VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Estate Planning Archives

In today's world, most estate plans could benefit from a trust

When many people think of trusts, they assume that you need to be wealthy to benefit from a trust. In truth, there are many types of trusts that serve a variety of purposes. A revocable trust or "living trust," for example, can not only act as a cornerstone of your estate planning but also make things easier in the event you become incapacitated. Trusts also offer more privacy than wills, which go through a public probate process.

Protecting your irresponsible children with a spendthrift trust

You have worked hard all your life for what you have. It can be extremely frustrating to watch your children waste their advantages through irresponsible spending. Furthermore, it is quite possible that their poor spending habits will continue once they receive an inheritance from you, unless you take specific actions now.

Study: Most parents with special needs kids have no estate plan

If you have a child with an intellectual disability, you need a plan to care for that person when you no longer can. Yet in a recent national survey, more than half of parents of special-needs children reported they had no such plan.

In blended families, inheritances often end up being unequal

As more divorced parents with children remarry, a changing pattern has developed in inheritances. Couples who only have shared biological children tend to divide their bequests equally among those children. According to a 2015 study, there has been a noticeable shift toward unequal bequests in blended families.

Filing final federal income and estate taxes for the deceased

In the aftermath of the death of a family member or loved one, there are practical matters that need attending. It is an unfortunate reality that even death does not excuse a person from filing final taxes, an unpleasant task which generally falls to the executor or a close surviving family member.

Estate planning in the digital age includes your digital assets

With effective estate planning, you may be able to transfer assets cost-effectively, reduce estate tax burden and limit the need for probate. It can grant authority to act on your behalf should you become incapacitated. Ideally, it would give access to everything necessary to manage and transfer your assets.

What is an advance healthcare directive?

Benjamin Franklin famously claimed that "nothing can be said to be certain, except death and taxes." Estate planning, in fact, addresses both of what this founding father believed to be inevitable. Not only does your estate plan include finances and tax strategy to help your beneficiaries, but it can also determine the events in your final moments.

Estate planning: Update all your beneficiaries on a routine basis

Accounts like 401(k) and 403(b) plans, IRAs and life insurance need beneficiaries assigned. You probably designated a beneficiary when you were first hired, opened the account or purchased the policy.

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