Last week, we discussed how certain assets can bypass the probate process. I wanted to follow up on that post because bypassing probate by adding co-owners to accounts, or “payable on death” designations, can certainly accomplish that goal. However, doing so may expose your current assets, or a beneficiary’s inheritance, to certain outside forces that could wipe out those assets.
Read MoreBased on experience, “probate” can be a dirty word. Poor communication, seemingly burdensome court procedures, and domineering executors are but a few reasons why so many have such desire to avoid the process altogether.
Read MoreCollege-age students returning home for the holidays is as guaranteed as death and taxes. In recent weeks, one parent of these returning “marauders” (his word, not mine) asked about whether his son needed to have an estate plan put in place before returning to school
Read MoreSome years ago, I was meeting with a client and the conversation quickly (and often) turned to questions this person had about what present rights he may have, or have, related to his father’s estate plan. This person shared his father came from a generation that did not talk about of money matters with anyone, especially children
Read MoreEarlier this year, nearly the entire House of Representatives passed the “Setting Every Community Up for Retirement Enhancement Act,” more commonly known the SECURE Act. One of the goals the SECURE Act is to encourage and make it easier for more Americans to set aside personal savings, particularly through employer-established 401(k) accounts.
Read MoreThe law, while not new, remains highly relevant for those individuals and families who are creating and expanding their digital footprint. Tennessee law provides guidelines for who can administer another's digital assets in the event of the owner's incapacity or death.
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