Some common myths about doing your own Estate Plan. MYTH: I have chosen a godparent for my children, so it is not necessary for me to nominate a legal guardian for them in case something happens to me. FACT: Traditionally, the role of a godparent is to faithfully assist the godchildren in leading a spiritual and moral life. It is not a nomination or appointment to become the child's … [Read more...]
Adding Children to Title of Real Property
Adding Children to Title of Real Property or Other Significant Assets May Create Problems People often have their own ideas of the easiest way to pass on their homes or other property to their children when they pass away. Later on, they may seek the services of an attorney to help them prepare a more comprehensive estate plan, such as a Revocable Living Trust. It is not that unusual for … [Read more...]
How to Make Tax Free Gifts
Most gifts of money or valuable assets to another are considered by the IRS to be taxable to the person making the gift. Exceptions Under current IRS rules there are four ways to make tax free gifts that are not taxable to the person making the gift: Annual gifts capped at $14,000 (indexed for inflation) Lifetime gift exclusion ($5.45 million in 2016 indexed for inflation) Payments … [Read more...]
Five Reasons to Update Your Estate Plan
Important Reasons to Review and Update Your Estate Plan Let’s assume you are among the approximately 30% of adults who have done the prudent thing and established your Estate Plan. Perhaps you simply created a Will. Have you had it professionally reviewed in recent years? Make sure your plan is still the most suitable for your current estate and goals? Alternatively, do you have a Living … [Read more...]
Common Questions Regarding Trusts and Second Marriages
Basic Questions on Trusts and Second Marriages Written by: Greg Reese, President & CEO, AmeriEstate Legal Plan, Inc. Questions: Are you in a second marriage, did you have children from the first? What happens when your spouse has children that you’ve grown fond of? How do you treat children from a prior marriage versus the children in a current … [Read more...]
Estate Planning Is a Process and Not a Destination
At AmeriEstate Legal Plan, we like to emphasize to our members seeking estate planning, is that estate planning is exactly that: “planning.” The plan changes over time. One thing our provider attorneys try to emphasize with our member clients is that the plan today may be different from the plan tomorrow and that ANY time ANYONE mentioned in ANY of the documents undergoes some change … [Read more...]
