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Estate Planning for Young Families
Many young families put off estate planning because they are young and healthy, or because they don’t think they can afford it. But even a healthy, young adult can be taken suddenly by an accident or illness. And while none of us expects to die while our family is young, planning for the possibility is prudent and responsible. Also, estate planning does not have to be expensive; a young family can start with the essential legal documents and term life insurance, then update and upgrade as their financial situation improves. A good estate plan for a young family will include…
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Online and Do-It-Yourself (DIY) Estate Planning

With the number of online and do-it-yourself (DIY) legal providers continuing to grow, some of individuals may be wondering if they could do their estate planning themselves. The advertising is seductive: attorneys use similar forms, the cost is significantly less than hiring an attorney, and many of these websites and kits are created by attorneys. In addition, most people think their estates are not complicated, and many think they are just as smart as (or smarter than) professionals.
Most professionals know that DIY estate planning can be very dangerous. While completing the forms may seem easy and straightforward, a single…
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4 Steps to Preventing Your In-Law from Becoming an Outlaw, During Divorce

You are not alone, Jessica. Truly. We received your question, “My husband and I are not big fans of our son-in-law and are concerned that he’ll end up walking away with our daughter’s inheritance. What should we do?”
Many parents, including me, have this same concern and so I’ll tell you exactly how to keep your hard-earned money from walking out the door in the pocket of your daughter’s divorcing spouse.
Warning: Outright Inheritances Can Be Seized in Divorce
If you give your daughter an inheritance outright (not in trust), she’ll likely put the assets in joint names with her…
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The Advisory Team Approach to Estate Planning
Estate planning is not simply the documents prepared by an attorney, nor is it the insurance and financial plan recommended by a financial advisor. Properly done, estate planning encompasses at least the legal and financial elements, but it may include more, as estate planning often points out the need to plan in other areas.
These other areas often include planning for asset protection for the client’s lifetime and for the heirs; retirement; providing for a surviving spouse in the event of disability and/or death; providing for a parent or a child with special needs; long-term health care costs; estate taxes;…
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Potential Problems with Beneficiary Designations

Many clients use beneficiary designations, and for good reason. Some significant assets, including life insurance policies, IRAs, retirement plans and even bank accounts, allow a beneficiary to be named. It’s free, it’s easy, and, when the owner dies, these assets are designed to be paid directly to the individual(s) named as beneficiary, outside of probate.
But that is not always what happens. For example:
* If your beneficiary is incapacitated when you die, the court will probably have to take control of the funds. That’s because most life insurance companies and other financial institutions will not knowingly pay to…
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