We've all been told to expect the unexpected. And as hard as it is to contemplate what might happen to our loved ones when we're no longer here, it is necessary to do so - especially for new parents. Having children is a "triggering event" when it comes to estate planning. If someone doesn't have a will already, they should create one when a new child enters their lives.
When it comes to estate planning, the biggest mistake anyone can make is to not create a plan at all. However, there are a few areas where people are often tripped up. Whether someone is creating the first version of their plan or they have had a plan in place for some time, they should keep these common mistakes in mind:
The biggest mistake someone can make relating to their estate is failing to create a plan for distributing their assets. In close second is forgetting to review and revise their estate plan following a major life change.
When someone spends many years building a successful business, the last thing they want is to see it fall apart. However, many business owners do not realize the importance of having a business succession plan.
You're starting a new job. Amongst all the on-boarding paperwork, health insurance plans, and payment packages, there's an unfamiliar document: a split-dollar life insurance agreement. Most people know that life insurance is an important estate-planning tool, but they may not know the ins and outs of a split-dollar insurance plan.
Saving for retirement is an essential part of financial planning. In addition to funding your retirement years, it is also important to consider what will happen to those funds if you should die unexpectedly. That decision culminates in your designation of an account beneficiary.
Giving to charity is a priority for many people across Minnesota and Wisconsin, whether people contribute for financial, medical, religious, or social reasons. And no matter the motivation or how much time or money someone donates to these causes, it can be crucial that people assure their contributions are actually going to the right place.
Parents have countless difficult discussions with their children as they grow up. However, there comes a point when it is the children who must be the ones to have these difficult discussions with their parents.
Many people use estate planning to make the probate process easier and faster for their loved ones -- or to avoid probate altogether -- but an estate plan can be effective even long after probate ends. Below are a few ways that estate planning can continue to affect others, decades after a person's passing.
Every day, parents make decisions on how best to care for and protect their children. These decisions are often minor or routine. However, parents also make difficult decisions to protect their kids--decisions that can have a significant impact on a child's life.