If you have grandchildren, you can use a generation-skipping trust to pass some of your assets directly to them. This way, you can leave an inheritance for your grandchildren without burdening their parents’ estates. And not only do generation-skipping trusts avoid probate, they also keep...
Estate planning is crucial for everyone, no matter how wealthy they are. But it’s especially important for veterans and active military members. Being in the military earns you unique government benefits that need protection. A sound estate plan that includes a trust, a will, advance directives,...
When you inherit a house, there are a number of important steps you should take to protect your interests. Inheriting a house after a loved one passes away can be a complex and emotional experience. We hope this guide will help you through the process,...
When legal files are surrounding you, the to do list is piling up, and things seem a bit overwhelming, a break might be just what you need. But where do you go? Phelps LaClair are not only avid legal experts on estate planning, we are...
People who are single and childless often assume they don’t need estate planning services. While it’s true that estate planning can benefit married couples and people with children, the reality is that estate planning is for everyone. Here’s why estate planning is so important, whether...
Whether or not you should put your home in a trust is a common estate planning question. There is no one-size-fits-all answer to the question, because it depends on your circumstances and your goals. But placing real estate in a trust can have many benefits,...
In most cases, joint bank accounts are not subject to the long, expensive probate process. When one member of a joint bank account dies, ownership automatically passes to the surviving member(s). However, there are some situations where joint bank accounts may have to go through probate....
Many people assume that once they set their affairs in order, the matter is closed. They don’t realize why it’s important to update your estate plan and review it on regular basis. Throughout our lives we move homes, make new investments, add new family members, and...
Probate is the legal process of transferring the ownership of a deceased person’s property to their heirs, and it can take a long time to complete. There are many types of assets that are automatically subject to probate unless you place them in a trust. At...
Have you started working on your estate plan yet? There are many common myths and misconceptions about estate planning that can cause people to make mistakes with their plans, or prevent them from making one at all. If you’ve heard and believed any of these...