The state makes the decisions on where your assets should go. If it is determined that if you do not leave a will or an estate plan, then probate takes over with a key focus on debts and what gets paid first, according to The Balance in “Dealing with Debts and Mortgages in Probate.” It would most likely be a […]
Continue reading…Own a Business? What about Succession Plan?
It is a good idea to have a plan, just in case you do retire. Many business owners have worked for years to build up their business and don’t have any intention of retiring. However, that day is likely to come and it would be wise to have a succession plan, according to The Gardner News in “Do […]
Continue reading…Learn about RMDs before You Begin Withdrawals
RMDs are legally required and it is best to study up on them, because taxes can be 50%. Required minimum distributions are not always a common name to retirees but they should be, according to Forbes in “5 Things to Know About RMDs.” The withdrawals are legally required and you have to take them, despite the fact they can […]
Continue reading…There are Many Reasons to Have a Will
Prince did not leave a will and many, many relatives showed up to stake a claim. Not having a will can create some difficult situations for your loved ones and some of them are not expected, according to Arizona Central in “Here’s why you don’t want to die without leaving a will.” For example, in Arizona, an estate creditor […]
Continue reading…Social Security Myths Can Create Problems
More than half of seniors file early for benefits. Some people may find it necessary to file for Social Security because of circumstances, such as a job loss. However, it is really important to make sure you are making your decisions on facts rather then myths, according to the Washington Post in “Don’t believe these Social Security myths.” […]
Continue reading…Don’t Forget Digital Assets, when Estate Planning
You can direct what happens to those digital assets, even if it means destroying them. Almost everyone has digital assets in today’s world and it is important to protect access to them in your estate plan, according to the Valdosta Daily Times in “Preparing an estate strategy for digital assets.” Digital assets include information on phones and computers, […]
Continue reading…Three Documents You Really Should Have
Who do you want to be responsible for your well-being? A will, power of attorney and health care power of attorney are the key building blocks of your estate plan, according to the Traverse City Record Eagle in “Simple steps to peace of mind.” If you die without a will, your state has a plan in place for […]
Continue reading…ESTATE PLANNING AND THE NEW PARENT by Attorney Erin L. Shea, Esq.
I’m a “new” mother. I have a 2 ½ year old son and 8 month old twin daughters. Each and every day, I worry and plan for what seems like a million different scenarios. Did I remember to order more baby wipes? What will I prepare for my son’s lunch and back-up lunch (he’s a […]
Continue reading…Graduation Over? Time to Consider Legal Documents
You can no longer make medical or financial decisions for your children without proper paperwork. It is wonderful to bring up the children, make sure they are educated and see that 18th birthday come along. However, it is important to recognize that many things change from a legal standpoint, according to grbj.com in “Give your graduate the gift of […]
Continue reading…Thinking Retirement? Start with a Will
Sometimes even having a will is not enough. Most people do not want their finances released to the public. However, if they are not careful with their estate plan, their financial world will become an open book, according to the Robb Report in “Rest in Wealth: The Ins and Outs of Estate Planning.” An example in the article […]
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