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Wills and trusts the two most common tools used in estate planning to ensure your assets are distributed according to your wishes. While both serve the fundamental purpose of passing on wealth and protecting your loved ones, these documents function in different ways and offer distinct advantages. Understanding the key differences—such as probate avoidance, privacy, […]
Procrastination vs. Preparation: The Financial and Emotional Costs of Putting Off Estate Planning
People put off estate planning for many different reasons. Some may not want to think about the inevitable future of getting older and passing away. But for most people, it is just plain old procrastination. When it comes to estate planning, the consequences of procrastination can be severe, potentially leading to unintended outcomes, legal disputes, […]
How To Make An Estate Plan For Couples In Second (Or Third) Marriages
In the U.S., four out of ten marriages involve at least one person who has been married before. Second (or third) marriages come with unique challenges, mainly concerning finances and blended families. Estate planning for couples in second (or third!) marriages requires additional planning to protect your spouse and your family from unintended consequences, such […]
How to Determine Mental Capacity for a Will or Estate Plan?
Estate planning is one of the most important steps you can take to protect your legacy and provide for your loved ones. Yet, far too often, people delay creating or updating their estate plans until they are well into their later years. While it’s never too late to plan, waiting too long can lead to […]
Can I Leave Money to My Church When I Die?
As the season of giving approaches, many people reflect on how they can make a lasting impact on the causes that matter most to them. For some, this includes leaving a gift to their church or a cherished organization as part of their estate planning. Thoughtful planning allows you to extend the spirit of generosity […]
Should I Transfer My House To My Child While I Am Still Alive?
When creating an estate plan, many clients ask whether transferring their property to their children while they’re still alive is a smart decision. The answer is “it depends.” Making this transfer can have lasting impacts—both positive and negative—on family dynamics, finances, and estate planning. So, without further ado, let’s dive into the pros and cons […]
Does a Living Trust Protect Assets from a Nursing Home in Rhode Island?
Nursing homes are really expensive and it is no wonder people are terrified about how to pay for long term care. The fear is not misplaced. The average nursing home will cost you about $10,000 per month. The average nursing home stay is 18 months. For the majority of Americans, this will quickly drain your […]
How NOT to Work with an Estate Planning Attorney: The Halloween Edition
Estate planning may not seem like a Halloween horror story, but ignoring the essentials can haunt you later. Working effectively with your attorney is key to keeping the skeletons out of your financial closet and protecting your loved ones. Here are some frightening mistakes you should avoid when working with your estate planning attorney: 1. […]
How Can I Split Assets Among My Children In My Estate Plan So They Don’t Fight?
Nobody likes to think about what will happen after they’re gone, but planning ahead can save your family a lot of heartache. One of the biggest concerns for parents is making sure their children don’t end up fighting over inheritance. Money and possessions can bring out strong emotions, and even the closest siblings can find […]
Everything You Need To Know About Setting Up An Educational Trust For Your Grandchildren
We all want the best for our grandkids. Americans are often in a better financial position later in life to help our youth finance their education. Wouldn’t it be amazing to send the grandkids off to college with a suitcase full of cash? However, most of us need to take a smarter approach. That’s where […]