If you look around your home, you can probably find a lot of items that are precious to you that your kids would prefer not to receive as part of their inheritances.
One of the smaller but significant mistakes in estate planning is when parents make assumptions about what items of personal property their children might like to inherit. For example, a parent might have collectible plates that have been purchased through the years, but the children might not have any interest in them.
Why? Perhaps many other people have the same plates, making the plates not worth very much...
Actor John Mahoney recently passed away while in hospice care. He left behind an estate that is worth millions, with many possible heirs.
Actor John Mahoney had a long and distinguished career as an actor in a variety of roles. He was best known for his award-winning work on the TV show Frasier, in which he played the main character’s elderly father.
He passed away recently at a hospice, while suffering from a variety of illnesses. Friends, former co-workers and fans have shown an immense amount of grief over the loss.
One friend recently petitioned a court to open a...
One of the most important things that you need to know if you have a will, is when to review and make changes.
It is likely that you will experience many changes in your life throughout your adult years. Those changes will not only be personal, such as getting married and having children, but also financial, such as getting a promotion or changing jobs for greater income. The various changes in your life make it likely that you will want to adjust how you distribute your estate.
Your life can look radically different at age 70 compared to when you...
Estate planning for assets that are unique, such as antiques, artwork or collectibles requires special attention and care.
When planning for your estate it is important to know the value of your assets. That way you can make sure everything is distributed between your family members in the proportions you want.
The value is easy to determine for financial accounts. It is also easy for things that are routinely bought and sold in open markets such as cars. However, there are many other items in your estate that are more difficult to value.
Artwork, for example, normally does not receive...
Even if the recent tax law changes do not change the impact of the estate tax on your estate, there are other reasons to review your estate plan now.
Much of the estate planning talk about the recent large tax law changes has focused on the implications of the changes to the estate tax and the possibility of their rollback in a few years. Families that might be affected by those changes, are being advised to revisit their estate plans.
Unfortunately, the focus on that single issue might make people not affected by the estate tax think they have no...