How Do I Know if I Need a Will or a Revocable Trust?
Many people assume that Revocable Living Trusts are just for wealthy people. However, the benefits that they can offer to someone with even minimal wealth are significant.
One of the more common questions for estate planning attorneys is asked and addressed in an article from thebalance.com, “Will or Revocable Living Trust—Which Do You Need?” It’s a good question because many people don’t understand how important having a will is, even if you don’t have a large amount of property. The following are some factors to consider, when speaking with your estate planning attorney about wills and different types...
Family Farm Succession Planning Needs Time and Goals
“The succession-planning process is complex and lengthy. To keep your eye on the ball and meet your goals, your family must meet regularly to foster good communication and trust.”
The future for a farm family depends on family meetings that involve all stakeholders. The likelihood of success is bolstered by meeting in a neutral location, holding short meetings on a regular basis and setting clear goals, according to AgWeb.com’s article “Family Meeting Fundamentals.”
Families who want to hold one meeting a year that covers every single aspect of the succession plan, end up with a room full of...
Funding Assets is Often the Missed Step in Estate Planning
“Many times, people spend a great deal of time, energy and money creating an estate plan. However, the plan does not work, because their assets are not funded properly.”
Funding assets is a critical step in the estate planning process that is very frequently forgotten, as reported in The Farmer’s article “Funding assets to your estate plan.”
Funding is the process of titling assets, so that the estate plan and the assets are aligned. Each estate plan is different. However, the funding process includes tasks such as changing ownership on accounts, establishing beneficiary designations and transfer on death...
What Should I Do with My Stuff?
“As baby boomers age, many are planning to downsize into smaller homes. However, preparing to live in a smaller space brings up a challenge: how do you get rid of all the stuff you’ve accumulated through the years.”
Maybe you always thought one of your daughters would want the silverware that you were so proud to inherit from your own mother. However, today’s millennials are not very interested in their parent’s stuff, even when it has market value. According to The Wall Street Journal’s recent article “Baby Boomers Are Downsizing and There’s A Problem: What To Do With...
Teacher Leaves Gift for Students
A New Jersey teacher left a surprisingly large gift for students in her Will with the intent of helping to pay for college.
Genevieve Via Cava taught for years as a special education teacher in Bergen County, New Jersey. She was not a particularly well-known person outside of those she taught. However, she was apparently a very frugal person and was able to amass a small fortune by saving as much money as she could and foregoing treats for herself. A longtime friend said that Via Cava even refused to get needed hearing aids because of the expense.
Via Cava...