What if you don’t like a beneficiary’s spending habits?
Slater Law Office Blog
by kreed
1w ago
One potential problem you could run into when drafting your estate plan is that you think some of your money is going to be wasted by the beneficiaries. Perhaps you have a specific beneficiary who has problematic spending habits. They are constantly accumulating debt or spending money on things that they don’t need. You would prefer that they use your money for necessary purchases. Maybe you want the beneficiaries to use their inheritance to retire, to buy a family home, to start a business or to go to college. You want to ensure that the beneficiaries don’t waste the money that you have spent ..read more
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What is the “Great Wealth Transfer?”
Slater Law Office Blog
by wreedcontentcustoms
1M ago
The Great Wealth Transfer is the unofficial name given to the shifting of assets from one generation to the next. We are currently at the point in the United States where the biggest wealth transfer of all time is about to take place. In the next two decades, $84 trillion dollars will move from Baby Boomers to their descendants. Most of their children are Millennials, but they may also leave assets to grandchildren who are in Gen Z or Gen Alpha.  What does this mean for estate planning? There are many different areas to address with estate planning when it comes to the Great Wealth Transf ..read more
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3 common estate planning mistakes
Slater Law Office Blog
by lbaxtercontentcustoms
2M ago
A slight mistake when planning an estate can create huge problems for family members and loved ones. Even a slight issue with an estate plan could lead to asset distribution delays, major taxes and disputes. Do not let a simple estate planning mistake create issues for your family and loved ones. Here are a few things to avoid: Naming only one beneficiary While you may have a special person in mind that you wish to name as a beneficiary, naming only one beneficiary could lead to issues. If only one person was named as beneficiary and they are no longer alive to receive benefits, then assets ma ..read more
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Choosing the right person to be your medical agent
Slater Law Office Blog
by jrichcontentcustoms
3M ago
For many people, an important part of estate planning is setting up powers of attorney (POAs). An example of this is a medical POA, which involves potential future medical decisions. You set up the medical POA and name someone to act as your agent, If you’re incapacitated and unable to speak for yourself, then the agent you name is legally authorized to communicate with your medical team and advocate for your wishes as detailed in your advance directive. So how do you find the right person to fill this important role? Here are some things to consider: They should live nearby Start off by consi ..read more
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When should you review your estate plan?
Slater Law Office Blog
by gturnercontentcustoms
3M ago
Planning for the distribution of your assets and managing your affairs after your passing is a crucial aspect of financial planning. After creating it, you must review your estate plan and update it when your life or situation changes in certain ways. Life is dynamic, and significant milestones or changes may require you to update your estate plan. Events such as marriage, divorce, the birth or adoption of children or the death of a spouse or beneficiary should prompt a reassessment of your plan. Additionally, changes in your financial situation, such as receiving a substantial inheritance or ..read more
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The estate planning tool you may not realize is right for you
Slater Law Office Blog
by msmithcontentcustoms
4M ago
One of the biggest misconceptions around estate planning is that unless you’re a multimillionaire, you don’t need anything more than a will. Living trusts, in particular, are often viewed as something that only very wealthy people need. In fact, a revocable living trust can benefit just about anyone who has assets they want to easily pass on to beneficiaries without the time and red tape (not to mention lack of privacy) that goes along with probate. Further, they don’t have to be difficult to set up and maintain if you have experienced estate planning guidance. You can designate beneficiaries ..read more
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The potential benefits of funding a charitable trust
Slater Law Office Blog
by lbaxtercontentcustoms
4M ago
Funding a charitable trust is a sophisticated estate planning strategy that offers a multitude of benefits, both for a donor and the community at large. By allocating assets to a charitable trust, individuals can achieve their philanthropic goals while enjoying financial and tax advantages.  If you are interested in funding a charitable trust, know that this approach can both help to ensure that your legacy has a lasting impact and also provide you with strategic benefits during your lifetime.  Tax benefits One of the most immediate benefits of funding a charitable trust is the poten ..read more
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Have most people already made their estate plans?
Slater Law Office Blog
by lbaxtercontentcustoms
5M ago
Do you ever feel others have their lives so much more organized than you? That they’ve taken care of the things that responsible adults are meant to, and it’s only you that hasn’t. If so, you’ll be delighted to learn most people do not have an estate plan. According to a Caring.com survey, only a third of U.S. adults have one – even though it’s one of the things that every responsible adult should have in place. Don’t treat that as an excuse to delay making yours further. Use it as an incentive to get one step ahead while taking care of yourself and your loved ones in the process. Why don’t pe ..read more
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Avoiding 3 common pitfalls when trust planning
Slater Law Office Blog
by gturnercontentcustoms
5M ago
Once used almost exclusively by the ultra-wealthy, trusts have become increasingly popular estate planning tools for people of relatively modest means – and for good reason. Trusts can safeguard assets, minimize estate taxes and make it easier to transfer wealth to the next generation. If you’re considering a trust (or already intent on creating one), it’s important to avoid some common mistakes, including the following. Procrastination in trust planning This may be the biggest issue to avoid in any estate planning situation. Certain trusts, especially those designed to help with Medicaid plan ..read more
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3 steps for handling debts during Indiana probate proceedings
Slater Law Office Blog
by gturnercontentcustoms
5M ago
Proper estate administration requires adherence to testamentary documents and state law. The personal representative overseeing the probate process must file tax returns and pay someone’s debts during the probate proceedings. Carefully following probate rules is very important during that process, as representatives can sometimes become personally responsible for debts if they do not handle estate obligations appropriately. What steps does someone typically need to take to avoid personal liability for the debts of an Indiana estate? Find and disclose key records to the court A personal represe ..read more
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