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Keeping Your Estate Planning Documents Organized and Safely Stored During a Natural Disaster

Natural disasters like hurricanes and floods can strike with little warning, wreaking havoc onhomes and belongings. One of the most critical aspects of preparedness is ensuring that yourestate planning documents are not only organized but also securely stored to withstand suchemergencies. Your estate plan includes key documents like your will, trusts, power of attorney,healthcare directives, and other important financial or
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What Are the Legal Rights of Stepchildren in Estate Planning?

In the complex landscape of modern families, step children constitute a significant portion of many households. Understanding the legal rights of stepchildren in estate planning is crucial for ensuring the fair and intended distribution of assets. This article explores critical considerations and guides you on how to incorporate step children into your estate plans effectively. Legal Status and Inheritance
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5 Key Differences Between Wills and Trusts

Understanding the distinctions between wills and trusts is pivotal in estate planning, offering different avenues to manage and distribute assets after one’s passing. Each serves unique purposes and comes with its own set of advantages and limitations. This article explores the five key differences between wills and trusts, helping you make informed decisions about your estate planning strategy. When They
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Who Can Challenge a Will and Why?

Challenging a will is a legal process that can arise when disputes occur over the distribution of a deceased person’s estate. Understanding who can challenge a will and the valid reasons for such a challenge is crucial for both estate planners and potential beneficiaries. This knowledge can help prevent potential disputes and ensure the deceased’s wishes are honored. Only
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3 Ways to Protect Your Estate from Probate Delays

Going through probate, the legal way of sorting out a person’s estate after they die, can take a lot of time and get pretty complicated. Delays in probate can tie up assets for months or even years, causing stress for beneficiaries. Fortunately, there are strategies to protect your estate from these delays, ensuring that your loved ones can access their
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Testamentary Trusts: The Best of Both Worlds

Navigating Estate Planning: Testamentary Trusts Offer a Unique Advantage When planning your estate, the array of choices can seem daunting. Some advocate for the flexibility of a revocable living trust, while others uphold the traditional will for its straightforwardness. Yet, a strategic blend of both—a testamentary trust—might just offer the perfect balance of control and protection for your assets and
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How the Corporate Transparency Act May Impact Your Estate Plan

UPDATE: On Friday, March 1, 2024, in National Small Bus. United v. Yellen, the United States District Court for the Northern District of Alabama ruled via memorandum opinion that the Corporate Transparency Act (CTA), enacted in 2021, is unconstitutional because Congress lacks the authority to require companies to disclose personal stakeholder information to the Financial Crimes Enforcement Network (FinCEN), the
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IRS Adjustment for 2024

The Internal Revenue Service this month announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Some of the important changes for estate planning include:– Estate/Gift Tax Exemption: $13,610,000, increased from $12,920,000– Gift Tax Annual Exclusion: $18,000, increased from $17,000– 37% Tax Bracket for Estates and
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What Happens to a Leased Car If the Owner Dies Before the Lease Term Ends?

After a house, a car is often the second-most valuable piece of property a person owns. About 15–20 percent of new vehicles are leased rather than purchased and financed. Leasing is a popular alternative to traditional financing because it can allow the lessee (the person who leases a vehicle) to drive a more expensive car on a lower monthly payment
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How Far in Advance Should I Begin My Estate Planning

You can create your estate plan at any time, but many people choose to begin the process sooner rather than later.