Wondering what you will have to do if someone names you as trustee or what you’re really asking of the person you want to name as trustee? Understanding what the duties and responsibilities of a trustee entail can help make accepting or assigning the role...
Another year is upon us, and every year the time seems to go by more quickly. If you’re at retirement age or nearing it, you may be starting to feel that your time for making preparations is running out. Maybe you haven’t been saving as...
With a well-designed estate plan, you can continue to provide for your children after you are gone. However, leaving an inheritance to a minor child is different than leaving an inheritance to an adult. At Phelps Law, we want to help you understand how to...
Happy New Year! Here at Phelps LaClair, we love this time of year. It’s a great time to reflect on the past year and the perfect time to set aspirations for the year ahead. Were you able to achieve the goals you set for yourself...
Discussing estate planning and inheritance with your parents can be a difficult conversation. However, it is better to bring up the topic sooner rather than later, especially with elderly parents. At Phelps LaClair, we aim to give families peace of mind with sound estate plans....
When going through the estate planning process, you may encounter words and phrases you’re not familiar with. One of the most misunderstood terms is “power of attorney.” Here at Phelps LaClair, we want our clients to fully understand every aspect of their estate plans. In...
There may come a time when you want to withdraw money from your individual retirement account (IRA). Perhaps you wish to use it to pay for college expenses for yourself or your children. Maybe you recently had a baby and could use some extra income....
When was the last time you updated your will? There are plenty of reasons to update your will, the number one reason being that your estate plan should always reflect your current wishes. At Phelps LaClair, we understand the importance of keeping estate plans up-to-date....
Whether you’re adopting or expecting a baby, welcoming a new member to your family is always an exciting time. It’s also a good opportunity to get your financial affairs in order. You should start preparing for your child’s future with professional estate planning as soon...
Besides the peace of mind it offers, one of the main advantages of a revocable living trust is the ease of making changes according to your wishes. Amending a revocable trust is a fairly simple process and help from your estate planner will make it...