Upon the arrival of a sweet little bundle of joy, a grandparent’s thoughts often turn to the financial stability of their loved one’s future. Helping provide for your grandchildren by leaving them the assets you’ve accumulated is a common practice. However, the best way to...
Discovering that you have been named in someone's will can be surprising. Whether you're a close family member or a distant relative, understanding your status as a beneficiary can help you prepare for the future. However, it's not always straightforward to determine whether you've been...
When a parent passes, sometimes we are shouldered with the heavy job of managing their after-death affairs. Unless this process is planned in advance and in detail with professional help, it quickly becomes a heartache. Some bereft children are left asking themselves questions like, “How did...
Are you curious about a charitable remainder trust (CRT) distribution or how it relates to estate planning? Learning more about estate planning vehicles like irrevocable trusts and charitable remainder trusts will help you select the right ones for your situation. We’ll cover those topics here and...
At Phelps LaClair, we like to stay healthy so we will be able to enjoy long lives with our families and friends. We also encourage our clients to engage in athletic activities that bring them joy, like indulging in hikes with special attractions like a...
Trusts offer numerous advantages compared to wills. They offer you more control over your assets and help your loved ones avoid probate. They even offer enhanced privacy protection. A will, on the other hand, puts your assets through the expensive and lengthy probate process. Since...
Have you recently created a living trust? That’s fantastic! Trusts are wonderful tools for protecting estate assets like bank accounts, money market accounts, properties, businesses, cars, boats, and more. Another big benefit of living trusts is that they keep your estate out of probate court....
A revocable living trust is a powerful estate planning tool, but it's only effective as long as you remember to fund it after you set it up. That means retitling your assets or naming the trust as the beneficiary of certain accounts. For instance, putting...
Julie, an estate planner, recently went out for dinner with her friend Jordan. While they were eating, Jordan mentioned a show she had seen about the luxurious expanse of Drake’s mansion. “His estate is huge!” she remarked, which turned the conversation toward the word “estate.”...
Estate planning aims to ensure that your assets are distributed exactly according you your wishes. However, achieving this goal can be complex. “Do you need a trust if you have beneficiaries?” is a common question we get. While naming beneficiaries for your accounts is a...