Downs Law Firm, P.C.
Early in 2021, you should communicate with your advisers and review several items about your 2020 planning, if that planning is to have any likelihood of succeeding.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees, and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances, like an heir’s disability.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
The best way to take precautions and ensure your pet will be well cared for is by doing some estate planning.
The most common question faced by special needs parents and caregivers is, ‘What will happen if I am not here?’
For most people, pets aren’t just animals–they’re the excited ‘hello’ when we get home from a long day of work, our jogging partners, our best friends, and part of the family.
Generally, when settling an estate, debts and expenses are paid first, charitable and spousal transfers follow, and applicable estate taxes are levied afterward.
Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee.
Should an inheritance be spent on sports cars and jewelry?
A trust can be a vital component in an estate plan.
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