Johnson Law Firm
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
With 2022 bringing very little change to trust and estate law, 2023 remains a prime opportunity to take advantage of the favorable tax landscape.
There are frequently asked questions that people have about revocable living trusts, wills, supported decision making agreements (new), powers of attorney and advance health care directives.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
There’s no single path for everyone to follow. However, you might consider establishing a trust, which offers some key benefits.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Heirs receiving an inheritance can expect the process to take time. Having a plan for the money and consulting with professionals are also things to keep in mind.
