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Do your parents have an estate plan? Is it up to date? No matter how much you think you and your parents do or don't have, especially in the wake of the COVID-19 pandemic, you need to be asking these and several other questions. When your parents become incapacitated or die, their affairs will become your responsibility, and it will be impossible to ask them to clarify anything. So, if you don't know whether or not they have estate planning in place that will help you best support them, let us help you figure it out! 

The Best-Case Scenario 

In a best-case scenario, your parents have an updated estate plan, and they’ve walked you through it. They have provided an inventory of their assets that’s easy for you to find listing out everything they own, how it’s titled, and who it should go to and how. Ideally, it also includes directions on how to handle their non-monetary assets, and an audio recording or written stories that pass on their values,...

Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated.

Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law.

No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your estate plan annually to make sure it continues to work best for you and your family. 

Additionally, there are several common life events that make updating your plan more important than ever to ensure you keep your loved ones out of court and out of conflict. Here's a quick guide to know when it's time to call and update your planning. 

1) You get married: Marriage not only changes your relationship status; it changes your legal status. Regardless of...

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund - or trust - is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money.

Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

And why would you want to keep your family out of court (known as avoiding probate)?

Perhaps you’d like to keep private the details of the assets you are leaving your heirs. Leaving assets via a will (that must go through probate to go into effect) makes your estate a matter of public record. A trust is a private document and distributes assets upon your death without the need for probate, which can tie up assets for a long period of time in court....

If you love crime documentaries and shows like 20/20 or Dateline as much as I do, then you probably remember this story in the headlines. In undergrad I dual majored in both pre-law and psychology. These types of stories fascinate me when it comes to the psychology of things like cults and how they play on a person's weakness - often to feel a place of belonging and inclusion when they have experienced loss. Though most of us are not dealing with this level of wealth, the amount of money is really irrelevant to the end message. However much you have worked to build and save, you intend to pass that on to your heirs, and the lessons of asset protection remain the same. Read below as I walk through an example of extreme wealth and one of modest inheritance and how a Lifetime Asset Protection Trust could have avoided loss of inheritance in both scenarios. 

Cults? Really??

When you create your estate plan, the idea that one of your adult children would ever use their...