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Estate Planning Archives

4 conversations wealthy parents should have with their kids

Having a lot of money comes with some concerns and obligations people often overlook or minimize. For instance, as a wealthy parent, you will likely have to have some difficult conversations with your kids about money and what will happen to your wealth when you are gone.

Who are my heirs?

When it comes to planning your estate, naming your heirs is one of the most crucial steps you will take. This is because the way you name your heirs and how you distribute your assets to them may vary from the way the courts would do it.

Planning for a baby? Consider planning for your estate as well

If you are expecting a child, whether it is your first or fifth, there is a lot of planning to do. You need to get the nursery ready, find childcare for when Mom and Dad return to work and figure out a budget, including how you might save for your child's college. All this is on top of taking care of the mother and ensuring the baby is safe and healthy.

Heading off challenges to your will

You have decided to make your estate plan. You should be proud of yourself. A very small percentage of people take the time to make those arrangements. It is a compassionate thing to do for your family. Since you are taking this major step, you want to make sure you are not wasting your time by creating a will that will only cause confusion and contention among your heirs.

Should you trust your estate to a revocable living trust?

By employing the use of certain estate planning tools, you can maintain control over what happens to your money and assets. Of course, everyone can benefit from a will, but you may need something beyond a basic will. A revocable living trust sounds complex, but it simply outlines how you want your property distributed after you die. Since it is revocable, you can change it at any point up to your death.