As one year ends and another begins, I recommend reviewing your estate plan. Especially if it’s been a few years since you’ve looked at your plan or had it updated. Your estate plan should meet your goals in regards to distributing your assets, and appointing agents, representatives, and trustees to control your affairs if you should become incapacitated or die. An estate plan should be simple to administer, keep assets out of probate, provide for minor children and family, as…

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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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