Creating an estate plan is an important step toward protecting your assets and providing for your loved ones. But even a carefully designed plan can fall short if you overlook certain details. Whether you’re developing an estate plan for the first time or reviewing an existing one, avoid these five…
Estate planning can take on added significance when a child, spouse or other loved one has a disability. Leaving assets directly to that person, even with the best intentions, could interfere with his or her eligibility for certain means-tested government benefits. A special needs trust (SNT), sometimes called a “supplemental…
The death of a spouse brings significant personal and financial changes, including important tax considerations. One question surviving spouses face is how to file their federal income tax returns for the year of death. In many cases, a surviving spouse can file a joint return with the deceased spouse for…
According to a 2026 Worldmetrics report, there are between 14.5 and 15 million single-parent households in the United States. If your family falls into this category, it’s critical that your estate plan: Appoints a guardian. Your plan must designate a suitable, willing guardian to care for your children if the…
When a loved one passes away, settling his or her financial affairs can be an emotional and complex task. One legal process that often comes into play is probate. Understanding how probate works — and implementing strategies to minimize or avoid it — can help you protect your assets and…
Many parents assume an estate plan is only necessary for older adults or those with substantial wealth. However, once your child turns 18, he or she legally becomes an adult, and that change can create unexpected complications for your family. Without basic estate planning documents in place, you may be…
What’s the meaning of that estate planning term? Estate planning can be overwhelming. One reason is that it has a language all its own. While you may be familiar with common terms such as “will” or “executor/personal representative,” you may not be as certain about others. This uncertainty can make it…
For many people, creating an estate plan falls into the category of important but not urgent. As a result, it can get postponed indefinitely. If you find yourself in this situation, understanding the reasons behind this procrastination can help you recognize and overcome the barriers that are preventing you from…
Many people think of estate planning as a “one-and-done” task — something you complete and file away. But an estate plan should evolve as your life and finances and relevant laws change. An outdated plan can create confusion, unintended tax consequences or outcomes that no longer reflect your wishes. The…
