Included in So Many Trusts?](https://meredithpc.com/20211106-2/) - In the world of estate planning, you may come across the acronym HEMS from time to time. HEMS stands for "health, education, maintenance, or support" and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to this - [Mental Health Considerations in Estate Planning](https://meredithpc.com/20211104-2/) - It is okay to not be okay. Removing the stigma of mental health starts with realizing that many people-about one in five of all US adults--are affected by mental illness. Understanding this fact can lead to more people getting the help they require, not only by seeking guidance from a mental health expert, but also - [Estate Planning Awareness Week: The Importance to You and Your Loved Ones of Having an Estate Plan](https://meredithpc.com/20211002-2/) - In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2021 survey conducted by Caring.com, only 33 percent of adults in the United States have - [When You May Not Be Able to Use a Financial Power of Attorney](https://meredithpc.com/20210801-2/) - Besides directing what happens to your finances when you pass away, a comprehensive estate plan also addresses the possibility that you could become unable to handle your financial affairs while you are still alive. You may have signed a financial power of attorney (POA) that allows one or more people to act on your behalf - [How Can Remarriage Affect Your Estate Planning?](https://meredithpc.com/20210802-2/) - Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from - [Trust and Estate Administration: Whom Should You Bring to the Meetings?](https://meredithpc.com/20210803-2/) - A loved one's passing is felt by their entire surviving family. But when it comes to carrying out the decedent's final wishes, not everyone has an equal say. In fact, in many cases, only one person-the executor, or personal representative, of the estate-plays a role in administering a will. This role includes gathering the deceased's - [Basis: What You Need to Know](https://meredithpc.com/20210804-2/) - A simple example illustrates how basis is used in everyday situations: Imagine that you purchased one acre of unimproved land in 1990 for $10,000 and still own it. Generally speaking, this land's basis is $10,000, the amount you paid for it. Imagine further that you decide to sell the property in 2021, and a neighbor - [What Is a Separate Revocable Living Trust?](https://meredithpc.com/20210805-2/) - When a couple engages in foundational estate planning, one of the first questions addressed by estate planning attorneys is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If using an RLT makes sense, an important follow-up question to married couples should be whether - [How Your Financial and Estate Planning Team Has Your Back](https://meredithpc.com/20210806-2/) - Comprehensive estate and financial plans are not just for the wealthy. Anyone who cares for a person or cause and who wants to provide for the person or cause after they die can benefit from such plans. Along with comprehensive estate and financial plans comes a team to help you create, manage, and support those - [Estate Planning: Answering Common Questions of Senior Citizens](https://meredithpc.com/20210807-2/) - 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 - [Successor Trustee Compensation](https://meredithpc.com/20210704-2/) - Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If you plan to nominate a family member or friend to - [Can a Beneficiary Also Be a Trustee of a Trust?](https://meredithpc.com/20010703-2/) - Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can also be a trustee - [What Happens to Your Digital Movies When You Die?](https://meredithpc.com/20210702-2/) - In today's digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. However, is it as simple as - [The Difference Between a Prenuptial Agreement and a Will or Trust](https://meredithpc.com/20210701-2/) - There was a time when most people heard about prenuptial agreements only when watching soap operas or Hollywood movies or reading a novel. For many of us, prenuptial agreements seemed to be reserved only for the ultrawealthy, where the continuation of dynastic family wealth was at stake. Today, however, prenuptial agreements are much more common. - [To Have, but Not to Hold? Common Law Marriage and Estate Planning](https://meredithpc.com/20210605-2/) - Marriage as a legal institution has taken a variety of forms throughout history. As society evolves, how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies. These marriages are called common law marriages. Their existence creates some potential issues - [Types of Life Insurance and How They Can Be Used in Estate Planning](https://meredithpc.com/20210604-2/) - Many of us do not start thinking about life insurance until we get our first full-time job and the company's human resources representative asks us if we want to enroll in the employer's group life insurance policy. Most people think "Why not?" and sign up, naming a family member as the beneficiary of their policy, - [Can a Disabled Individual Be an Executor or a Trustee?](https://meredithpc.com/20210603-2/) - 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 - [Why Is My Trust So Long?](https://meredithpc.com/20210602-2/) - 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 - [Living, Testamentary, and Constructive Trusts: Are They All the Same?](https://meredithpc.com/20210601-2/) - 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? - [What Are the Rights of a Child Born Outside of Marriage?](https://meredithpc.com/20210505-2/) - 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 - [The Lesson Plan for Your Estate](https://meredithpc.com/20210504-2/) - In honor of Teacher Appreciation Week, the first week of May, we are taking this opportunity to thank you for your time and dedication to teaching the future generation. You provide the foundational knowledge necessary to ensure the success of tomorrow's leaders. We are here to make sure you have the foundational estate planning documents - [Simultaneous Deaths: What If My Spouse and I Die at the Same Time?](https://meredithpc.com/20210503-2/) - The chances of a married couple dying in a common accident or within a very short time of one another are probably quite slim. However, it does happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these laws, - [Selling a Deceased Loved One’s Real Estate: Things You Need to Know](https://meredithpc.com/20210502-2/) - 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 - [National Home Remodeling Month: Can I Remodel My Own Estate Planning Documents?](https://meredithpc.com/20210501-2/) - Do you know that, according to the National Association of Home Builders, May is National Home Remodeling Month? Many people associate spring with cleaning out the old, brushing off the dirt accumulated from the long winter, and starting projects around the house that have been neglected for far too long. Perhaps, however, your home is - [It’s All in the Family: Understanding Common Legal Terms](https://meredithpc.com/20210404-2/) - While watching a movie or reading a book about wealthy individuals and their families, you may have come across terms such as "heir," "descendant," and "next of kin." Though made-for-Hollywood storylines use these terms interchangeably, words describing familial relationships have distinct definitions. Using the correct terms is critical in wills, trusts, and other legal documents - [Do I Have to Leave Anything to My Children?](https://meredithpc.com/20210403-2/) - One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces the child's attempts to win the father over and be considered a part of the family again. But can fiction imitate reality? Can you actually disinherit a child? The answer, in most circumstances, is yes. You can - [Defining “Fair Market Value”: The Case of Wilburn v. Mangano](https://meredithpc.com/20210402-2/) - When reading through a will or trust agreement, you may see language that grants a right to an individual to purchase certain property from the estate or trust at "fair market value." At first glance, this phrase may seem a perfectly reasonable method of setting a suitable purchase price for a property to be sold - [Options for Establishing and Transferring Your IRA to a Loved One](https://meredithpc.com/20210401-2/) - Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at - [What about Life Insurance Settlements](https://meredithpc.com/what-about-life-insurance-settlements/) - Though many people are familiar with life insurance policies and have a general understanding of how they work, the process of selling a life insurance policy to a third party may be less commonly understood. When an insured party sells a life insurance policy to a third party investor, the transaction is called a life - [What If Your Deceased Loved One Owned Firearms](https://meredithpc.com/what-if-your-deceased-loved-one-owned-firearms/) - According to the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), from 1986 through 2018, tens of millions of firearms were both manufactured in and imported into the United States.[1] Where are those guns today? They are most likely filling gun safes, closets, nightstands, and desk drawers in homes all across this country. Regardless of - [How to Talk to Mom and Dad about an Estate Plan](https://meredithpc.com/how-to-talk-to-mom-and-dad-about-an-estate-plan/) - Conversations about death and dying are rarely fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the topic because they do not want to think about their parents' mortality, and they may - [Handling the Legal Affairs of a Missing Person](https://meredithpc.com/handling-the-legal-affairs-of-a-missing-person/) - Approximately 600,000 people go missing in the United States each year.[1] The loved ones who are left behind must carry not only heavy emotional burdens but significant practical burdens too. People who go missing often leave behind real estate and personal property, debts and ongoing bills, insurance premium payments, employment or business concerns, pets, family - [Estate Tax Returns](https://meredithpc.com/estate-tax-returns/) - When an individual passes away, tax issues are one of the many things that must be considered. For most individuals who pass away, a final income tax return must be filed with the Internal Revenue Service (IRS) and state (if the particular state also taxes income) to settle any income tax liability that may exist. - [My Loved One Has Died - What Do I Do Now?](https://meredithpc.com/my-loved-one-has-died-what-do-i-do-now-2/) - When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss of - [Reviewing Your Estate Plan after the Death of a Loved One](https://meredithpc.com/reviewing-your-estate-plan-after-the-death-of-a-loved-one/) - The death of a loved one is never easy. Regardless of your relationship with the deceased (blood relative, life partner, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light - [Reviewing Your Accounts and Property upon the Death of a Loved One](https://meredithpc.com/reviewing-your-accounts-and-property-upon-the-death-of-a-loved-one/) - How your accounts are owned makes a big difference in estate planning. The main objective is usually to ensure that no accounts and property are in only your name when you die. Otherwise, they will be subject to probate, a costly, public, and time-consuming court process that many people prefer to avoid. Therefore, it is - [What If No One Wants My Stuff?](https://meredithpc.com/what-if-no-one-wants-my-stuff/) - A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like to receive the major items—homes, retirement accounts, savings—personal property such as jewelry, clothing, sports equipment, vehicles, and other possessions are often overlooked. The truth is - [Ways to Leave Your Real Estate to Your Loved Ones](https://meredithpc.com/ways-to-leave-your-real-estate-to-your-loved-ones/) - Owning real estate continues to be a very popular investment vehicle for individuals and couples alike. One attractive feature of investing in real estate is that investment property can also double as a personal residence. In other cases, real estate investments may be rental, recreational, commercial, or farm properties. Whatever the case, it is important - [What If I Can't Find My Loved One's Documents?](https://meredithpc.com/what-if-i-cant-find-my-loved-ones-documents/) - If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential. The estate planning process and associated documents are critical to making decisions on the loved one’s behalf, gaining access to accounts, and discovering your deceased loved one’s wishes regarding how to distribute the individual’s money and - [Including Noncitizens in Your Estate Planning](https://meredithpc.com/including-noncitizens-in-your-estate-planning/) - With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from different countries to retain citizenship in their native countries. Many couples split their time between the United States - [The Importance of a Successor Trustee](https://meredithpc.com/the-importance-of-a-successor-trustee/) - An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and - [Who Should Be Your Successor Trustee?](https://meredithpc.com/who-should-be-your-successor-trustee/) - If you have a revocable living trust, you probably named yourself as the initial trustee so you can continue to manage your financial affairs. Eventually someone else will need to step in when you are no longer able to act due to incapacity or after your death, however. Your successor trustee plays an important role - [Five Mistakes Successor Trustees Make](https://meredithpc.com/five-mistakes-successor-trustees-make/) - When establishing a trust, you must give serious thought to who you choose as your successor trustee—the person who will manage, invest, and hand out the trust’s accounts and property once you are no longer able to do so. This individual ideally should be someone you trust implicitly; someone who is organized, responsible, transparent, and - [How to Choose a Trustee](https://meredithpc.com/how-to-choose-a-trustee/) - When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell property, provide for your loved ones, keep accurate records, and generally keep things organized and in good - [Things You Need to Know as Successor Trustee](https://meredithpc.com/things-you-need-to-know-as-successor-trustee/) - Being named as a successor trustee in someone’s revocable living trust document can be considered a great honor. But with that honor comes responsibility. Whether you were appointed to this role due to someone’s death or incapacity, we are here to assist you with understanding your role in the trust administration process and to offer - [Who Should I Choose to Be Successor Trustee?](https://meredithpc.com/who-should-i-choose-to-be-successor-trustee/) - When you create a living trust, you must name a successor trustee to take over for you if you are unable to act due to incapacity or death. It is crucial that this decision be given careful consideration and that the right person be selected for the job. Role of Successor Trustee If you become - [Third-Party Supplemental Needs Trusts](https://meredithpc.com/third-party-supplemental-needs-trusts/) - If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or she - [Severing Joint Ownership of Property](https://meredithpc.com/severing-joint-ownership-of-property/) - One of the most common forms of property ownership in the United States is joint tenancy with rights of survivorship (JTWROS or joint tenancy). But what is joint tenancy? Joint tenancy is a legal right to property that provides the owner an undivided right to the enjoyment of the property. In other words, one joint - [I am Beneficiary from Will of Loved One. Do I need an Attorney?](https://meredithpc.com/i-am-beneficiary-from-will-of-loved-one-do-i-need-an-attorney/) - You just found out that your favorite aunt, Aunt Melba, has died. In the midst of your grief and sadness, you receive a notice from the attorney handling Aunt Melba's affairs stating that you are a beneficiary. Your best friend advises you to get an attorney. What should you do? Will Aunt Melba's attorney help - [Handling the Legal Affairs of an Estranged Noncitizen Spouse at Death](https://meredithpc.com/handling-the-legal-affairs-of-an-estranged-noncitizen-spouse-at-death/) - As the world becomes more of a global community, it is no longer uncommon for married couples to maintain different citizenships. While a difference in citizenship alone can present complexities from an everyday tax perspective, another set of challenges arises when a noncitizen spouse separates from the US spouse, returns to live in the noncitizen - [You Inherited a Retirement Account: Now What?](https://meredithpc.com/you-inherited-a-retirement-account-now-what/) - For decades, common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large, - [The Recipe for a Satisfying Estate Plan](https://meredithpc.com/the-recipe-for-a-satisfying-estate-plan/) - Misconceptions about who needs an estate plan abound. Most people believe that estate planning is only for extremely wealthy business moguls or celebrities. But that could not be further from the truth. Estate planning is the process of making decisions about what happens to you, your money, and your property when you pass away or - [Can Dual Citizenship Ruin Your Estate Plan?](https://meredithpc.com/can-dual-citizenship-ruin-your-estate-plan/) - In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece. The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable time in Greece as it is - [Should You Own Your Timeshare in Your Trust?](https://meredithpc.com/should-you-own-your-timeshare-in-your-trust/) - Timeshares have come a long way since they first arrived in the real estate market back in the ’70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over time, however, timeshares have become more consumer-friendly with greater transparency - [What Is a Medallion Signature Guarantee, and Do I Need One?](https://meredithpc.com/what-is-a-medallion-signature-guarantee-and-do-i-need-one/) - Upon seeing the words medallion signature guarantee (MSG), you may envision some shiny grand medallion, signifying a level of greatness few attain. However, that is far from what this guarantee means. An MSG is a unique tool used to protect the transfer of certain accounts and property from fraudulent transfers and may be required during - [How Refinancing a Property Can Affect Your Estate Plan](https://meredithpc.com/how-refinancing-a-property-can-affect-your-estate-plan/) - The mortgage business is booming in many parts of the country. Historically low interest rates have created an almost frenzied environment with homeowners scrambling to refinance their home loans at these low interest rates. Even a few tenths of a percentage point of interest, over thirty years, can make a massive difference in the amount - [What to Do When a Loved One Dies Abroad](https://meredithpc.com/what-to-do-when-a-loved-one-dies-abroad/) - The death of a loved one can be one of the most disorienting life events. But if the loved one dies while traveling in a foreign country, the emotional and bureaucratic burdens can multiply exponentially. Contact the United States Bureau of Consular Affairs If foreign local authorities report a death to a US embassy or - [Choosing a Corporate Trustee](https://meredithpc.com/choosing-a-corporate-trustee/) - Making plans for your money and property after you pass away is not the most exciting thing to do. It involves thinking about situations that may cause feelings of fear and uncertainty. Nevertheless, it is essential to face those decisions head-on. You must determine what people, things, and values matter most to you. A critical - [Estate Planning Considerations for Incarcerated Individuals](https://meredithpc.com/estate-planning-considerations-for-incarcerated-individuals/) - If you are preparing for or are currently incarcerated, the future may be uncertain right now. Proper estate planning may ease some of the worries you are facing. Regardless of how long your incarceration is for, we are here to help you address your concerns and develop a plan that will protect you and your - [Protecting a Loved one Who Is, Will Be, or Has Been Incarcerated](https://meredithpc.com/protecting-a-loved-one-who-is-will-be-or-has-been-incarcerated/) - It is natural to want to protect our loved ones no matter what. However, you may be finding it difficult to provide a prosperous future for your loved one if that person will be, is, or has been incarcerated. Unfortunately, this event will forever change your loved one’s life, but with the right planning, you - [Your Game Is Not the Only Thing That Needs a Winning Strategy](https://meredithpc.com/your-game-is-not-the-only-thing-that-needs-a-winning-strategy/) - In sports, success frequently brings significant monetary compensation. While this is a dream come true for most individuals, it is important to take the right steps to safeguard this hard-earned money. Most people assume that the biggest challenge is spending beyond one’s means. While this can cause many problems, it is not the only issue - [How Trusts Have Helped Athletes](https://meredithpc.com/how-trusts-have-helped-athletes/) - Estate planning is not just about what happens when you die. Proper estate planning takes into consideration all aspects of your life and how to protect your accounts and property so that you can receive the maximum use and enjoyment during your life as well as protect whatever you choose to leave to your loved - [What to Do When a Child Dies](https://meredithpc.com/what-to-do-when-a-child-dies/) - The death of a minor child is one of the greatest shocks that life can deliver. No one can ever prepare for the cascade of challenges that will come with such an event. Not only are there legal and financial challenges that you must deal with, but all of these challenges come at a time - [Per Stirpes, By Representation, and Per Capita Distributions](https://meredithpc.com/per-stirpes-by-representation-and-per-capita-distributions/) - “That’s not fair!” In many households, this is the common refrain of children as they advocate for themselves or express what they feel to be unjust. This pursuit of fairness, however, is not limited to arguments between parents and young children. The notion of fairness often pervades family dynamics and may continue even beyond death - [Right of First Refusal on Certain Property](https://meredithpc.com/right-of-first-refusal-on-certain-property/) - Estate planning attorneys are occasionally asked by clients whether an estate plan can include a right of first refusal (ROFR) (sometimes called a first right of refusal) on certain items or parcels of property. The following example helps to illustrate the way this legal tool is used and why it might be useful in your - [How to Avoid Estate Planning Scams](https://meredithpc.com/how-to-avoid-estate-planning-scams/) - Imagine spending thousands of dollars on an estate plan to protect loved ones, only to find that no true protection exists. Unfortunately, this scenario happens on a regular basis to individuals who are victims of estate planning schemes. According to a report conducted by the U.S. Consumer Financial Protection Bureau of people ages 50 and - [What Happens If My Beneficiary Dies Before Me?](https://meredithpc.com/what-happens-if-my-beneficiary-dies-before-me/) - When planning for death, most people assume they will die before their beneficiaries (e.g., their spouse, children, and grandchildren). While these assumptions are often well-founded, they do not always come to pass. Sometimes a beneficiary of an estate or trust dies before the person leaving the inheritance. If this has happened to you, you may - [How to Prepare for Whatever May Come Your Way](https://meredithpc.com/how-to-prepare-for-whatever-may-come-your-way/) - The unpredictable can occur at any time: fires, hurricanes, floods, earthquakes, pandemics—you name it. Because September is National Disaster Preparedness Month, we want you to be prepared for whatever life throws at you. Although none of us can predict the future, there are some things you can do to ensure that you and your family - [Preserving a Heritage With Tax Benefits](https://meredithpc.com/preserving-a-heritage-with-tax-benefits/) - You may have heard about conservation easements in the news over the past few years and the tax benefits available through the use of them. But what are they and how can they benefit you? Defining Conservation Easements A typical conservation easement is created when a landowner makes an agreement (known as a “servitude”) with - [Estate Planning After Personal Injury Settlements](https://meredithpc.com/estate-planning-after-personal-injury-settlements/) - In the hectic and sometimes dangerous world that we live in, it is an unfortunate fact of life that accidents happen and people get hurt. The U.S. legal system is designed so that those who suffer injury through the avoidable fault of others can seek compensation for those injuries. Sometimes injuries are so severe that - [Tips for Divvying Up Personal Property](https://meredithpc.com/tips-for-divvying-up-personal-property/) - We collect stuff throughout our lives. This “stuff” is known as our personal property. Some items are valuable, like jewelry, baseball cards, and works of art. Other items are sentimental, like grandma’s tea set, old christmas ornaments, and photographs. Regardless of the value, it is important that these items be distributed the way you want - [COVID-19 and Minor Children](https://meredithpc.com/covid-19-and-minor-children/) - Protecting your family is important, especially when you have minor children, and even more so now that we are living through a pandemic. With all of the unknowns of our current situation, you need some certainty. Having an up-to-date estate plan can be the first step toward providing that certainty in an uncertain world. Many - [Deeper Dive into Advance Healthcare Directives](https://meredithpc.com/deeper-dive-into-advance-healthcare-directives/) - When it comes to your healthcare, especially during these uncertain times, you need to ensure that two estate planning documents in particular are up to date. The first is your healthcare power of attorney. This document allows you to name a person to make medical decisions on your behalf or communicate your wishes in the - [Identity Theft - Not Just an Issue for the Living](https://meredithpc.com/identity-theft-not-just-an-issue-for-the-living/) - Identity theft is the last thing a grieving family should have to worry about after the loss of a loved one. Unfortunately, identity thieves have increasingly targeted the identities of deceased people, using their names and other identifying information to get credit cards, apply for loans, collect refunds based on fraudulent tax returns, and even - [How to Protect Your Significant Other from Frozen Accounts](https://meredithpc.com/how-to-protect-your-significant-other-from-frozen-accounts/) - The death of a loved one is one of the most difficult times in a person’s life. Nothing can truly prepare a person for such a loss. However, dealing with the financial stress of frozen bank accounts can exacerbate the stress. Without proper planning, your significant other could struggle to gain access to your accounts. - [How Do I Donate My Organs When I Die?](https://meredithpc.com/how-do-i-donate-my-organs-when-i-die/) - Thinking about what will happen to your body when you pass away is probably not what you would like to do with your spare time. However, if you want to donate your organs when you die, you must think about precisely what you want and communicate those wishes to the people who will carry them - [Seven Ways to Avoid Family Fights over Your Property](https://meredithpc.com/seven-ways-to-avoid-family-fights-over-your-property/) - Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that - [Why Your Heirs or Beneficiaries May Receive a Smaller Inheritance Than You Thought](https://meredithpc.com/why-your-heirs-or-beneficiaries-may-receive-a-smaller-inheritance-than-you-thought/) - Although it is rare for anyone to look forward to the passing of a loved one, many people cannot help wondering about a future inheritance. Often when a person dies and leaves money or property to heirs or beneficiaries, the first thing the heirs or beneficiaries want to know is the overall value of the - [Considerations Before Heading South for the Winter](https://meredithpc.com/considerations-before-heading-south-for-the-winter/) - For many snowbirds, cooler weather means it is time to head south. If you are thinking about heading for warmer weather this winter, there are a few things you should consider before hitting the road. What is happening in your destination state? Because we are still in the midst of a pandemic, it would be - [What You Need to Know about Renting Out Your Property](https://meredithpc.com/what-you-need-to-know-about-renting-out-your-property/) - Retreating to a warmer climate for the winter sounds like an ideal way to spend a few months. To help make this dream a reality, some individuals choose to rent out their second homes when they are not in use. But before you list your second home for rent, there are a few things you - [Help! I’ve Been Named as a Guardian. What Do I Do?](https://meredithpc.com/help-ive-been-named-as-a-guardian-what-do-i-do/) - A guardian is an individual who cares for someone, often a minor child, who needs special protection. Parents can nominate a guardian in their will, but typically a court must confirm and officially appoint the guardian after both parents have passed away. Sometimes the need for a guardian arises when the parents are still alive. - [Education Funding Flexibility in Light of COVID-19](https://meredithpc.com/education-funding-flexibility-in-light-of-covid-19/) - When it comes to returning to school in the fall, the details may still be unknown. Will students be attending classes in person, or will classes continue to be online? Will college students be allowed on campus, or will they be bunking with mom and dad for the fall semester? One thing is certain: education - [Saving for School: Planning for Your Family’s Education](https://meredithpc.com/saving-for-school-planning-for-your-familys-education/) - According to the National Center for Education Statistics, in the 2018–2019 academic year, the average tuition and fees for a public four-year institution were $9,200; $35,800 for a private nonprofit four-year institution; $3,700 for a public two-year institution; and $18,400 for a private nonprofit two-year institution. If postsecondary education is in your family’s future, including - [Saving for College: What If There Is Money Left Over?](https://meredithpc.com/saving-for-college-what-if-there-is-money-left-over/) - Setting money aside for your children’s or grandchildren’s education is a great way to provide for their future. However, it is possible that not all of the money you have set aside will be used for college expenses. For example, your child may receive a large scholarship and will not need to use all the - [Summer Vacation Plans? Precautions and Preparations to Consider](https://meredithpc.com/summer-vacation-plans-precautions-and-preparations-to-consider/) - After months of near confinement in our homes, many of us are stir-crazy and eager to travel to a vacation destination. Although more states are opening up, there are several precautions to consider and preparations to make as you plan your summer travels. Heed the Centers for Disease Control and Prevention (CDC) guidelines. The CDC - [Considerations When Caring for Both Children and Parents](https://meredithpc.com/considerations-when-caring-for-both-children-and-parents/) - July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. This topic is particularly germane at present, as many parents are not only parenting their children but have also spent the last few months homeschooling them. Older children who have lost their jobs - [Estate Planning for Franchise and Multilevel Marketing Business Owners](https://meredithpc.com/estate-planning-for-franchise-and-multilevel-marketing-business-owners/) - Franchise and multilevel marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model. However, they present different estate planning challenges than other types of small businesses because the rights and obligations of franchisees and multilevel marketers are spelled out - [Why Your Marital Agreement Should Be Shown to Your Estate Planner](https://meredithpc.com/why-your-marital-agreement-should-be-shown-to-your-estate-planner/) - It is not uncommon for couples to enter into marital agreements stating what property is separately owned by each spouse and the property rights each spouse will have in the event of separation, divorce, or death. They are most common when one or both of the spouses is wealthy, owns a family business, or expects - [What to Consider When Selecting an Executor](https://meredithpc.com/what-to-consider-when-selecting-an-executor/) - The person you choose to be your executor (sometimes called a personal representative) will play an extremely important role, as that person will be responsible for gathering, securing, managing, and ultimately distributing your money and property when you pass away. As a result, you should make your selection only after careful consideration regarding who is - [Setting Your Trustee Up for Success](https://meredithpc.com/setting-your-trustee-up-for-success/) - For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, signing the trust agreement doesn’t end the estate planning process: To work properly, the trust needs to be funded. What - [Nosy Neighbor Nellie Can Find Out About Your Probate](https://meredithpc.com/nosy-neighbor-nellie-can-find-out-about-your-probate/) - Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because wills are filed at the courthouse, probated estates become a matter of public record. That means your nosy neighbor Nellie can simply go down to the courthouse or hop online and - [Does a No-Contest Clause Really Mean No Contest](https://meredithpc.com/does-a-no-contest-clause-really-mean-no-contest/) - We live in a litigious society. Unfortunately, even family members sometimes file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so disgruntled that they decide to contest or challenge the validity of a will or trust, which can delay its administration for - [How to Help Your Loved Ones and Assets Avoid Probate](https://meredithpc.com/how-to-help-your-loved-ones-and-assets-avoid-probate/) - Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake - [How to Handle Savings Bonds in Estate Planning and at Death](https://meredithpc.com/how-to-handle-savings-bonds-in-estate-planning-and-at-death/) - A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs.” In effect, when you buy a savings bond, you are loaning the U.S. government money which is repaid with interest after a fixed period of time. There are currently - [HELP! This Probate Is Taking Forever!!!](https://meredithpc.com/help-this-probate-is-taking-forever/) - After a loved one dies, their money and property must be distributed to the right people, either according to their will or the state’s default distribution scheme (found in its “intestacy” statute). While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that - [Assisted Reproduction Technology and the Real Impact on Estate Planning](https://meredithpc.com/assisted-reproduction-technology-and-the-real-impact-on-estate-planning/) - According to data provided by the Center for Disease Control (CDC), approximately 1.9% of all infants born in the United States, 81,478 in 2018, were conceived using assisted reproductive technology (ART).[1] ART is defined by the CDC as all fertility treatments in which both eggs and embryos are handled: It can involve a number of - [3 Simple Ways To Avoid Probate Costs](https://meredithpc.com/3-simple-ways-to-avoid-probate-costs/) - The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees - [State Estate and Inheritance Taxes: Does Your State Have Them, What Are They, and How Should You Plan for Them](https://meredithpc.com/state-estate-and-inheritance-taxes-does-your-state-have-them-what-are-they-and-how-should-you-plan-for-them/) - The federal gift and estate tax exclusion is currently very high—$11.58 million for an individual and $23.16 million for a married couple in 2020. As a result, only very wealthy people currently need to be concerned that their estates will be taxable at the federal level, at least until 2026, when the increased exclusion amount - [Things to Be Aware of When Administering a Hoarder's Estate](https://meredithpc.com/things-to-be-aware-of-when-administering-a-hoarders-estate/) - Hoarding is more than just being a bit messy (or buying a six-month supply of toilet paper): It is actually a mental disorder causing some people to have difficulty discarding items, regardless of their value, and to experience severe distress even at the thought of it. If you have been named as the personal representative - [How No Estate Plan Could Leave Your Family Overwhelmed](https://meredithpc.com/how-no-estate-plan-could-leave-your-family-overwhelmed/) - Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. But there may be unseen dangers that are crucial for beachgoers to keep in mind: For example, the undertow is a current of water, often quite powerful, below the surface, that is moving away from shore when - [Special Estate Planning Considerations for Art and Other Collections](https://meredithpc.com/special-estate-planning-considerations-for-art-and-other-collections/) - Many people have collections about which they are quite passionate: The collections may be very valuable, for example, art collections, coins, stamps, or designer handbags, or they may have more sentimental than monetary value, such as political bumper stickers, postcards, or rocks. Regardless of its dollar value, if you have a collection, it should be - [Your Time Is Valuable. Let’s Get a Jump Start on the Estate Planning Process](https://meredithpc.com/your-time-is-valuable-lets-get-a-jump-start-on-the-estate-planning-process/) - Time seems to be the one thing we just can’t get enough of. This is especially true if you are one of our nurses or frontline healthcare workers. You work tirelessly caring for others and may not have a lot of free time to work on your estate planning. If you are able to answer - [Caring For Yourself with the Right Estate Planning Prescription](https://meredithpc.com/caring-for-yourself-with-the-right-estate-planning-prescription/) - To all front-line and “essential” workers: Thank you for all of your hard work—day in and day out (and often evenings, nights, and weekends). You tirelessly give of yourself to care for some of the most vulnerable people in our society. Whether you are caring for them in a hospital, therapy room, or patient’s home, - [Choosing a Gift to Give to a Charity](https://meredithpc.com/choosing-a-gift-to-give-to-a-charity/) - If you are considering making a donation to a public charity, you are not limited to donating cash. Depending upon your financial situation, giving objectives, and the needs of the charitable organization, certain accounts or pieces of property may be better suited for donation to the charity. Cash Writing a check to your favorite charity - [Strategies for Your Charitable Planning](https://meredithpc.com/strategies-for-your-charitable-planning/) - There are many reasons why you may want to give to a charity: You may give because you believe strongly in a cause or organization, but it can also reduce your yearly income tax bill and remove value from your overall estate. If you are considering making a donation, but are unsure of how to - [Estate Planning Considerations for Restauranteurs](https://meredithpc.com/estate-planning-considerations-for-restauranteurs/) - If you are a restaurant owner, like most other small business owners, you have many demands on your time. Your schedule may be even more demanding than most, and your working hours may extend far beyond the typical working day. Nevertheless, it is very important for you to set aside some time to create an - [Can a Non-U.S. Citizen Create an Estate Plan in the U.S.?](https://meredithpc.com/can-a-non-u-s-citizen-create-an-estate-plan-in-the-u-s/) - The United States has experienced a surge in immigration since 1970, and there are now approximately 45 million foreign-born people living in the United States. Some of them have become U.S. citizens, but many non-citizens live in the United States as well. In 2019 alone, approximately 1,031,000 foreign nationals obtained lawful permanent resident status.[1] It - [Unclaimed Property - What is it, Where to find it, and Its Impact on Estate Planning and Administration](https://meredithpc.com/unclaimed-property-what-is-it-where-to-find-it-and-its-impact-on-estate-planning-and-administration/) - For most of us, every penny counts, so it is almost inconceivable that we could have lost track of any money or property. Regardless of how careful we are with our finances, it is possible for utility deposits, credit balances, unused gift certificates, banks accounts, and many more types of property or money to accidentally - [COVID-19: A Reminder of Why Estate Planning Is Important](https://meredithpc.com/covid-19-a-reminder-of-why-estate-planning-is-important/) - Coronavirus has been all over the news—and with good reason. For some people, it can turn into a serious illness if contracted. Thankfully, for the great majority of people who have contracted the disease, the symptoms appear to be relatively mild. Nevertheless, it is crucial for everyone, particularly those who are in good health, to - [Estate Planning in the face of Coronavirus](https://meredithpc.com/estate-planning-in-the-face-of-coronavirus/) - Fear of COVID-19 (coronavirus) has people stockpiling everything from hand sanitizer to toilet paper. But what individuals might also need to be doing is making sure their estate planning documents are in order. In the face of COVID-19, Google traffic on “how to make a will” is at its highest level ever. Your family and - [National Genealogy Day: Investigate the Past and Impact the Future](https://meredithpc.com/national-genealogy-day-investigate-the-past-and-impact-the-future/) - Genealogy has long fascinated many people, and it continues to be studied by those who are interested in discovering who they descended from and what those family members were like. Many of us have gazed at black and white or sepia-tone photos of ancestors whose names we don’t know and wondered about their lives, joys, - [Ancillary Probate: When Is It Used, Where It Occurs, and How to Avoid It](https://meredithpc.com/ancillary-probate-when-is-it-used-where-it-occurs-and-how-to-avoid-it/) - Many people own property in more than one state—perhaps a vacation home in Florida, a rental property in a former home state, or even a car titled in another state. It is important to think about how that property will be handled as you create an estate plan. It may be necessary for there to - [Writing Your Own Obituary as an Addition to Your Estate Plan](https://meredithpc.com/writing-your-own-obituary-as-an-addition-to-your-estate-plan/) - An obituary can be much more than just a dry announcement of the time and location of your funeral or memorial service. It can be a way to share your life story, communicating information about significant events and people, as well as important values you would like to impart to others. You do not need - [Spring Cleaning: Time to Clean Up Your Estate Planning](https://meredithpc.com/spring-cleaning-time-to-clean-up-your-estate-planning/) - Your estate plan, like your home, periodically needs a thorough polishing. Your life circumstances are constantly changing, and an estate plan that perfectly met your needs a couple of years ago may now be cluttered with outdated provisions or documents. With spring fast approaching, now is the time to dust off your estate plan to - [What Happens When Your Disabled Child Turns 18 and What You Need to Do Beforehand](https://meredithpc.com/what-happens-when-your-disabled-child-turns-18-and-what-you-need-to-do-beforehand/) - When your child is under the age of 18, you, as their parent, can make most, if not all decisions, on their behalf. However, when your child turns 18, the law views them as an adult, and you no longer have the ability to control what and how decisions are made, or even receive relevant - [Reconsidering Your Role in Others’ Estate Plans (How to Say No)](https://meredithpc.com/reconsidering-your-role-in-others-estate-plans-how-to-say-no/) - It is important to think carefully about your ability or willingness to serve as an executor or trustee for someone else. If a family member or friend has asked you to serve as the executor of his or her estate or as trustee of a trust he or she is creating, there are a number - [Important Steps to Protect Your Special Beneficiaries](https://meredithpc.com/important-steps-to-protect-your-special-beneficiaries/) - All children are a blessing. From the day they are born, you begin making plans to ensure that your child or grandchild has a bright future. What will their interests be? What job will they have? Who will they marry? While these are common concerns for most families, for those with a special needs child - [The Lifetime QTIP Trust (Or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy)](https://meredithpc.com/the-lifetime-qtip-trust-or-how-to-maintain-control-of-your-estate-and-keep-spouse-no-2-happy/) - Estate planning for couples in a second or subsequent marriage can be tricky, especially if their estates are disproportionate. One solution for allowing the well-to-do spouse to maintain control of their property and wealth--but keep their other spouse happy--is the “Lifetime QTIP Trust.” The Basics of Creating a Lifetime QTIP Trust In the estate planning - [Which Distribution Method Is Best? Showing Your Children the Love](https://meredithpc.com/which-distribution-method-is-best-showing-your-children-the-love/) - If you are a parent, you probably love to do good things for your children—and leaving them an inheritance is one of the most tangible ways you can show your love once you are gone. What you may not know is that there are a variety of ways that you can leave money and property - [How to Protect Your Great Ideas or Works for Your Family](https://meredithpc.com/how-to-protect-your-great-ideas-or-works-for-your-family/) - Your money, home, and vehicles are not the only things you should include in your estate plan. Your intellectual property and any income it generates should also be addressed. You do not have to be a famous author, painter, or inventor to have valuable intellectual property that could provide a stream of income for your - [American Heart Month: Who Should Be My Medical Agent?](https://meredithpc.com/american-heart-month-who-should-be-my-medical-agent/) - February has been celebrated as American Heart Month since 1963 in an effort to urge Americans to join the fight against heart disease, which is the leading cause of death for both men and women. It is also a great opportunity to consider who is the best person to act as your medical agent if - [We All Need a Yearly Checkup: Your Estate Plan Does Too](https://meredithpc.com/we-all-need-a-yearly-checkup-your-estate-plan-does-too/) - One of the main reasons for getting an annual physical is to detect and treat problems before an illness or health condition becomes serious. Likewise, it is important for your estate plan to get a regular check up to address changes in your life circumstances or in the law to ensure that optimal plans are - [How to Minimize the (Voluntary) Federal Estate Tax with Portability](https://meredithpc.com/how-to-minimize-the-voluntary-federal-estate-tax-with-portability/) - Surprising to most people, the federal estate tax is a voluntary tax. Estate planning attorneys used to say, “You only pay if you don’t plan.” Now, portability of the federal estate tax exclusion provides both an alternative and a back up plan to lifetime tax planning. This means you might be able to minimize or - [How to Protect Your Family When You and Your Spouse Work in the Same Business](https://meredithpc.com/how-to-protect-your-family-when-you-and-your-spouse-work-in-the-same-business/) - You and your spouse live together, you work together, and chances are you spend a lot of your free time together. Having a successful marriage and business takes a lot of hard work and dedication but can also be among the most rewarding things in life. To help keep you on the right track, here - [Estate Planning Strategies to Protect Your Spouse](https://meredithpc.com/estate-planning-strategies-to-protect-your-spouse/) - You have searched for and found the love of your life, maybe your first love, or maybe after a previous marriage. As you have built your life together, you have probably weathered your fair share of storms and grown stronger because of them. To prepare for the future and the possibility of no longer being - [Your Divorce Decree: The First Step in Estate Planning](https://meredithpc.com/your-divorce-decree-the-first-step-in-estate-planning/) - You have recently divorced your spouse and the judge has signed the divorce decree. Now what? Although you may feel as though you have spent enough time and money on lawyers, there is one last attorney you need to talk to: an estate planning attorney. If you and your former spouse had estate planning done - [Surprise! You Can’t Easily Disinherit Your Spouse in the U.S.](https://meredithpc.com/surprise-you-cant-easily-disinherit-your-spouse-in-the-u-s/) - Believe it or not, in the U.S. it isn’t easy to disinherit your spouse. But the same is not true for other family members – generally, you can use your estate plan to disinherit your brothers and sisters, your nieces and nephews, or even your very own children and grandchildren. However, in the majority of - [Is now the time to remodel your old trust?](https://meredithpc.com/dementia-and-estate-planning-from-a-voice-of-experience/) - Is now the time to remodel your old trust?There are several reasons why you should update your existing trust or perhaps your entire estate plan. While estate planning documents do not necessarily have a shelf life, they may not fulfill your goals when your circumstances change. Of course, having estate planning documents that are up-to-date - [Four Common Myths about Estate Planning](https://meredithpc.com/four-common-myths-about-estate-planning/) - 1) Myth: My spouse can make all of my healthcare and financial decisions because he/she is my spouse. Reality: This is not always the case. To make sure your spouse can indeed make important medical decisions on your behalf, you should sign a durable power of attorney and a medical advance directive. 2) Myth: I’ve - [Are Any of These 11 Mistakes Lurking in Your Estate Plan?](https://meredithpc.com/are-any-of-these-11-mistakes-lurking-in-your-estate-plan/) - 1) Lack of Healthcare and Disability Planning.The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Advance Directives and a Healthcare Power of Attorney can identify healthcare proxy decision-makers, specify wishes for end-of-life care, and provide a formal plan - [Changes to ABLE Accounts You Should Know](https://meredithpc.com/changes-to-able-accounts-you-should-know/) - If you have a loved one with disabilities, you may be familiar with “ABLE” accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. ABLE accounts are tax-advantaged savings accounts–similar to 529 education savings plans–whose funds can be used to pay for certain qualifying expenses of disabled individuals. As a result of - [When is probate necessary?](https://meredithpc.com/when-is-probate-necessary/) - Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person. Probate is governed by state - [What does a discretionary trust mean?](https://meredithpc.com/what-does-a-discretionary-trust-mean/) - Sometimes giving assets outright to a beneficiary – such a child, a grandchild or a special needs loved one – is not the ideal method of distributing assets in an estate plan. In such a scenario, a discretionary trust can be a good estate planning tool. Below is some basic information on discretionary trusts and - [What to do with the family heirlooms and keepsakes](https://meredithpc.com/what-to-do-with-the-family-heirlooms-and-keepsakes/) - When most people think of estate planning, they think of assets that include money, real estate, and personal property. But, included in someone’s estate could be invaluable personal property, such as family heirlooms or keepsakes. This type of property should not be overlooked in your estate plan just because it may not have a high - [When is “living probate” necessary?](https://meredithpc.com/when-is-living-probate-necessary/) - If you become incapacitated, who is going to take care of you? You will not be able to make medical decisions for yourself and you will not be able to manage your day-today affairs. If you do not have the appropriate estate plan in place, your family may be headed to the probate court long before you - [Just Like You Need a Medical Checkup, Your Estate Plan Needs a Checkup!](https://meredithpc.com/just-like-you-need-a-medical-checkup-your-estate-plan-needs-a-checkup/) - Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then getting one in place should be at the top of your to-do list. Why? Because without an estate plan, you - [Wondering Whether You Need to Update Your Estate Plan? Yes, You Do, and Here’s Why](https://meredithpc.com/wondering-whether-you-need-to-update-your-estate-plan-yes-you-do-and-heres-why/) - Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the KendricksMeet Bill and Karen Kendrick. They got their first estate - [Stress Test Your Estate Plan](https://meredithpc.com/stress-test-your-estate-plan/) - So you have done the hard work of establishing an estate plan. Good for you!However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. Estate plans should be like living, breathing creations that reflect the changes in your life. Your - [Estate Planning for Rental Property Owners](https://meredithpc.com/estate-planning-for-rental-property-owners/) - In all parts of the country, services such as Airbnb have grown in popularity over the past few years. Indeed, these alternatives to hotel stays are popular among homeowners and vacationers alike. If you have a home or other rental property that is generating income, you should understand the following asset protection and estate planning - [The Role of an Agent Under a Power of Attorney: A Primer](https://meredithpc.com/the-role-of-an-agent-under-a-power-of-attorney-a-primer/) - For most people, the phrase “power of attorney” means very little. Even for those educated on the subject, it is easy to forget exactly who serves what role and why. Whether you are unfamiliar with the concept or simply need of a refresher, keep reading to learn what it means to be an agent under - [HIPAA: An Overview for Young Adults](https://meredithpc.com/hipaa-an-overview-for-young-adults/) - The Federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted to provide guidelines to the healthcare industry for protecting patient information and privacy. For minors, this is a non-issue because parents, as legal guardians, have access to their children’s medical information and are the ones making most of the medical decisions, - [Happy 18th Birthday! Now What?](https://meredithpc.com/happy-18th-birthday-now-what/) - Congratulations! You are now considered a legal adult. Aside from purchasing alcohol, there is now very little you cannot legally do. Even though you may not feel any different, from a legal standpoint, a lot has changed. When you were a minor (under the age of 18), your parents were considered your legal guardians - [Kids Going Away To College? Why You Should Include Estate Planning in the Preparation](https://meredithpc.com/kids-going-away-to-college-why-you-should-include-estate-planning-in-the-preparation/) - You may have been running around for weeks, getting your new college student off to school. It's exhilarating, and your heart likely is bursting at the seams. You're probably prouder than words can express, but you’re also a little afraid, too. How can you make sure your kid is going to be safe at school, - [Informal Probate Can’t Be As Bad As Formal Probate, Right?](https://meredithpc.com/informal-probate-cant-be-as-bad-as-formal-probate-right/) - The loss of a loved one comes with many unexpected challenges. Losing a beloved relative or friend can be overwhelming, and the process of handling their affairs in the wake of such a loss only adds to the stress. Many families are eager to tie up loose ends and distribute the assets of the deceased. - [Sometimes, Two Heads Are Better Than One](https://meredithpc.com/sometimes-two-heads-are-better-than-one/) - We rely on our friends, family, and colleagues to help us through life’s challenges. These trusted individuals can also be incredibly important when setting up an estate plan. It is vital to appoint a fiduciary to act on your behalf. A fiduciary acts on your behalf, carrying out your wishes should you become incapacitated or - [Discretionary Trusts – How to Protect Your Beneficiaries From​ Bad Decisions and Outside Influences](https://meredithpc.com/discretionary-trusts-how-to-protect-your-beneficiaries-from​-bad-decisions-and-outside-influences/) - Although leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution, this scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What is - [Loan, Gift, or Advancement: Why the Classification Matters](https://meredithpc.com/loan-gift-or-advancement-why-the-classification-matters/) - If you are thinking about putting together an estate plan, it is important to consult with an attorney who is knowledgeable and experienced in this area of law. Your initial meeting with an estate planning attorney is a good opportunity to discuss your family’s financial situation as well as your concerns and goals. If you - [4 Tips for Avoiding a Will or Trust Contest](https://meredithpc.com/4-tips-for-avoiding-a-will-or-trust-contest/) - A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest. If you are concerned about challenges to your estate plan, consider the following: Do not attempt “do it - [The Harmonious Family that Won’t Fight? The Outcome May Surprise You](https://meredithpc.com/the-harmonious-family-that-wont-fight-the-outcome-may-surprise-you/) - Most families are happy families. They get together for the holidays, share laughs, and tell stories. Everyone gets along and enjoys each other’s company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings bubble to the surface, and the once-happy family is now embroiled in litigation over the decedent’s estate. - [Estate Planning Is More Than Just Death Planning](https://meredithpc.com/estate-planning-is-more-than-just-death-planning/) - Many believe that estate planning is simply instructions on how to distribute your assets when you pass away, but the reality is that proper estate planning can do much more. While one major benefit of estate planning is to provide for your family and friends when you are gone, there are many benefits for you - [Being Deployed? Here’s What You Need to Do](https://meredithpc.com/being-deployed-heres-what-you-need-to-do/) - You just received your orders, and you will be deployed shortly. No matter the time frame, there is still time to make sure your affairs are in order. 1.Review or prepare a Family Care PlanRegardless of the branch of the military in which you are serving, you may be required to complete a Family Care - [My Trust is Signed, No Probate for My Family, Right?](https://meredithpc.com/my-trust-is-signed-no-probate-for-my-family-right/) - Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s important - [What Could the SECURE Act Mean For You?](https://meredithpc.com/what-could-the-secure-act-mean-for-you/) - If you have kept up with current events, you know that there is real potential for change to your retirement accounts. The Senate is working to pass new legislation that would help seniors prepare for their golden years more efficiently. Better known as the SECURE Act, Setting Every Community Up for Retirement Enhancement seeks to - [Home DNA Tests - A Bump in Your Estate Plan](https://meredithpc.com/home-dna-tests-a-bump-in-your-estate-plan/) - Discovering your ancestry can be both fun and fascinating. At-home DNA tests have grown in popularity in recent years. Often given as a unique gift for loved ones, the kits reveal details about our individual and collective pasts. Unfortunately, these tests aren’t all fun and games. When a test reveals an unexpected relative or biological - [It’s Planning Season](https://meredithpc.com/its-planning-season/) - For each season, there is planning that you must do on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. - [Can I Refuse an Inheritance?](https://meredithpc.com/can-i-refuse-an-inheritance/) - Why would anyone want to refuse an inheritance? Although it is surprising to many, there are several circumstances when declining an inheritance can be beneficial. The law does permit you to refuse an inheritance if you comply with certain strict requirements. The legal term for a refusal of an inheritance is a “disclaimer,” which is - [The ABCs of RLTs](https://meredithpc.com/the-abcs-of-rlts/) - You may have heard of a revocable living trust (RLT), which is a commonly used estate planning solution. But what exactly are they, who is affected by them, how can they be changed, and what do they accomplish? What Are They? Trusts, which are legal entities that hold title to property for the - [Self-Care: 5 Ways to Show Yourself a Little Love](https://meredithpc.com/self-care-5-ways-to-show-yourself-a-little-love/) - Summer is over. The kids are back in school, and it’s time to take a deep breath and spend some time taking care of yourself before the holidays arrive. Everyone needs to take steps to relax and minimize the effects of life’s everyday stresses. Here are a few suggestions to get you started. Get a - [My Loved One Has Died - What Do I Do Now?](https://meredithpc.com/my-loved-one-has-died-what-do-i-do-now/) - When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss of - [New Year, New Estate Plan](https://meredithpc.com/new-year-new-estate-plan/) - Welcome to 2020! A new year is a time for optimism and new opportunities. It is a time to start fresh and make sure you are headed in the right direction. But making New Year’s resolutions is not enough: Take action now to ensure that you and your family or loved ones are prepared for - [Common Mistakes with DIY Estate Plans](https://meredithpc.com/common-mistakes-with-diy-estate-plans/) - The internet offers all the information and tools we need at our fingertips to create our own estate plan, right? For most people, this is simply not true. Several years ago, Consumer Reports®, an independent nonprofit consumer watchdog group, created wills using the forms provided by DIY websites and asked three law professors to review - [Importance of Properly Revoking Powers of Attorney](https://meredithpc.com/importance-of-properly-revoking-powers-of-attorney/) - It is very important to regularly review and update all of your estate planning documents. However, your financial power of attorney is one document that should be reexamined more frequently than others. Revisiting your financial power of attorney will help ensure that the person you have appointed (your agent) is still the person you want - [Missed a Required Minimum Distribution?: Here Is How to Fix It](https://meredithpc.com/missed-a-required-minimum-distribution-here-is-how-to-fix-it/) - The retirement years are supposed to be carefree—but what if you neglected to take the required minimum distribution (RMD) from one or more of your retirement accounts or took a distribution that was lower than required? This could be a costly mistake resulting in a tax penalty of 50% of the amount of the distribution - [Adopt-a-Dog Month - Love Them Today and Love Them Tomorrow with a Pet Trust](https://meredithpc.com/adopt-a-dog-month-love-them-today-and-love-them-tomorrow-with-a-pet-trust/) - There are 3.3 million dogs housed in animal shelters each year. You can celebrate Adopt-a-Dog Month this October by adopting a homeless dog, providing it with a home, and gaining years of joy and companionship. But whether you are planning to adopt a new pet or already have one (or several), it is important not - [Ethical Wills - Passing on Your Wisdom and Experience to the Next Generation](https://meredithpc.com/ethical-wills-passing-on-your-wisdom-and-experience-to-the-next-generation/) - Each person accumulates a wealth of knowledge, experiences, and values throughout the course of their life. Regardless of whether you are financially wealthy, you have a great deal to share with your loved ones. An ethical will, sometimes also called a legacy letter, is a great way to pass on the wisdom that you have - [National Adoption Month: Taking Care of Your New Family Member](https://meredithpc.com/national-adoption-month-taking-care-of-your-new-family-member/) - November is National Adoption Month, which is aimed at raising awareness about adoption and the children who need permanent, loving homes. Thousands of children are adopted each year, bringing much joy to their adoptive families. If you are in the process of adopting or have recently adopted a child, it is a great time to - [Planning for Stepchildren and Step-Grandchildren](https://meredithpc.com/planning-for-stepchildren-and-step-grandchildren/) - The structure of families has changed in the United States: According to statistics cited by the Pew Research Center, six out of ten women who remarry are in blended families, and in about half of those remarriages, stepchildren live with the remarried couple. If you or your grown children are part of a blended family, - [Who’s On Your Team?](https://meredithpc.com/whos-on-your-team/) - Estate planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so (i) you can be taken care of during times when you are unable to care for yourself, and (ii) your money and property are distributed to the individuals you have selected - [Estate Planning is Like Building a Snowman](https://meredithpc.com/estate-planning-is-like-building-a-snowman/) - A complete estate plan must include certain essential parts. In fact, it is similar to building a snowman in some respects. The traditional snowman has several critical components: bottom, middle, and top snowballs, as well as “arms” and a “ face.” If any of these are left out, the snowman can look a little odd! - [How to Own Your Real Estate](https://meredithpc.com/how-to-own-your-real-estate/) - Real estate is more than just your primary residence. It can include other real estate such as a vacation home or a rental property. Depending upon the type of real estate you own, the ideal form of ownership can vary. Below, we take a look at the different types of real estate and make suggestions - [Why Title Matters](https://meredithpc.com/why-title-matters/) - Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen - [The SECURE Act: How Does It Affect Your Retirement Accounts?](https://meredithpc.com/the-secure-act-how-does-it-affect-your-retirement-accounts/) - On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective on January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. It will have a positive impact for many older Americans but could have negative tax consequences for many - [529 Plans - What You Need to Know](https://meredithpc.com/529-plans-what-you-need-to-know/) - According to U.S. News and World Report, for the 2019-2020 school year, the average cost of tuition and fees is $10,116 at an in-state public university and $36,801 at a private university. This does not even include housing, books, and meal plans, which typically add thousands of dollars to the cost. There are many ways - [Important Estate Planning Considerations for LGBTQ Couples](https://meredithpc.com/important-estate-planning-considerations-for-lgbtq-couples/) - Everyone needs estate planning. Regardless of your age, race, gender, or sexual orientation, properly protecting your future and your loved ones requires a plan. For LGBTQ couples, there are a few things you should consider when thinking about crafting an estate plan. Each couple is unique, and it is our goal to ensure that your - [Important Things Your Agent Under a Medical Power of Attorney Needs to Know](https://meredithpc.com/important-things-your-agent-under-a-medical-power-of-attorney-needs-to-know/) - Even if you are currently the picture of good health, you may suddenly become too ill to make healthcare decisions for yourself or become unconscious after an accident, needing someone to stand in your shoes to make those decisions for you. A medical power of attorney is a crucial part of your estate plan that - [Productivity Tips for the New Year](https://meredithpc.com/productivity-tips-for-the-new-year/) - Are you feeling bogged down in a swamp of clutter, deadlines, and incomplete tasks? As we draw closer to the end of the year, make it your goal to do a few simple things over the course of a day or two that will result in increased productivity and peace of mind for 2020. Clean - [Effect of Bankruptcy on Estate Planning](https://meredithpc.com/effect-of-bankruptcy-on-estate-planning/) - Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings have declined as the economy has improved, but there were still a whopping 969,397 bankruptcy filings during the period from June 30, 2018 to September 30, 2019. What happens to your - [What Impact Does the Citizenship of My Spouse Have On My Estate?](https://meredithpc.com/what-impact-does-the-citizenship-of-my-spouse-have-on-my-estate/) - According to the Pew Research Center, in 2017, there were 44.4 million foreign-born people living in the United States, 55% of whom were non-citizens. As a result, there are many occasions when a non-citizen may be the beneficiary of the estate of a U.S. citizen, for example, if the non-citizen immigrant married a U.S. citizen. - [Is a Handwritten Will Effective?](https://meredithpc.com/is-a-handwritten-will-effective/) - After the 2018 passing of the legendary singer Aretha Franklin, her family and lawyer initially thought she had died without a will. But earlier this year, three handwritten wills—two from 2010 that were locked in a cabinet and one from 2014 that was hidden under a couch cushion—were found in Franklin’s home in Detroit. Franklin’s - [Estate Planning Awareness Week: The Importance to You and Your Family of Having an Estate Plan](https://meredithpc.com/estate-planning-awareness-week-the-importance-to-you-and-your-family-of-having-an-estate-plan/) - In 2008, Congress recognized the need for the public to understand the importance and benefits of estate planning by passing House Resolution 1499, which designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not - [Myths We Tell Ourselves About Estate Planning](https://meredithpc.com/myths-we-tell-ourselves-about-estate-planning/) - Estate planning can be a very difficult process. While it’s not brain surgery, making the decision to move forward with the planning requires us to face the fact that we will not live forever. This thought can stop many people right in their tracks. Others talk themselves out of seeing a qualified attorney to put - [Planning for Your Automobile](https://meredithpc.com/planning-for-your-automobile/) - Have you considered what will happen to your car when you pass away? In 2019, it is projected that there will be 281.3 million registered vehicles in the United States. Your car is a valuable asset—as well as a potential source of liability—that you should consider in your estate plan. Cars can be owned or - [Funeral Planning: How a Remembrance and Services Memorandum Can Help](https://meredithpc.com/funeral-planning-how-a-remembrance-and-services-memorandum-can-help/) - No one enjoys thinking about their own funeral, but making those arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. More and more people are including funeral planning as part of their estate plan, sparing their grieving families from having to make hasty arrangements during - [Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them](https://meredithpc.com/three-estate-planning-mistakes-farmers-and-ranchers-make-and-how-to-avoid-them/) - Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting ## Pages - [(no title)](https://meredithpc.com/) - Legal services for asset protection, estate planning, charitable planning, special needs planning and estate tax planning. - [NewsletterV2WC](https://meredithpc.com/newsletterv2wc/) - Wealth Client Newsletters Signup for a Newsletter 2026 Newsletter Archive Date Wealth Client July 2026 Life Transitions That Can "Break" Estate Plans June 2026 Dementia and the Law: What Families Need to Know May 2026 A Hidden Challenge: How Clutter Can Affect Your Estate April 2026 Long-Term Care Planning: The Missing Link in a - [NewsletterV2](https://meredithpc.com/newsletterv2/) - View our monthly Current Client and Advisor Newsletters covering all aspects of Estate Planning. Search our extensive archive of Newsletters since 2019. - [NewsletterV2WA](https://meredithpc.com/newsletterv2wa/) - Wealth Advisor Newsletters Signup for a Newsletter 2026 Newsletter Archive Date Wealth Advisor July 2026 Client Life Transitions That Require Estate Planning Intervention June 2026 Navigating the Long Goodbye: A 3-Part Strategy for Managing Clients With Dementia May 2026 Hidden in the Home: Don't Overlook This Estate Planning Risk April 2026 Facilitating Meaningful Conversations on - [Newsletter Signup](https://meredithpc.com/newsletter-signup/) - Newsletter SignUp - [Newsletter Signup](https://meredithpc.com/newsletter-signup-1/) - Newsletter Signup - [Randy Meredith](https://meredithpc.com/randy/) - 123 - [About](https://meredithpc.com/about/) - About Jason D. Meredith Attorney at Law Texas Board Certified in Estate Planning and Probate Law Sydney R. Dodson Atttorney at Law Request A Complimentary Consultation - [Google Contact](https://meredithpc.com/contact/) - Contact Us We Help Provide Peace of Mind - [Contact Us](https://meredithpc.com/contact-1/) - Contact Us Contact Us We Help Provide Peace of Mind - [Our Team](https://meredithpc.com/about-2-1/) - Meet the Meredith PC Team Jason Meredith Attorney at Law Christine Fortier Paralegal Terri Kofoed Legal Assistant Chloe McCown Legal Assistant Request a Consultation Start your Estate Planning today with a complimentary consultation. Please call or complete the Request a Complimentary Consultation form and we will give you a call to schedule. Consultation Form - [Google About](https://meredithpc.com/about-2/) - About Jason D. Meredith Attorney at Law Texas Board Certified in Estate Planning and Probate Law Sydney R. Dodson Atttorney at Law Christine Fortier Andrea Meredith Request A Complimentary Consultation - [For Professional Advisors](https://meredithpc.com/for-professional-advisors/) - Professional Advisors At MEREDITH PC, we work closely with other professional advisors, including Financial Advisors, investment advisors, financial consultants, insurance professionals, Certified Public Accountants, and tax advisors as part of the estate planning team. We believe the team approach provides our mutual clients with the most comprehensive, realistic and effective estate plans. Our Approach Our - [Becoming a Client](https://meredithpc.com/becoming-a-client/) - Becoming a Client Understanding the Three P's of Estate Planning #1 - People Who are the important people in your life? Beginning with yourself, they also likely include your loved ones: your spouse if you are married, children and grandchildren if you have any, perhaps your parents, siblings or other relatives. Beyond these, however, "Important - [Estate Tax Planning](https://meredithpc.com/estate-tax-planning/) - Estate Tax Planning Much has been said and written about tax policy over the last couple of decades. The public discussion has been confusing and difficult to follow, and it has proven to be impossible to predict! Congress actually worked in an unusual session over its 2012-2013 New Year Holiday to pass the "American Taxpayer - [Special Needs](https://meredithpc.com/special-needs/) - Special Needs Planning Special needs estate planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care - [Contact](https://meredithpc.com/contact-2/) - Contact Us We Help Provide Peace of Mind - [Do It Yourself](https://meredithpc.com/diy/) - Do It Yourself MEREDITH PC no longer offers this service. Please contact our office for more information . - [CTA](https://meredithpc.com/cta/) - URGENT - CTA Reporting Requirements for 2024 Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to - [CTA-2024](https://meredithpc.com/cta2024/) - URGENT - CTA Reporting Requirements for 2024 Creating a business entity is a common strategy in estate planning. However, because of the enactment of a new law called the Corporate Transparency Act (CTA), you may be required to submit certain information that was not previously required about a business entity and any individuals identified by - [Estate Planning Fundamentals ​](https://meredithpc.com/334-2/) - Estate Planning involves many strategies including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents. - [Asset Protection](https://meredithpc.com/asset-protection/) - Asset Protection planning involves making prudent decisions today to protect yourself, your business, and your hard-earned assets from loss due to lawsuits. - [
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Jason excels in guiding his clients - [How Our Law Firm is Different](https://meredithpc.com/how-our-law-firm-is-different/) - How Our Law Firm is Different We Help You Prepare For Life What makes our firm different is that we are not here just to create a set of documents you will likely never update or look at again. 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Some charitable giving strategies also save capital gains taxes, increase income, and provide you, or whomever - [PC Blog Post Page](https://meredithpc.com/pc-blog-post-page/) - [Probate and Estate Administration](https://meredithpc.com/probate-and-estate-administration/) - Probate and Estate Administration Probate and estate administration are the processes through which estate assets are transferred after death. When probate avoidance planning has not been implemented prior to death, the State will require a probate court proceeding if the deceased was a resident or owned assets in the State. 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