According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental value, you […]
Outlining your wishes for burial and funeral arrangements can be something you include in your estate plan. And though it may sound jarring, human composting is in fact a death care alternative that is increasing in popularity. As more people look to adopt environmentally sustainable practices not only in life, but now also in death, […]
Life estates are ways for you to transfer property to another party while retaining the right to live there until you pass away, or some other event occurs. As the grantor of the life estate deed, you become a life tenant of the property. What Is a Lady Bird Deed? Lady Bird Deeds, technically known […]
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or specific bequests (such as sentimental items) upon your death. You can name these individuals in estate planning documents such as a will. […]
Starting an estate plan can be overwhelming, and you probably have many questions. You are not alone. Below are eight questions people often ask about last wills and testaments as they begin to think about estate planning. 1. Aren’t Wills Only for Wealthy People? This is a common myth. Last wills and testaments (also known simply […]
The aging population is expected to transfer $30 trillion in the coming years, per Forbes. According to the Survey of Consumer Finances, the median inheritance is $69,000; the median for trust fund wealth transfers is $285,000. Many individuals planning their legacies wish to provide for their families and loved ones. Yet an Ohio State University study determined that those who […]
A trust is a legal document that you can set up to give assets to someone else. Trusts can be revocable or irrevocable. If you (the grantor) choose to create a revocable trust, you can modify it at any point during your lifetime. With irrevocable trusts, however, you generally cannot make any changes once you […]
When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known as their estate. According to Estate Exec, the average size of an estate is between $50,000 and $250,000. Eleven percent of […]
Estate planning is an important consideration for all couples. However, for LGBTQ+ couples (or former couples), it may be more important than they realize to review their circumstances and see whether they have an estate plan that accurately reflects their wishes. In 2015, the U.S. Supreme Court ruled that same-sex couples may exercise the fundamental right to […]
If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, they could be denied these details. What Is HIPAA? The Health Insurance Portability and Accountability […]