Estate Planning

Estate planning is critical for anyone who wants to help ensure their wishes are respected in the event of temporary incapacitation or upon their death. Despite the important role estate planning plays in our lives, did you know less than 50% of Americans have an estate plan in place? This is a terrifying statistic when we know just how important making a plan is for your future, especially during the Covid-19 pandemic.

None of us know what tomorrow might bring and having an estate plan that you develop with your estate planning attorney can provide security. Do you already have a plan in place? Don’t forget you may need to update it. In fact, when you regularly update what you have put in place with your attorney you can help ensure that security will continue.

A prenuptial agreement is an agreement entered into between future spouses regarding ownership and distribution of their present and future assets. Have you thought of a prenuptial agreement as a plan for divorcing even before the marriage takes place? A prenuptial agreement, however, can be a very important legal tool for couples in certain situations, including in the context of estate planning.  

A prenuptial agreement does not just set forth how assets will be distributed upon divorce, it may also address the distribution of assets upon a spouse’s death.
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Does your out of state move involve a to-do list a mile long? It often does. If you are moving out of state, does your checklist include updating your estate plan? It should. Let us discuss the key reasons why you need to update your estate plan when you move to a new state.

Have you heard of the saying that the only thing certain in life is death and taxes? Did you know that not planning for death, or inheritance taxes, may leave your estate open to significant taxes, as high as forty percent of your estate? Let us review some estate planning tips to consider when you near the proposed tax limits.

Starting with a bit of good news, Alabama does not have an estate or death tax. This means that upon your passing, your estate will be subject to zero state estate tax.

There may be many frequently discussed components of estate plans, including the division of assets from your home, to your bank accounts, to family heirlooms and of course, for the parents of minor children, designation of a guardian and assets for the children. Have you considered, however, how your four-legged or other beloved pets will be provided for? Let us discuss three reasons to consider a pet trust in your estate plan.

1. A pet trust can help  prevent your pet from being placed in a shelter. Unfortunately, when the disposition of a pet is not provided for in the owner’s estate plan, the pet may end up in a shelter with an unknown future. By creating a pet trust, as the owner, you can provide that your pet’s care be entrusted to a friend or family member, who has agreed to become your pet’s new owner, or you can designate a caretaker to be overseen by the trustee of your estate.

Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your estate plan after remarriage if you are a widow or widower. Have you remarried after being widowed? If so, you may have special considerations for updating your estate plan that would not apply if your former spouse was still living and you had been through a divorce. Let us take a look at seven questions to ask your attorney before updating your

Do you have an estate plan and think that is enough to avoid probate? You might want to think again. Many people are under the impression that because they have a carefully written will, or because they do not have large investment accounts, their estates will not have to go through the probate process. This is not always true.

Parents typically use a 529 savings plan to fund their child’s college education. Did you know, however, that there may be more ways to use a 529 savings plan? In fact, there can be many other ways to make the most of a 529 savings plan that can actually increase the amount of money available to spend on education. One of these is funding a 529 savings plan with the intent of making it part of your estate plan rather than using it in the near-term future.

Did you know that only about forty percent of Americans have an estate plan? This may be the result of the misconception that estate planning is only for the old or the wealthy. It may also be due to not making estate planning a priority on a to-do list. Did you know, however, that without an estate plan, your estate may be headed to probate court, a costly and time-consuming process? Let us discuss three reasons why you may need at least a Last Will and Testament.

An estate plan may not be the most exciting plan to be made in the New Year, but it can be one of the most important. Estate plans usually involve putting legal documents in place regarding how your assets will be handled and distributed in the event of your death. Did you know that a trust is a very common estate planning vehicle used to serve a variety of purposes? Trusts can be both versatile and customizable, therefore, it is important to work with an experienced estate planning attorney to help you create a trust that will work best for you.

Depending on your assets and your goals, you may decide to create a trust in your will to go into effect upon your death, which is a testamentary trust.  On the other hand, you may create a trust to hold some or all of your assets now, which is a living trust or inter vivos trust.

Are you married with children? Are you a solo parent? Due to any number of reasons, estate planning is likely a topic that weighs heavily on your mind. Choosing an estate planning attorney in your area to guide you through the process can be a good way to ensure that the burden is somewhat lightened. Your estate plan needs to reflect what you want for your children. Whether you are widowed, were never in a relationship with your child’s other parent, or pursued parenthood on your own by choice, take special care to find an estate planning attorney experienced in working with solo parents for the smoothest path forward.

 In a situation where you are your child’s only legally recognized parent, the right estate planning attorney can help you make contingency plans in the event that you unexpectedly pass on.