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Category: Estate Planning

Mick Jagger

Is Mick Jagger Working on Estate Planning?

POSTED ON: November 10, 2023 BY: Kyle Krull
Mick Jagger may have estate planning on his mind. Musicians are not generally known for their estate planning successes. In recent years, artists like Prince and Aretha Franklin have made headlines for leaving a mess for probate courts and loved ones to manage. Prince had no estate plan in place, while Franklin left loved ones […]
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Trust funds

Why Would People Create Trust Funds?

POSTED ON: November 9, 2023 BY: Kyle Krull
Trust funds and wills are both estate planning documents. The average person has likely heard of last wills and trust funds. Last wills receive attention as plot devices in books, television shows, and films. Trust funds are often mentioned when people discuss families with generational wealth, like the Rockefeller family. While these contexts can provide […]
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power of attorney documents

What Can Power of Attorney Documents Do?

POSTED ON: November 7, 2023 BY: Kyle Krull
Power of attorney documents are necessary for incapacity planning. Although a trust is functional while the trustmaker is still alive, a last will and testament is only effective after death. Assets titled to a revocable living trust could be managed seamlessly by co-trustees or successor trustees if the trustmaker becomes incapacitated. Still, any property outside […]
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Inheritance

How Can I Wisely Use My Inheritance?

POSTED ON: November 3, 2023 BY: Kyle Krull
An inheritance should be used wisely. Money earned just spends differently than gifted money. Paychecks are readily used for supporting charitable causes, paying bills, reducing debt, and preparing for retirement. Gifted money is often allocated to impulse spending, vacations, or big-ticket items. According to a recent Go Banking Rates article titled “Suze Orman: 3 Things You […]
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Taxes

Can Taxes Be Reduced with Estate Planning?

POSTED ON: November 2, 2023 BY: Kyle Krull
Taxes should be considered when making wealth transfers. Nobody knows the number of their days. Although people can die at any time from illness, injury, or accident, older individuals are at greater risk as a result of declining health associated with aging. Seniors cannot afford to neglect incapacity and estate planning. According to a recent […]
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Primary

What Primary Documents Govern Estate Plans?

POSTED ON: November 1, 2023 BY: Kyle Krull
Estate planning includes a primary document. Comprehensive estate planning typically does not involve one document. Instead, several components work together to provide instructions for your affairs after incapacity or death. Like any good team, estate plans have a document that directs how the plan should work together. According to a recent The News-Enterprise article titled “Make […]
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Barbara Walters

What Items of Barbara Walters are Being Auctioned?

POSTED ON: October 31, 2023 BY: Kyle Krull
Much of the estate of Barbara Walters is being sold. Family and friends do not always value or appreciate the same things. With an inheritance, some people will want specific paintings or furniture. Other items may hold no sentimental value to heirs. According to a recent New York Post article titled “Barbara Walters’ belongings auction-bound — […]
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Beneficiary forms

How Important are Beneficiary Forms?

POSTED ON: October 30, 2023 BY: Kyle Krull
Beneficiary forms overrule last will and testament wishes for assets. A last will is an important estate planning document. It is used to name executors, designate guardians for minor children, and provide instructions for distributing assets. When an estate plan is referenced in news articles or television shows, only the last will is typically addressed. […]
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Dianne Feinstein

Who Inherited from Dianne Feinstein?

POSTED ON: October 27, 2023 BY: Kyle Krull
Dianne Feinstein left a large estate to her loved ones. Most people do not accumulate vast wealth during their lifetimes. Although they may leave inheritances to their loved ones, the assets are usually meager to moderate. They create estate plans not to address tax implications but to ensure the proper individuals are listed as heirs. […]
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Revocable trust

Do I Need a Revocable Trust?

POSTED ON: October 25, 2023 BY: Kyle Krull
A revocable trust may not be necessary. People who love fluffy bread but do not understand the chemistry of baking may believe more yeast yields larger loaves. A baker knows the best results require a delicate balance of the key ingredients and the proper kneading and proofing of the dough rather than simply adding more […]
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