Littner & Littner Law Offices, PLLCFindLaw IM Template2023-11-07T04:56:27Zhttps://www.littnerlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1502886/2022/03/cropped-favicon-32x32.pngOn Behalf of Littner & Littner Law Offices, PLLChttps://www.littnerlaw.com/?p=473452022-04-04T12:19:30Z2022-01-28T18:51:14ZHave your decision in writing
Here are some of the key things to do when choosing to forgive an intrafamily loan:
Have the estate planning talk with them: Include in this conversation your intentions to forgive the loans to certain family members and explain your decision. In performing this task, you will ensure that no startling surprises arise for your heirs.
Make sure to have your plans in writing: Your intentions should be part of the estate planning record. Doing so verbally can lead to unclarity and dissent.
Understand any potential tax consequences: Before forgiving an intrafamily loan, comprehend any tax consequences that you or your borrowing child may face. However, typically, when you forgive such a loan, it is considered a gift. In such cases, generally there are no tax issues for either of you.
Peace of mind is one outcome you can achieve by forgiving loans to family members. That peace of mind spreads around, too.
Creating a delicate balance
Forgiving loans to family members can represent an effective part of estate planning. But before you choose to do so, carefully consider the potential ramifications. You must balance a few things to avoid any pitfalls that may lead to jealousy, cries of unfairness and relationship problems among your children.]]>On Behalf of Littner & Littner Law Offices, PLLChttps://www.littnerlaw.com/?p=473442022-04-04T12:23:22Z2021-10-07T15:42:32ZContact beneficiaries, manage assets
Here are a few of the tasks that must be completed by an executor:
Finding and contacting beneficiaries and continuing to keep them informed on additional developments related to the estate and probate process. Communication is essential.
Informing the Social Security Administration regarding the person’s death. If the person who died received monthly Social Security payments, the payments cease.
Working with life insurance companies in determining whether the insurance policy is payable to the estate and distributed to beneficiaries.
Evaluating and managing any remaining assets and eventually distributing them to beneficiaries. The list may include mutual funds and retirement investments.
Determining a complete list of all property and assets, which may take time if the testator failed to keep solid records. The properties such as residential and commercial structures must get appraised and sold.
Paying off outstanding debts to creditors and working with local governments to pay outstanding taxes.
Delicately dealing with heirs. They have lost a loved one, so it is important to be empathetic. And, if disagreements surface, an executor must tactfully resolve them.
Working with an attorney and court in settling the estate.
The executor plays a critical role in the estate administration process. It is often a thankless role, too. However, as long as things go smoothly and with minimal conflict, beneficiaries will be grateful of a job well done.]]>by Littner & Littner Law Offices PLLChttps://www.littnerlaw.com/?p=472492022-04-04T12:22:12Z2021-07-13T19:03:54Zreview your will annually. Maybe since you created your will, you got married, had kids and added a second home. Such a scenario represents an ideal time to update your will.
Life changes lead to will changes
The main thing to remember is that if significant changes occur in your life, then you probably should make changes to your will. Your estate plan should get an update when the following occur:
Marriage: Neglecting to include your spouse in your will promises to provide legal, financial and personal difficulties.
Remarriage: Perhaps this is your second marriage. You want to make sure that your new spouse is cared for financially. Also, you do not want to neglect your children from a previous marriage.
Divorce: Your original will may name your now ex-spouse among your beneficiaries or even as executor. You likely want to have your former spouse removed from your will.
Births of children and grandchildren: You do not want to neglect vital heirs in your estate plan.
The launch of a business: Who will take over the business when you're gone? Will the business be sold, or will the family continue to operate it? A business succession plan would address this issue.
Changes in relationships with executor: Perhaps you and your original executor no longer get along or even have severed your personal relationship. Find someone who shares your values.
Deaths of heirs: This includes, sad as this possibility seems, the deaths of your spouse or children.
Staying on top of your estate planning is the responsible and smart thing to do. A will, for example, needs regular scrutiny. Changes in your life mean changes to your will. The result is peace of mind with fewer chances of disputes.]]>On Behalf of Littner & Littner Law Offices PLLChttps://www.littnerlaw.com/?p=461062022-04-04T12:21:04Z2021-04-22T16:10:40ZThree crucial estate planning decisions to make now
Estate planning is all about protecting yourself and your assets while you are alive and distributing them according to your wishes. The most critical choices are:
Health care decisions: Make sure your family and close friends know how you want to be treated if a health care crisis renders you unable to make decisions for yourself. You can do this by:
Designating a health care proxy or medical power of attorney to make decisions based on your directions
Drafting a living will outlining end-of-life treatment or long-term care options
Determining whether you want to be an organ donor
Detailing any funeral arrangements you have already made
Name an executor: Select someone you trust, who doesn’t have to be an attorney, to manage your estate and distribute your assets. Make sure they understand the duties the position requires.
Protect your assets: Assign financial power of attorney to someone who can manage your money, debts and assets if you become injured or ill and cannot make those decisions yourself. Also:
Inform your heirs if most or all of your assets are placed in a trust and what that means for them
Consider potential tax consequences for beneficiaries
Finalize your will and tie up all loose ends
Working with an experienced estate planning attorney can help you finalize your will and create a “need to know” file with information on finding and accessing financial accounts, insurance policies, retirement plans and all the information necessary to pass along your assets efficiently and according to your wishes.
Thinking about these decisions can be extremely difficult for many. But those who take these steps while they are healthy can avoid unnecessary anxiety and the potential for probate issues, leading to long delays and added costs, lessening the amount of their estate passed on to loved ones.]]>