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Estate Planning and Elder Law Blog

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Category: Estate Planning

Estate planning services refer to the process of managing and distributing one's assets and properties after their death, in a way that ensures the smooth transfer of wealth to the intended beneficiaries while minimizing taxes and other expenses. Estate planning services may include drafting legal documents such as wills, trusts, and powers of attorney, as well as providing guidance and advice on strategies for asset protection and wealth transfer. These services may be provided by lawyers, financial advisors, or other professionals with expertise in estate planning. Effective estate planning can help individuals achieve their long-term financial goals and provide peace of mind for themselves and their loved ones.

Eddie Van Halen left money to a foundation

Should a Husband and Wife have Joint Trusts ?

Posted on: December 18, 2020 | By: David Parker, Esq.
In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
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Estate Planning and divorce

How Do You Stop Family Disputes Over an Inheritance?

Posted on: December 9, 2020 | By: David Parker, Esq.
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
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What does the surviving spouse get?

Survivor Benefits - When a Husband Dies, Does the Wife Get His Social Security?

Posted on: December 8, 2020 | By: David Parker, Esq.
Social Security is a huge source of financial stability for retirees, and married couples, in particular, can benefit dramatically from Social Security.
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What Is a GRIT and Should It Be Used in an Estate Plan?

Posted on: November 25, 2020 | By: David Parker, Esq.
Trusts can be useful in estate planning for passing on assets to your heirs. A grantor retained income trust (GRIT) is a specific type of trust that allows you to transfer assets, while still benefiting from the income they generate.
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How does Portability work?

The Biggest Mistake in Trusts: Funding the Trust

Posted on: November 24, 2020 | By: David Parker, Esq.
Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.
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What Happened to Phil Spector

How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?

Posted on: November 23, 2020 | By: David Parker, Esq.
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
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Unmarried Couples and estate planning

Do You Need to Name a Guardian for Your Children in the Will?

Posted on: November 19, 2020 | By: David Parker, Esq.
Why naming a guardian for your child is important.
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Unmarried Couples and estate planning

What are the Responsibilities of a Trustee ?

Posted on: November 16, 2020 | By: David Parker, Esq.
A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.
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Estate Administration - What to do?

Estate Administration - Act Quickly to Protect an Estate

Posted on: November 9, 2020 | By: David Parker, Esq.
When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.
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A pet trust can care for your pets after your death

Can I Leave My Pets Some of My Estate?

Posted on: November 5, 2020 | By: David Parker, Esq.
In addition to writing wills, Minnesotans are now setting up trusts to care for pets, ranging from dogs and horses to parrots and raccoons.
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