Gifting is a common estate planning strategy that gives  a portion of assets to loved ones and charitable organizations. Gifting not only expresses love and affection for family and friends, but gifts serve other purposes as well. Gifts allow family members the opportunity to participate in the management of a family business, pay for medical costs, and college tuition. Additionally, gifts will reduce the size of the estate, and simplify the probate process. Lifetime or inter vivos gifts should be…

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When someone dies, their property passes to their heirs and beneficiaries in one of three different ways. A person’s assets will legally transfer either by title, by contract, or through probate.  Most of the time it’s better to avoid probate, which saves the estate costs, allows for ease of administration, is less stressful, and transfers assets quickly. One way to avoid probate is through jointly titling assets. Jointly titling means creating a joint tenancy. In other words, holding an estate or…

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It’s a good idea to review your estate plan every year or so. If there’s been a significant change to your plan then you may need to modify or update it. I suggest reviewing your estate plan at the beginning of the new year; the same time your getting financial documents together for tax season. Below is a list of “look-fors”, questions to ask yourself and reminders to consider as you review your documents: Financial Power of Attorney Who are your agents? Do…

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